As technology improves and mobile devices turn into a ubiquitous element in people's everyday lives, it becomes crucial that the telecommunications market find optimal strategies for serving its customers, including both individuals and large companies. Customers are looking to build and maintain smarter networks, reduce customer turnover, improve the subscriber experience and even generate new revenue streams.
All of these endeavors are challenging, but recent research has shown that by integrating big data, these businesses can achieve more on all of these fronts. To serve customers optimally, telecom companies must gather more information on these customers' use of telecom tools - including when, where, why and how much they utilize them.
Recently released data from Research and Markets shows that the big data-driven telecom analytics market is soaring in value. Between 2014 and 2019, its total value is expected to climb at a compound annual growth rate (CAGR) of nearly 50 percent. At the end of that time period, telecom analytics will account for a whopping $5.4 billion in annual revenue.
"Big data opens a vast array of applications and opportunities in multiple vertical sectors including, but not limited to, retail and hospitality, media, utilities, financial services, healthcare and pharmaceutical, telecommunications, government, homeland security, and the emerging industrial Internet vertical," the company said in a statement.
While data quality is important to any company that collects large volumes of information, it's especially relevant in telecommunications, where managing people's contact information is the name of the game. Telecom firms are frequently collecting people's phone numbers and email addresses along with their names and basic information, and often, these firms are the controllers of those phone and email accounts. Any errors in this contact data could lead to major gaffes in service, so these companies must deploy address management solutions to prevent them from making any erroneous changes to people's telecom service accounts.