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The COVID-19 pandemic has significantly impacted the telecommunication industry. However, the telecommunication industry during this period has shown a promising reach of US$ 1707.96 billion in 2021 at a CAGR of 54.6%. Analytics Insight predicts growth of US$ 2522.96 million in 2019 to US$ 20,636.64 million in 2025.
Despite the substantial growth, certain complaints regarding network coverage and latency lurk still. Owning up to such problems, the telecommunication companies altered their strategies and attempted numerous initiatives to make operations changes and improve customer experience. This has also resulted in a higher return on investment (ROI) for the companies.
The major contributing factors are the liberal and the reformist policies ruled out by the government, easy availability, and affordability of telecommunication equipment.
The number of smartphone users globally stands at 3.8 billion. To maintain steady growth, the telecommunication companies are interminably experimenting with new projects and business models intending to stay ahead of their competitors and remain profitable in the market space.
The telecommunication industry seems to be in a state of flux in terms of innovation. Keeping seamless user experience and ROI as the major objective, the telecommunication industry constantly experiments with technologies and drive towards innovation.
AI integration in the telecommunication infrastructure eases out a load of data management on the human workforce. Companies can now manage customer feedback and market analyses more efficiently. AI-powered chatbots used for personal interaction with customers have resulted in a higher profit percentage.
Ever since the outbreak of the pandemic, people have increasingly resorted to cyberspace. This stands as one of the major and significant factors that boosted the growth of the telecommunication industry on a global basis.
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