Ultra-fast wireless connectivity has the power to handle burgeoning data volumes from connected sensors. Communication service providers should seize the moment to go to market with high-value vertical use cases.
Communication service providers (CSPs) are capitalizing on enterprises’ seemingly insatiable demand for Internet of Things (IoT) solutions. Achieving their lofty IoT business objectives is often another story.
To plug and play in — and profit from — an increasingly Industry 4.0 world, CSPs must harness the vast amounts of Internet of Things (IoT) data generated by clients in industries spanning entertainment and healthcare to manufacturing and logistics — and convert this insight into highly verticalized solutions. Importantly, they must accomplish this with user consent upper most in their minds — and within the bounds of an increasingly stringent regulatory environment that protects consumers’ privacy, including General Data Protection Regulation (GDPR).
The risk could be worth the reward. IoT is poised to be a form of savior for businesses of all stripes and sizes and is expected to generate over $1.5 trillion annual revenue by 2030. And according to Gartner, by next year, one in four large organizations will either buy or sell aggregated data on formal online data marketplaces. CSPs have a unique opportunity to monetize their access to vast volumes of data flowing through their infrastructure. All of this is welcome news to CSPs, many of whom face increased competition and downward revenue pressure on their traditional voice and data services. AT&T and others are already marking their territory in this area.
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