5 Tech and Communication Trends Shaping Businesses in 2023
As technology continues to empower businesses to enhance their offerings and augment processes, poor communication still greatly contributes to a business’ downfall with 46% of businesses attributing the loss of a customer to poor communication.
The Covid-19 pandemic has, without a doubt, caused a paradigm shift in how people and businesses communicate. It was reported that over 40% of adults opted to communicate via online tools in 2022 because of convenience, especially when working from home. This growth in preference further bolsters the argument that technology and communication are intertwined and heavily shape the way we work today. As such, we have identified 5 key tech and communication trends that will transform businesses in 2023 along with how Neural Technologies solution suites cater to your business needs.
Trend #1: Increased popularity of Internet of Things (IoT) devices
It is forecasted that there will be over 15 billion connected IoT devices in 2023 with a projected growth of up to 29 billion by 2030. The market share of IoT devices will be driven by three distinct markets—automated home, connected car, and wearable tech—with wearable tech alone contributing USD126 million in revenue.
As the number of IoT devices increases, so does the demand for better data integration with these devices. Neural Technologies Data Integration solution is designed to integrate data of all formats and can easily be adapted to your growing business needs, ensuring that you have constant access to the information you need.
Trend #2: Growing demand for 5G connectivity
Grand View Research reported that the global 5G services market is projected to reach USD1.67 trillion by 2030, registering a CAGR of 52% from 2022 to 2030. This is largely due to the growing need for reliable and low-latency data networks that augment mobile connectivity, propelling 5G market growth across industries.
However, the 5G era also demands transformation, especially from the telecommunications industry. As demand for 5G rises, it is predicted that telecom carriers will face several network-related challenges, including high costs, security concerns, and downtime. With a myriad of solutions on offer from Neural Technologies, businesses can leverage 5G to overcome these challenges and stand out in a hyperconnected global landscape.
Trend #3: Transparency of cybersecurity measures
In the Digital Age, customers are more informed about the importance of cybersecurity and how detrimental a lack of it can be. Research by McKinsey found that 87% of customers would not engage with a company if they had concerns regarding its security measures. As a result, businesses are expected to be more transparent with their cybersecurity and data privacy policies.
This is especially true for companies in the telecommunications industry given the advent of phone scams that have contributed up to USD39.5 billion in losses. Neural Technologies’ SCAMBlock was developed to easily integrate with any operator’s network and monitor real-time network traffic—domestic, roaming, wangiri, and scam calls—to actively validate, block, and alert the user to suspicious or high-risk calls, ensuring that your customers do not fall victim to phone scams.
Trend #4: Real-time digital communication and customer experience
Having the option to communicate with a business in real-time, particularly through instant messaging platforms such as sending or receiving an SMS, enhances a customer’s experience. In fact, 75% of millennials prefer SMS communication for deliveries, promotions, and surveys.
Neural Technologies Signaling suite offers Messaging solutions—SMS Gateway and SMS Manager systems—complemented by telecom standards compliant with Mobile SMSC to mobile network operators. This solution utilises a real-time signaling connection to achieve various business use cases, such as connecting with customers for marketing, transactional, or client support purposes.
Trend #5: Growth of E-commerce and M-commerce
Mobile commerce (m-commerce) is changing the digital shopping experience, with 92.1% of global Internet users connecting to the Internet with a mobile phone, and 57.5% purchasing a product or service online each week.
Technology has revamped the way we use our money, and how we communicate in our everyday lives. With the massive expansion of e-commerce and m-commerce, digital wallets have experienced exponential growth in adoption rates. Ensuring these transformative payment and communication methods remain secure is vital.
Text messages remain the preferred choice for rapid communication globally, and a powerful platform for business communications. The number of SMS messages sent by businesses is expected to reach 1.7 trillion in 2023, up from 1.6 trillion in 2022. Rich communication services (RCS) business messages are projected to grow from 161 billion in 2022 to 219 billion in 2023.
Neural Technologies’ sophisticated, data-driven mobile money and anti-fraud solutions provide powerful protection for mobile money and SMS users. The NT Signaling Stack also offers seamless support for SIGTRAN protocols, unlocking central hub SMS gateway opportunities that optimize cost and deliver essential operational reliability alongside robust data security.
With over 30 years of experience in providing end-to-end business solutions for a global customer base, we offer a variety of solutions encompassing the following:
1. Revenue Protection Suite
Powerful solutions that address real-life revenue losses and streamline operations for your business by leveraging AI and Machine Learning to identify target areas and actively prevent revenue leakages.
→ Fraud Management Solution
→ Revenue and Business Assurance
→ Credit Risk Management
→ SCAMBlock (Robocall)
→ Anti-Money Laundering (AML)
→ Mobile Money
2. Digital Integration
This is a sophisticated end-to-end lifecycle data management and robust data architecture solution that is designed to ingest, stream, and transform large volume and complex data into actionable business insights to empower decision-making.
→ Mediation
→ Orchestration
→ Rating/Charging
→ Data Transformation
→ Customer Engagement and Experience
→ Data Architecture
3. Signaling/SS7
Telco-grade SIGTRAN signaling stack that enables customers to implement a wide array of signaling-based solutions that offer seamless support for SIGTRAN protocols. This solution is fully compliant to IETF, ITU-T, ETSI, and 3GPP standards and boasts easy integration with API interfaces.
→ CLI-spoofing/Scam Calls Blocking
→ SMS Gateway
→ SMS Manager
→ USSD Gateway
→ EIR
→ Location-based Service
→ GlocalSIM
→ IN/Camel GW
→ Signaling Proxy
