AI in Telecommunication market is expected to reach USD 1 billion by 2023

A new market research report forecasts that Global AI in the telecommunication market is expected to reach 1 billion USD by 2023, growing with 32% CAGR during the forecast period 2018-2023, according to Kenneth Research.

Artificial intelligence is being widely used in various industries such as healthcare, finance, automotive, telecommunication among others. AI technology has the power to revolutionize the industrial processes by increasing productivity and operational efficiencies, saves money and time by automating industrial processes, helps businesses in faster decision making. In telecommunication industry, wireless communication has deep impact on the industry and its users, yet it is a complex invention.

To solve the complex nature of wireless systems incorporate the use of AI in telecommunication industry. AI in telecommunication leads to intelligent decision making to manage dynamic network traffic and resources and brings automation in the industry to reduce cost and increase efficiency.

The key drivers for the growth of AI in telecommunication is increasing demand for autonomously driven network solution. The networks in telecommunication are becoming complex in nature and are expanding in size which outstripping the human capabilities to manage such large size and complex networks. Hence, there is a need for highly sophisticated, intelligent and autonomous network driven solutions which can be provided using artificial intelligence in telecommunication. By use of these autonomous and intelligent network solutions, telecommunication companies are improving their speed of service, quality of network and enhancing customer experience with reduction in operating cost.

In today's world, customer interact online using various social media platforms such as Facebook, twitter and blogs where they talk about their experiences and issues about the service providers, online. Thus, service providers must have the strategy and tools to collect such large amount of data and analyse it to provide attractive services and improve their customer retention. The other sources of data for telecom service providers are user call reports and network data. This data helps to get insights of network performance, which helps to reduce customer churn and increase profitability. Therefore, there is increasing need for data-driven solutions which is driving the growth of AI in telecommunication market. Global AI in telecommunication market is expected to reach USD 1 billion by 2023 growing with 32% CAGR during the forecast period 2018-2023.

(You can learn more about the report by Kenneth Research here.)