Many businesses are embracing IoT solutions to increase workplace efficiency and safety. Likewise, the introduction of IoT in telecom companies has the potential to improve business processes and generate more revenue. By 2024, according to Berg Insight, a dedicated IoT analyst firm, there will be 4.15 billion IoT devices connected to cellular networks around the world, presenting enormous prospects for telecom operators. According to research, the Internet of Things has the potential to produce $1.8 trillion in income for mobile network operators.
To benefit from these emerging revenue opportunities, telecom companies should develop innovative solutions. The Internet of Things is supposed to change telecom service providers’ roles in enabling communication between people and devices. Therefore, telecoms need to develop new IoT-powered solutions for their customers in order to improve business processes. Telecoms can also use IoT effectively by implementing new business models such as SaaS, PaaS, and BaaS. With this approach, telecoms will be able to determine which technologies will be advantageous for their business.