Emerging communication and connectivity technologies are transforming businesses in many ways – from how they operate to how they can make more money
The next five years for communication technology are predicted to bring even more advancements and higher total value than the last decade. A study recently found that the business value derived from communication services will reach a total of USD 2.5 trillion by 2025.
This growth is being driven by several emerging technologies, including 5G, Artificial Intelligence (AI), the Internet of Things (IoT), AI-powered chatbots, and much more. With so much potential on the horizon, now is the time to start planning for how your business can benefit from these exciting innovations.
IoT devices can provide real-time insights into customer behaviour and enable new levels of customisation and personalisation.
The Internet of Things
IoT involves the interconnection of sensors and devices that collect information about their environment and communicate with each other. This data can be used to improve efficiency, safety, and productivity in a variety of industries.
IoT devices are becoming increasingly commonplace, and as more devices are connected to the Internet, the amount of data generated by these devices will continue to grow exponentially. This data can be used to improve a variety of industries by increasing efficiency, safety, and productivity.
There are many benefits of using IoT devices in business. For example, they can help reduce energy consumption, improve asset tracking, and optimise supply chains. Additionally, IoT devices can provide real-time insights into customer behaviour and enable new levels of customisation and personalisation.
Virtual Reality has the potential to completely change the way businesses communicate with their customers and employees.
However, there are also some challenges that businesses need to be aware of when implementing IoT technologies. For instance, data security and privacy concerns are significant considerations. Additionally, the scale and complexity of IoT deployments can pose significant challenges for IT departments.
Despite these challenges, the potential benefits of IoT make it a technology worth investigating for businesses across all industries. With the right strategy in place, businesses can use IoT to improve operations, drive growth, and gain a competitive edge.
The AI and ML universe
AI and ML are becoming increasingly widespread as businesses attempt to automate tasks and improve efficiency. While still in its early stages, AI has the potential to transform how businesses operate by providing employees with predictive analytics and automating decision-making processes. Meanwhile, ML can be used to improve customer service by analysing customer data and identifying patterns.
AI is being used in a variety of categories, including customer service, marketing, and supply chain management. In customer service, AI can be employed to provide personalised recommendations with AI-powered chatbots and resolutions to customers’ inquiries. In marketing, AI can be used to target ads more effectively and track customer engagement. In supply chain management, AI can be used to optimise inventory levels and improve warehouse operations.
Another use that is gaining popularity is AI-powered chatbots. By using natural language processing (NLP), chatbots can understand the intent of a customer’s message and provide a helpful response. Chatbots can be used for tasks such as customer support, sales, and marketing.
The Blockchain technology
Blockchains are distributed databases that continuously store records in a list known as blocks. Each block contains a timestamp and a link to the previous block. Blockchain technology is used to create novel applications that can be used to store, track, and manage digital assets.
Blockchain technology has the potential to transform businesses, especially in the healthcare sector by providing a secure, tamper-proof way to store data and conduct transactions. This could potentially reduce costs and increase efficiency in many industries. For example, banks could use blockchain technology to streamline the process of clearing and settling payments.
According to recent reports, approximately 61% of Indian businesses are moving towards integrating blockchain technology into their core operations. This shift indicates a growing belief in the potential of Blockchain to revolutionise businesses across a wide range of industries. As more and more businesses adopt this cutting-edge technology, we will likely see an increase in the number of innovative applications of Blockchain in the coming years.
As the world grows more connected, businesses are turning to cloud-based solutions to help them communicate and collaborate more effectively.
There are numerous other potential benefits to blockchain technology. For example, it could be used to create tamper-proof voting systems, identity management systems, or supply chain management systems. The possibilities are nearly endless.
As the world grows more connected, businesses are increasingly turning to cloud-based solutions to help them communicate and collaborate more effectively. For example, Voice over Internet Protocol (VoIP) is becoming increasingly popular with businesses because it can be very cost-effective, especially for long-distance or international calls.
Similarly, video conferencing is another way that businesses can communicate using the Internet. With video conferencing, businesses can hold meetings or presentations with employees, clients, or customers who are located in different parts of the world.
Unified Communications as a Service (UCaaS) enables businesses to unify their voice, video, messaging, and collaboration tools into a single platform that can be accessed from any device, anywhere. This makes it easy for employees to stay connected and collaborate no matter where they are located.
The virtual reality
Industry reports show that virtual reality (VR) could have a market value of up to USD 4.56 trillion by 2030. This is an extraordinary figure, and it highlights VR’s potential as a key technology in the coming years. Businesses and consumers alike are beginning to see the potential of VR, and it is clear that there are many applications for this technology. It has the potential to completely change the way businesses communicate with their customers and employees.
VR can be used for a variety of purposes such as product demonstrations, training simulations, meetings and conferences. There are already several businesses using VR to improve their communications and it is only going to become more popular in the years to come.
The 5G network
5G Networks are a type of optical networking technology that enables businesses to transfer large amounts of data quickly and efficiently. 5G networks have many benefits, including high-speed data transmission over long distances. This makes them ideal for businesses that need to quickly and efficiently transfer large amounts of data.
The next generation of wireless technology, 5G, is said to be a game changer for businesses. The speeds and capacity afforded by 5G will enable businesses to do things they never thought possible, like streaming high-definition video and connecting large numbers of devices at once. But 5G isn’t just about speed; it’s also about reliability and low latency, which means businesses can rely on it for mission-critical applications.
Businesses are already starting to experiment with 5G, and the results are promising. With theoretical peak speeds of 20 Gbps, businesses will be able to move large amounts of data very quickly. This will enable businesses to do things like stream high-definition video and conduct video conferencing with ease.
Lastly, 5G is said to have a much higher capacity than current 4G networks. This means that more devices can be connected to the network at any given time without impacting performance. For businesses that have a lot of employees who need to access the Internet or use cloud-based applications, this will be a major advantage.
By Vinay Mayer
Vinay is the Director - Market Research and Consulting at Asia Research Partners LLP