Virtual Events are Booming Globally in the Telecom & IT Industry

11-08-21 -

In today’s digital world, the contributions of Telecom and IT are worth mentioning. These two industries have fueled the entire world with state-of-the-art technology. From smartphones and tablets to cloud computing and virtual exhibitions, things have been transformed dramatically and at an unprecedented pace.

The telecommunication industry is at the heart of keeping the entire world connected during the pandemic. It not only includes the phone calls that we make but almost everything from social engagement, media streaming, and entertainment to rich data services, remote operations, and seamless connectivity.

This also gave rise to the need for virtual trade shows and online exhibitions all around the world. Due to strict lockdowns, telecom and IT services providers were unable to effectively promote and market their offerings and that’s exactly where they started making the most out of virtual events.

From cloud computing, automation, and virtual assistance to artificial intelligence, virtual reality, and machine learning everything has been effectively presented to the world through online exhibitions. As a result, a huge increase in business development and consumerism emerged.

All these technologies are dependent upon user data which generates not just in the form of their actions but because they can communicate and access network services that are being offered by the telecommunication companies. Therefore, the importance of this key industry can never be undermined.

“From governments and household consumers to businesses and digital marketplaces, telecom became the most critically demanded service on a global scale.”

COVID-19 pandemic gave rise to strict lockdowns around the world with many people spending much more time at their homes than ever before. It was a prominent and rapid shift that pushed the demand for network and digital services to a new horizon. From the city centers to the suburbs, the need for fast broadband services soared unimaginably.

Industry’s top leaders namely AT&T, Comcast, Verizon, and many others observed a rare increase in the demand for cellular and internet connectivity from the domestic consumers’ end. From online video conferencing, team collaboration, and live video streaming to online education, communication, and virtual exhibitions the need for all these things skyrocketed.

While keeping in mind that the end-users have experienced relatively few or no connectivity issues during the lockdowns, it can be easily said that the telecom services providers have proved to have the best networks and IT infrastructure to cater to the rising demands.

According to KPMG’s 2020 CIO Survey:

“With the onset of 5G around the world, new and significant growth opportunities are opening up.”

“There is high demand for automation in the telecom sector (94 %) with 18% of digital leaders having large scale implementations of AI/ML to help solve for challenges through self-optimizing networks, preventative maintenance of communications hardware, and virtual assistants.”

From automation and managed services to regionalized delivery and supplier diversification, managing everything effectively becomes a huge challenge for the entire industry. At the same time, it is also noticeable that the support provided by virtual events and exhibitions made a significant difference. Companies and end-users were able to connect with each other in a safer and immersive environment like never before. This brought considerable convenience, efficiency, time management, and cost reductions.

The report further highlights the rising political competition and an intense level of resistance by many countries and their governments in terms of accepting the international infrastructure and allowing these state-of-the-art services to be launched for the general public.

In addition to that, the report enlightened the growing importance of improving customer engagement, developing new and unique products, and improvising operational efficiency. Now, these factors are known as the founding pillars of modern-day telecom services.

These are not just surprising facts and forecasts but key pieces of information and insights that truly reflect the rapidly rising demand for such services and the indefinite potential for the virtual events industry to help service operators in better executing their plans and ensuring prompt reach to the target audience.

McKinsey & Company writes, “Telecom and IT sectors Are Unlocking the real potential of 5G technology by bringing it to the B2C marketplace.”

The majority of Telcos around the world are now pretty much confident that they will easily introduce, execute, and implement the all-new 5G technology but it isn’t. There are unpredictable challenges and unmarked boundaries that they have to conquer.

Believe it or not but all of this encompasses communication and computing as the essential elements around which the interest of the user revolves. Therefore, they also need an effective and cost-efficient approach to reach out to the end-users. In the presence of COVID-19, this can only be done by participating and organizing virtual events and online trade fairs.

So, apart from the end of the service, the manufacturing end of the IT sector also gained significant growth and demand. According to a recent report by Fortune Business Insights:

“The global "virtual reality market" size is expected to reach USD 57.55 billion by 2027, exhibiting a CAGR of 44.3% during the forecast period.”

The report highlights that this estimation covers all verticals such as Entertainment, Gaming, Computing, Automobile, Healthcare, Aerospace, etc. The report also enlightens some key driving forces such as increased utilization of Virtual Reality in the military, increased demand in terms of virtual meetings, conferences, and exhibitions, and its consumption in the government sector.

Another market research report published by Fortune Business Insights shows that:

“Virtual conferences and similar events allow enterprises to reduce their costs by a staggering 30% while virtual technology also plays a vital role in the core operations of almost 92% B2B marketers in the pandemic.”

By taking a deeper dive into all these surprising facts and insights, it can be easily identified that virtual exhibitions and events are booming all around the Telecom and IT industry. From manufacturers and service providers to end-users on a global scale, online exhibitions proved to play a pivotal role in the continued success of the global telco and IT industry.