The telecommunications industry in 2024 faces a complex landscape, balancing exciting opportunities with significant headwinds such as a weak global economy and rising costs. However, the rise of enterprise-focused technologies like the Industrial Metaverse, RedCap, and AIoT provides promising avenues for growth.
While the consumer version of the Metaverse has yet to fully materialise, its potential for businesses remains strong. The ability to create immersive environments for collaboration, optimise processes through predictive maintenance, and offer on-the-fly training presents significant advantages. This technology ecosystem spans telecom operators boosting their enterprise business, network equipment providers, and chipmakers creating the necessary infrastructure. TechInsights estimates a substantial investment boom, with enterprise metaverse software and services alone reaching nearly US$78 billion in 2024.
The year also marks the arrival of a new wave of RedCap (Reduced Capability) devices. Defined within the 3GPP Release 17 framework, these devices offer a lower-cost entry point for connecting to 5G networks. With the upcoming 3GPP Release 18, RedCap devices are expected to gain advanced features and unlock new 5G use cases. TechInsights anticipates a surge in RedCap devices driven by advancements in chip technology and specific use cases developed by operators and enterprises. These innovations have the potential to unlock significant growth opportunities, fostering collaboration and efficiency within businesses across various sectors.
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