One third of the way in and 2022 is already fast and furious, with a lot to take in. Businesses and consumers have had to rapidly adapt to changes in the environment, from cloud adoption, digital transformation, the aftermath of the pandemic and various other events. Amidst all of these changes, Managed Service Providers, 5G, Communications as a Service providers and marketplaces are key puzzle pieces within the post-pandemic telco landscape. Here are 5 stats you need to know in 2022.
1. 95% of MSPs find that automating their processes is necessary to focus on innovation and strategic goals
With enterprises migrating to the cloud, anticipating digital transformation and keeping up with technological advancements, more and more are putting their trust in managed service providers.
The global managed services market is expected to balloon to US$354.8 billion by 2026, MSPs are expanding the range of solutions and services they provide to customers, making them a valuable partner for ambitious businesses.
Often limited by their structure and reliance on legacy systems and processes, MSPs have faced numerous challenges, preventing them from maximizing efficiency. Customer needs and demands are shifting towards better performance, forcing MSPs to evolve.
MSPs devote 39% of their time to manual tasks, taking them away from innovating and advancing strategic goals. The managed services industry is leaning towards the adoption of automation, removing repetitive and mundane tasks - prioritizing optimization and efficiency. In doing so, MSPs are able to drive revenue, faster, as well as reduce operational costs and empower their customers.
2. The global value of CPaaS market will exceed $10 billion in 2022
The aftermath of COVID-19 has been tremendous with business and consumer needs completely changing. The pandemic has accelerated digital transformation, with companies embracing innovation and CPaaS becoming a driving force for businesses to deliver enhanced customer experience.
Companies realize how ineffective legacy technology can be, and recognize the importance of agility and adaptability in this current climate. As a result, more companies are tuning to digital channels to support customer communications. CPaaS promises businesses to build and update to an agile tech stack without any compromise, in this new age of work.
CPaaS is relied on now more than ever to streamline customer experience. Simplifying communication integration, CPaaS is essential for building customer experience automation and innovation, transforming the way we interact with customers in an increasingly digital age.
Customer service representatives are empowered more than ever to communicate privately with customers over different messaging platforms, like chatbots, WhatsApp and SMS. With 75-90% of queries predicted to be handled by bots by 2024, CPaaS is effective in creating a seamless customer journey.
3. 5G subscriptions are expected to reach 4.4 billion globally by 2027
The future of 5G is bright, picking up speed literally and figuratively. The expansion of 5G offers connectivity in areas that have been difficult to reach and scale. With global 5G connections to surpass 1 billion in 2022, 5G brings new opportunities for telcos in horizontal and vertical markets.
The growth of 5G has forced telcos to take a look at their own processes, systems and architecture. With 5G, consumers expect to be provided on-demand and real time results and services. 82% of telco consumers would consider alternatives if they experienced a poor customer journey.
In order to truly monetize, leverage and realize the power of 5G, telcos need to have the ability to scale their current processes in order to meet consumer requirements. As the global effect of 5G reaching $1.3 trillion by 2030, having a flexible and open architectural structure, allows telcos to use 5G to innovate and tap into a new set of customers, supporting transformation and growth.
4. Over 50% of the world is now offering hybrid working model
The pandemic has been a key driving factor in companies mobilizing and facilitating remote collaboration between teams. Leaving companies with the realization that they would be left without an operating company with a digital footprint if doors were shut, the pandemic has forced organizations to restructure the ways in which they operate, turning to UCaaS (Unified communications as a service).
Companies cannot thrive without excellent communication. As such, 70% of organizations will be leveraging UCaaS to some extent by 2023. Forced to pay close attention to supporting and enabling employees, companies have realized the importance of moving to the cloud, giving them agility. 67% of organizations have moved a significant proportion of their Unified Communications solutions to the cloud.
Enabling hybrid working and investment in new technology, UCaaS tools are key to ensuring that employees have clear lines of communication to ensure operational continuity. Providing employees with the flexibility to take information in on their own terms, allows for a digital paper trail of discussions and actions to be left behind.
Combined with AI, UCaaS not only streamlines employees' experience, but also that of customers. AI is used to augment customer service representatives by providing easy self-service options, completing several repetitive tasks such as verifying the caller's identity. In doing so, customers experience a more favorable customer experience and a higher level of service.
5. 70% of the most valuable companies globally are now a platform business
With the rapid adoption of cloud services and digital transformation, consumers have benefited from more reliable data speed, improved coverage and lower latency, whilst providers have only benefited marginally. In order to meet needs of various sectors, and unlock revenue streams from the use of 5G and IOT, operators and providers need to diversify their services.
Many of the world’s largest carriers have significant interest in becoming a telco marketplace, permitting their B2B customers to buy third-party services from an ecosystem of partners, in one seamless purchasing experience. And with the IoT enabled services market forecasted to exceed US$8 trillion within 10 years, there is no time like the present to do so.
With the freedom to bundle innovatively, telcos are able to unlock unexplored values for themselves and customers, and move from being providers of telecoms and ICT services to creators of digital innovation.
The strategic value of this ecosystem harnesses the service offerings from a diverse supplier base to offer new service bundles to new market segments - acting as a catalyst for economic growth.
Developing a marketplace platform, telcos are able to leverage their existing customer base to offer connectivity solutions, bundled products and services and much more. Through creating a digital ecosystem which meets the needs of customers, CSPs are able to control their relationships with consumers.