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AI in Telecommunication Market – Industry Top Drivers, Business Opportunities, and Competitor Analysis Forecast to 2030
News provided byEIN Presswire
Jan 25, 2023, 9:29 AM ET
The economic recovery in 2021 has boosted the market's growth and resulted in higher-than-anticipated growth rates, but the same forces also drove its decline.
The Global AI in Telecommunication Market is estimated to reach USD$ 1.1 billion, at a Significant CAGR of 31% during the forecast period.
Due to new circumstances, including accelerated inflation and the increase of benchmark interest rates by central banks, economic growth will consequently slowdown in the coming years. The new forecast remains optimistic, but growth rates in 2023 will be lower than those recorded in 2022.
More, the market for telecommunications services will feel the effects of inflation over the next several years. This is due to the fact that a large proportion of users have two-year contracts with service providers that guarantee stable fees until the end of their contracts. This also implies that the initial effects of inflation will be greater in markets with a greater proportion of prepaid customers.
AI in Telecommunication Market’s Top Driver
The telecommunications sector is one of the fastest-growing sectors because of the widespread adoption of AI across the industry. Artificial intelligence is primarily used by the telecom industry for customer service purposes. For instance, chatbots and virtual assistants can be used to handle a high volume of inquiries about setup, upkeep, and problems. In addition to enhancing the customer experience and decreasing operational costs, virtual assistants allow for the scaling and automation of responses in support of claims.
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The expanding use of artificial intelligence solutions in the telecom industry.
As keeping up with network upkeep has become a top priority for telecom companies, artificial intelligence in this sector has been gaining a foothold. A network outage exposes the company's dishonesty and carelessness toward its customers. When a company's network goes down, it loses money. Therefore, artificial intelligence is being used to address this concern. And since AI helps telecom companies zero in on the source of the issue quickly, demand for it is on the rise. The majority of time spent maintaining a network is spent identifying the source of the problem. With the advent of AI, it's now very easy to do. The Internet of Things (IoT) is also being used by telecom companies, which is accelerating the introduction of AI to the industry. Because of this, the AI in telecomunication market is expanding rapidly as more and more businesses start using AI solutions in their own telecom-related endeavors.
AI in Telecommunication Market Top Players: Intel Corporation, Nuance Communications, Inc., AT&T, Infosys Limited, ZTE Corporation, IBM Corporation, Google LLC, Microsoft, Salesforce, Inc., Cisco Systems, Inc.
• Due to the dramatic increase in digital penetration that occurred during the period of COVID-19-induced lockdowns and stringent social distancing policies, the demand for remote operational tools, such as artificial intelligence tools, has been stable throughout the COVID-19 pandemic.
Governments around the world are recognizing the importance of 5G to digital transformation and are therefore increasing 5G rollout to fuel artificial intelligence and automation in the telecom sector. If predictions are correct, 5G will propel the wireless telecom industry toward digital transformation, IoT enabled by edge computing and artificial intelligence. Artificial intelligence's potential to revolutionize the telecom industry rests on the industry's ability to meet the rising demand for better service and more consistent interactions with customers.
Profitable new markets for telecom operators to provide outsourced IT services and offer process automation services powered by edge computing and AI to enterprises are anticipated to emerge as the number of 5G deployments grows. Numerous well-known telecommunications providers, such as Charter Communications, AT & T, and Verizon, are likely to make sizeable investments in AI.
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AI in Telecommunication Market, By Technology
• Machine Learning and Deep Learning
• Natural Language Processing
AI in Telecommunication Market, By Application
• Customer Analytics
• Network Security
• Network Optimization
• Virtual Assistance
AI in Telecommunication Market, By Component
• Software Tools
• Professional Services
• Managed Services
AI in Telecommunication Market, By Deployment
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