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The global smart cities market was valued at US$334.2 billion in 2018 and is estimated to reach a value of US$1,359.8 billion by 2027, according to research firm Coherent Market Insights. This represents a CAGR of 16.3% between 2017 and 2027 and a sizeable market that holds vast potential.

Read more: Investing and shaping tomorrow’s smart cities

Accelerating digital capabilities and building resilience in a fast-evolving and competitive market is paramount to long-term enterprise growth. Across the board, business leaders are navigating emerging technologies as a force multiplier to scale their digital ambitions and seize new opportunities in a changing landscape. Here, we identify some significant tech trends that will shape telcos.

Read more: Tech trends that will transform telcos

According to Cushman & Wakefield, the Asia Pacific data center market is poised to become the world’s largest data center region over the next decade. In a 2022 report, Singapore takes the top data center spot in the Asia Pacific, and the second place globally – tying with Silicon Valley after Virginia. In the region, Hong Kong claims the second spot, Sydney comes in third place, while Shanghai maintains fourth place.

Read more: Asia Pacific outlook: Surge in data centers

Communication service providers (CSPs) are predominantly oriented towards the B2C market, with more than half of all global CSPs obtaining 90% of the revenue from the consumers market. However, increased competition by OTTs has strained CSPs’ revenue. Meanwhile, the urgent need for enterprises to digitalize creates increased demands for CSPs. Coupled with the rise of next-generation technologies including 5G, IoT, cloud and AI, CSPs recognize the importance of innovating and reinventing to unlock new monetization opportunities.

Read more: Seizing 5G enterprise monetization opportunities

Phishing is a mode of cyberattack whereby a malicious actor impersonates a reputable identity and uses fraudulent communications forms to trick users into clicking a malicious link embedded in a text message or email. The attacker then steals sensitive user data such as credit card numbers, bank account numbers, login information or installs a malware on their devices.

Read more: Smishing scams: What can organizations and telcos do?

The rise of blockchain and nonfungible tokens (NFTs) has undoubtedly found their way into the gaming arena. According to the Blockchain Game Alliance, NFTs games generated a revenue of US$2.32 billion in the third quarter of last year, accounting for about 22% of all NFT trading. The number of wallets linked to gaming also skyrocketed from 29,563 in the first week of 2021 to 754,000 in the third quarter, representing a 2,453% growth.

Read more: Blockchain and NFTs: The future of gaming

Fiber broadband has been on the rise, fuelled by increased bandwidth demands in the new normal and the arrival of 5G mobile. By 2026, Omdia predicts that approximately 70% of all broadband connections will be through fiber.

Read more: ZTE wins lion’s share of both China Mobile and China Telecom PON tenders

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