Razorsight Corporation, the global leader of cloud based Analytics solutions for Communications Service Providers (CSPs), has released a bold infographic, $2 Trillion Reasons Why We Love Telecom ($2TRW), which compiles and conveys emerging revenue trends and billing specifics impacting the global telecommunications industry. Technology consumers and analysts will be intrigued by the information concerning the surge in mobility and social media within the sector. Communications company executives will appreciate, and may be alarmed by, the clear depiction of a staggering amount of revenue being lost due to improper billing.
Social media has become a major driver of telecom interaction, which as an industry is now responsible for 5.8% of the entire planet’s gross domestic product (GDP). According to research gathered by Accenture, Gartner, and the Insight Research Corporation (and presented via $2TRW) data revenue is increasing at an exponential rate. This is fueling unprecedented bandwidth usage. By the end of 2012, there will be seven billion mobile subscribers worldwide, largely consuming mobile data. Conversely, voice revenue is on a slow but steady decline. Mobile communication (voice) is moving in to second place behind mobile computing.
“Today, we’re managing the revenue and billing analytics of more than 75 global customers, scrutinizing two billion daily network events and effecting in excess of 130 million service subscribers,” explained Razorsight CEO Charlie Thomas, highlighting information from $2TRW.
Thomas explained further how Razorsight has steadily grown in step with industry trends. “As the mobile telecom user base and ecosystem grows, the complexity of networks, systems, billing and managing data becomes overwhelmingly complex. This is where Razorsight's cloud based analytics tools add value to any CSP navigating this rapid sea change, controlling costs, improving margins, and maximizing return on network infrastructure and assets."
Additional facts conveyed by $2TRW include:
· Worldwide annual growth in telecommunications service provider revenue is 5.3%.
· The Asia Pacific region drives the highest annual revenue, with North America claiming the third highest.
· In North America, of $460 billion a year is spent on telecommunications services, an alarming $32 billion is lost annually due to billing errors. Worldwide that number jumps to $75 billion lost in annual revenue.