AI in Telecommunication Market
WILMINGTON, DE, UNITED STATES, September 27, 2024 /EINPresswire.com/ — The Global AI in telecommunication market size was valued at $1.2 billion in 2021, and is estimated to reach $38.8 billion by 2031, growing at a CAGR of 41.4% from 2022 to 2031.
The market for AI in telecommunication will expand as advancements such as 5G technology in smartphones will rise. AI & ML (machine learning) technologies are expected to play a significant role in the integration of 5G cellular networking technologies and automation of the networks. Furthermore, Telecomm companies are integrating AI technologies in their 5G cellular networks to propose telecommunication services & tools. Therefore, advancements such as 5G technology in smartphones will provide lucrative growth opportunities for the market in the upcoming years.
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Artificial intelligence (AI) enables the telecom industry to extract insights from their vast data sets and made it easier to manage daily business and resolve issues more efficiently and also provide improved customer service and satisfaction. Artificial intelligence is an advanced technology that has the ability to make decisions as human intelligence. This technology focuses on creating an intelligent machine with the advancement in features such as speech recognition, visual recognition, image recognition, and translation between languages that are responsible for propelling the market growth. Furthermore, technology also has the potential to change the functioning and operation of various industrial sectors particularly in telecommunication.
Furthermore, key market players are adopting product launch, collaboration and other strategies for enhancing their services in the market and improving customer satisfaction. For instance, in September 2020, Nuance Communications, Inc. and Rakuten Mobile, Inc. formed a strategic partnership to add Nuance Intelligent Engagement AI Services to the Rakuten Communications Platform (RCP). As a result, RCP becomes the first-ever mobile communications, cloud-native, and virtualized platform to have Nuance Conversational and Engagement AI services built-in. Through the Nuance-Rakuten mobile partnership, RCP offers Rakuten Group companies the ability to leverage conversational AI services; engagement AI services; Nuance mix rapid AppDev environment, an enterprise-grade conversational AI tooling platform that enables organizations to rapidly develop, test, deploy, and optimize virtual assistant, natural language, and speech solutions, reducing development and optimization time by more than 50 percent.
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Moreover, the increasing penetration of AI-enabled smartphones in the telecommunication industry, and the advent of 5G technology in smartphones are expected to provide major growth opportunities for the growth of the market. Since advancements such as 5G technology in mobile and the rising need to monitor content on the tale communication network to eliminate human error from telecommunication are driving the growth of the market. For an instance, the Chinese government trying to improve its network services and telecommunication services; hence China Telecom Corporation has started a new 5G base station in Lanzhou city. Therefore, these factors are expected to provide numerous opportunities for the expansion of the AI in telecommunication market during the forecast period.
North America dominates the AI in telecommunication industry. Growth of the market in this region is attributed to several factors such as increase in digitalization and adoption of advanced technologies such as AI and ML by the end users. Moreover, presence of top key players is providing ample growth opportunities for the market growth. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to rapid expansion of digital infrastructure across the region.
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Key Market Players
ZTE Corporation, Salesforce, Inc., AT&T, Cisco Systems, Inc., Infosys Limited, Google LLC, Microsoft, IBM Corporation, Intel Corporation, Nuance Communications, Inc.
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