This article has been written by Manasvi Shah, pursuing the Certificate Course in Media and Entertainment Law: Contracts, Licensing and Regulations from LawSikho.
India, the country that stands second in terms of population in the world and a very competitive telecom market has led to a double-fold increase in subscribers in this industry. In terms of globally, India currently ranks second with respect to telecommunications subscriptions, internet subscribers and application/app downloads. According to The Indian Brand Equity Foundation (which was released on 31st March 2019), India’s total telephone subscribers and broadband subscribers approximately stood at 1,20,00,00,000 and 58,15,10,000 respectively.
2020 the year no will ever forget, has redefined the way we learn, the way we work and the way we function in a job. Companies whether small or large and in every industry has been under pressure to transform themselves more digitally for quite a while. Covid-19 has fastened that timeframe but it could be said to be a good thing after all.
Industries are now required to focus on how to streamline their workforce, how to operate their infrastructure when everyone is working from home and how to adapt to such remote and blended models. Consumers who did not prefer/choose online services are being compelled to opt for them due to pandemic. Having video appointments with doctors is like living in the future of telemedicine or CEOs who thought that employees can function well only by physically being in the office are now finding that people work more from home.
Major players in the telecom market
Major players who have taken top spot in telecom market in India which include Bharat Sanchar Nigam Limited; Bharti Airtel; Vodafone Idea Limited (Vi); Jio Infocomm. Few major players in the media and entertainment sector which include Zee Entertainment; Star India; Sony Entertainment; Disney India. During the nation-wide lockdown and no serials/movies being allowed to shoot Web and application streaming platforms like Netflix; Amazon Prime; Hotstar’s demand and subscriptions have skyrocketed.
Technology is a kind of field that is ever-changing and those who want to remain in the flow and have an edge in innovation have to adapt. Due to the current situation, customers and companies are embracing new and upcoming technologies. The most prominent IT trends that are open to the market are cloud computing and SaaS, but the world will be on search for those brands that can provide accuracy and real-time efficiency.
To be able to help with the demands of such technology-enabled consumers, the businesses and solution providers will have to turn to the latest trends and possibilities to stay in front of the line in the business and bring in more innovation to realize their full potential. The following are emerging trends that businesses should keep their eyes on.
“AI” is what stands for artificial intelligence which has the most significant potential for business in the current world. We are yet to achieve full success in developing AI, but it seems to be used as a tool by businesses and solution providers. Businesses employ and use AI to achieve cost-saving benefits, streamline workflows, enable more efficient communications, improve customer satisfaction and provide insight into purchasing behaviour. It is often seen that when social media and AI are combined with machine learning it is a powerful combination.
Machine learning can additionally help in analysing large datasets and provide detailed insight. The current knowledge that we have about how machine learning and artificial intelligence working together enables businesses to function with less workface and more efficiency is just like scratching the surface. Think about IT giants such as Amazon and Google and how their business is always booming. Current applications provide for huge growth potential to those who fully understand the capabilities of AI and to tailor solutions that meet the demands of the business. Businesses can employ AI to identify new products in the markets and certain service opportunities.
Blockchain which can be referred to as Digital Ledger Technology (DLT), makes the process of any kind of digital asset transparent and unalterable through the use of decentralization and cryptographic hashing. A simpler way to explain this concept is an example of Google Doc. When one creates a google.doc and shares and gives access to a group of people, the document is being distributed rather than being copied or transferred. This leads to a decentralized distribution chain that would give access to the document to all those with whom it has been shared at the same time. No one is locked out for changes to be made by other parties because all the modifications that are happening to the doc are being recorded in real-time making it very transparent.
One thinks of Blockchain in discussions of bitcoin or how it can be used for financial application but they have business benefits too. Blockchain is a system that is regarded with supply chain management and complete transparency since the origin of the materials along with its journey. The advantage of Blockchain technology is that they would allow for the management of records to be in a better way by providing a snapshot of any record since its origin. This can be used for verifying purchases, orders, receipt of products, payment receipt, etc.
Cybersecurity also known as information technology security or electronic information security is kind of a practice which defends servers, mobile devices, electronic systems and networks, data, computers, etc from malicious attacks popularly termed as “’cyber-attack”. It basically protects the computer systems, networks and serves from any kind of theft or damage to its software, hardware or data. The term cybersecurity applies in a variety of contexts such as network security, application security, Information security, operational security, disaster recovery and business continuity and end-user education. With the hit of Covid-19 and companies and work going online, every step is going to be taken in order to protect the data and systems.
Drones are transforming at a certain level of business by providing an edge among the competitors by offering a technically powered physical object between businesses and its end users. The way drones offer access to remote areas and the technology coupled with AI application is transforming business in every field, to name some such as industrial, being used for public safety and in insurance sectors. Drones offer a unique opportunity to provide shipments, to capture videos and much more as the drone industry matures, more applications will come to light. The solution providers and businesses can offer even better support and real-time service with much less leg work. Once the practices have been set, proper protocols are in place drones will be able to offer some real potential to businesses.
Edge computing is a distributed, open IT architecture with decentralized processing capacity, allowing innovations for mobile computing and the Internet of Things (IoT). In edge computing, rather than being sent to a data centre, data is processed by the system itself or by a local computer or server.
Edge computing allows the acceleration of data sources, including latency-free real-time data processing. It makes it possible for smart apps and devices to react almost instantaneously to data as it is being generated, reducing lag time. For innovations such as self-driving vehicles, this is important and has equally significant benefits for industry. Edge computing enables data processing to be effective so that vast volumes of data can be processed near the source, minimizing the use of Internet bandwidth. This both reduces costs and guarantees that software in remote areas can be used efficiently. In addition, without ever placing it into a public cloud, the ability to process data provides a valuable layer of protection for confidential data.
We also wander towards gaming possibilities when we think about virtual reality and augmented reality technology (now referred to as XR). Although these should not be underestimated, companies and solution providers still have real potential.
XR helps to provide background for the opportunity. Consumers and organizations may recognize that they need a solution, but it is difficult to imagine how a product or service can deliver a specific result. Businesses may use XR to develop their products and direct good decision-making.
The 3D printing business applications are infinite. The ability to customize a product according to customized requirements would allow companies to offer almost unlimited opportunities. In recent years, it has taken either substantial reprogramming or manual intervention to provide this kind of customization. Personalization is now one more task that can be simplified with 3D printing. 3D printing also allows the use of different materials that provide advantages that are cost-saving and environmentally friendly.
The speeds seen with 5G outpaced those seen with previous networks substantially. 5G provides the enabling framework that organizations can use to adopt new technologies. Businesses can have greater capabilities and operation when unencumbered by latency problems. As the IT infrastructure for 5G grows and becomes more widespread, hitting customer bases through mobile devices and smartphones will soar to new heights.
As the year of 2020 is going to be a lot different than other usual years. This one particular pandemic year has pushed all the industries/companies to push for innovations and new technologies to remain ahead in their competition and make profit in their business which they made a loss during the virus outbreak. Looking forward to such new technologies and upgradation of existing ones because technology trends are fast reaching a state that is a necessity in business as innovations continue to reach new levels.
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