Rise in availability of data storage and broadband internet services have made it possible for companies to conduct video conferencing and collaborate with other businesses via cloud-based file sharing or some other technology. To foster networking relationships, businesses have also started using social media platforms such as LinkedIn. Upon entering the digital age, B2B telecommunication is now offering wide range of benefits, for example, companies can conduct face-to-face meetings via teleconference, thereby saving travel costs for companies.
According to a latest study by Future Market Insights (FMI), with increasing adoption of Internet of Things (IoT), B2B telecommunications will witness a significant growth in coming years. Media and entertainment sector will show a significant growth in adoption of B2B telecommunications.
North America is anticipated to be the most attractive market for B2B telecommunications. BFSI, healthcare, government, transportation & logistics, energy & utility and retail are prominent end-use sectors that will drive the growth of B2B telecommunication market.
Telecom companies are working towards introducing super speedy 5G networks to business and homes by 2017. 5G network will revolutionise the way various sectors, including agribusiness, transportation and energy, deliver their goods and services. Improving the level of access to the database is something that most of developers will focus on. 5G will also drive the adoption of 3D technologies such as Virtual Reality (VR) and Augmented Reality (AR), transforming the way companies experience business content. 5G will help the business or companies to offer new business models to their customers.
Companies such as AT&T, Verizon and Google have started using different mechanisms that will promote wireless technology’s work in a telecommunication system. The biggest advantage of wireless telecom system is that it delivers & receives data at faster speeds, and costs less to deploy. As of now, wireless technology is undergoing trials in Europe, U.S., and Asia in order to eliminate technical roadblocks.
With networks becoming more vulnerable to attacks, network security has become more important for operators, who are now compelled to come up with more robust protection technique and stringent security measures. New EU legislations such as the General Data Protection Regulation (GDPR) is strengthening data protection, and also driving the adoption of security encryption across all networks.
Going forward, telecom companies will need to deliver effective products to meet the needs of small, medium, as well as large business. Telecom companies are hence focusing on cloud services and security. Providing B2B telecommunication, these companies are also entering into partnerships with IT service providers to access the capabilities of cloud and network security without the need of direct investment in cloud infrastructure. To offer better services to the business, telecom companies will upgrade their network infrastructure. Operators will move from hardware-based network equipment to software-based network. This move will be possible with technologies such as Network Function Virtualization (NFV) and Software Defined Networking (SDN). This shift will be befitting for changing customer preferences, and will help telecom companies manage networks more efficiently.
In addition to this, IoT-based solutions are also supporting the growth of B2B telecommunication market by offering machine to machine (M2M) communication and wireless transactions.