5G promises to be the future of wireless communication, delivering higher speeds, greater capacity, and lower latency than previous generations. And as this technology continues to roll out, it presents significant opportunities for Communication Service Providers (CSPs) to monetize this new network. One of the most direct and obvious ways for CSPs to monetize 5G is by offering it as a premium service to consumers in an effort to increase retention rates, attract new customers, and grow revenue streams. However, the introduction of the 5G Core technology opens an entirely new customer base for CSPs—B2B enterprise customers. Thanks to its lightning-fast speeds and low latency, 5G is now a viable alternative to traditional wireline internet connections for businesses. CSPs can now offer a new suite of services to the enterprise market, like high-speed mobile broadband, private networks, and cloud connectivity. And with businesses expected to spend $4.5 trillion per year on 5G-enabled technologies by 2030, now is the time for CSPs to focus on how they can get a piece of that pie.
Offering Private 5G Networks & Network Slicing
Although private networks and network slicing represent distinct approaches, their ultimate goal is the same: to provide users and subscribers with optimal quality of service while balancing efficiency and security.
Private Networks
Private networks are self-contained and have exclusive spectrum, making them more secure and customizable than network slicing. Organizations may prefer private networks because they offer full ownership over security protocols and access. These private networks can be used to support a wide range of applications, including mission-critical operations, industrial automation, and IoT services. In addition to offering private 5G networks, CSPs can deliver value-added services, like network management and monitoring, that help enterprises optimize their network services.
Network Slicing
Network slicing allows mobile operators to create virtualized, end-to-end network segments from a provider’s public 5G network that can be customized and optimized for different use cases, devices or user groups. It enables mobile operators to create multiple logical networks on a shared physical infrastructure, each with its own set of resources, quality of service (QoS) parameters, security policies, and network functions. In essence, network slicing allows for the creation of virtualized sub-networks that can be tailored to specific customer requirements, applications, or service types.
For carriers, this means creating a more consistent and reliable user experience, providing a higher level of security and privacy for the users, and increasing efficiency by reducing the need for over-provisioning and improving the utilization of network resources. By offering customized network slices for specific applications or user groups, mobile carriers can also explore new business models and revenue streams beyond traditional voice and data plans.
Providing Edge Computing
Rather than relying on centralized data centers or cloud computing resources, edge computing involves bringing processing power and data storage closer to the enduser or endpoint device. With 5G networks providing high-bandwidth, low-latency connectivity, and edge computing bringing processing power closer to end-users, CSPs can now offer a range of innovative new services and applications that were previously impossible with 4G networks.
Edge computing offers improved latency by reducing the time it takes to transmit data to and from the endpoint device in addition to improved data security by shortening the length of the transmission. By offering innovative new services and applications that leverage the power of edge computing and 5G networks, mobile carriers can increase revenue and gain a competitive edge in the market.
Charging for IoT Connections
The Internet of Things (IoT) is rapidly growing, with a projected 41.6 billion devices connected by 2025 potentially generating 79.4 zettabytes of data. 5G offers significant benefits to the IoT market, enabling more devices to be connected, higher data transfer rates, and lower latency and CSPs can monetize these benefits by offering IoT services that connect a wide range of devices, like smart home devices, wearables, and industrial sensors.
By charging subscription fees for IoT connections, CSPs can create a new revenue stream that complements their traditional business models. They can offer value-added services, like data analytics, real-time monitoring, and predictive maintenance to help customers optimize their IoT systems.
Are You Prepared To Monetize 5G? Talk To IDI Today.
5G is just getting started. The increased level of interconnectivity that we’re seeing not only revolutionizes the experience for consumers, but it opens the door for CSPs to monetize this new network in a way they never have before. And while there may be challenges along the way, the potential for revenue growth and success is significant.
In order to fully reap the rewards of this ever-expanding network, investing in a modern, agile B/OSS solution specifically designed to support 5G services is critical. That’s where IDI Billing Solutions can help.
Servicing a diverse client base with an award-winning application, IDI’s comprehensive, highly secure, cloud-based solution enables providers with the ability to streamline operational efficiency, monetize services, automate operations, and seamlessly scale as their business demands.
Through innovative technology, people, partners, and systems, IDI is committed to providing the insightful counsel and specialized expertise required to navigate the 5G landscape and unlock the true potential of this transformative technology.
Interested in learning more? Call us at 888.924.4110, or contact us here.