Fueled by technological advancements including 5G, generative AI, and cloud computing, the communications, media, and technology (CMT) industry is poised for significant growth and disruption in 2024. Challenges like rapidly changing customer preferences and frequent M&A put CMT companies in a difficult spot – only the most agile and innovative will thrive.
Our extensive experience within the CMT Industry gives us a keen eye for disruptors and trends as well as insights into how companies should navigate them. Here are some key trends and disruptors that are shaping 2024:
Open Ecosystems and the Rise of “ORAN”
The advent of 5G unlocks possibilities beyond conventional telecommunication networks. “ORAN or OpenRAN,” with its decoupling of infrastructure from the service layer, fosters a new era of open ecosystems. This translates to wider vendor choice, diversified revenue streams, and increased agility for players within the network value chain.
The Internet of Things (IoT) and Connected Devices
Interconnected devices, from smartphones to smart homes to industrial machinery to mobility are creating vast opportunities and with AI driving intelligence in many processes and decision-making, we are expecting to see an unprecedented surge.
Redefining the Customer Experience with Immersive Technologies
In a fiercely competitive landscape, delivering exceptional customer experience (CX) becomes a key differentiator. Leveraging immersive technologies like AR and VR, brands can cultivate engaging and frictionless experiences, fostering deeper connections and reducing churn. Data-driven personalization extends beyond the basics, offering truly tailored interactions that resonate with individuals.
5G Maturity Paves the Way for Innovation
As 5G matures, its near-limitless connectivity serves as a springboard for groundbreaking services and applications. To unlock this potential, telecommunication companies (Telcos) must focus on increasing network capacity, optimizing data throughput and spectrum utilization, and minimizing latency and energy consumption.
The Cloud Evolution
Edge computing, green computing, AI, data, enterprise cloud, and the necessity to evolve infrastructure stacks to be more open. Cloud will have a significant impact, expanding to a highly distributed fabric, spanning 5G, fueling telco to techno transformation, unlocking new revenue streams, and enabling a new era of innovation.
Artificial Intelligence: Feeding Automation Needs
CMT companies have long utilized automation systems to streamline subscriber interactions and manage churn. However, AI and machine learning (ML) elevate these efforts to a whole new level. Personalized recommendations, proactive service outreach, and data-driven insights empower CMT companies to deliver superior customer service and optimize network operations.
Generative AI Revolutionizing Businesses
Generative AI (GenAI) warrants its own call-out given the quick reaction and adoption of this emerging technology as a true disruptor to business operations. GenAI can offer customers hyper-personalized content, customized offers, and proactive service based on their unique needs and preferences. Generative AI makes this vision a reality, shaping the future of customer engagement and exceeding expectations in ways never thought possible.
Beyond Connectivity: Transitioning Business Models from Telco to Techno
A shift in the traditional Telco business approach, evolving from pure network providers to end-to-end technology solution providers. This transition unlocks substantial benefits, including new revenue streams, diversification of offerings, and sustainable business growth in the vibrant technology environment.
These are just some of the many trends and disruptors that we see set to shape the CMT landscape in 2024. Perficient is committed to navigating this dynamic ecosystem alongside our clients, helping them capitalize on emerging opportunities and overcome challenges. Partnering with us means leveraging our expertise to see around the corner and chart a successful course in this rapidly evolving Industry.
Tap into Perficient’s communications, media, and technology (CMT) industry expertise to navigate the next wave of change.
