Telecoms Industry Embraces AI, Seeing Substantial Revenue Growth, Survey Finds



A recent survey conducted by technology giant Nvidia reveals the telecom industry's significant adoption of artificial intelligence (AI), with a majority of professionals attributing increased sales to AI integration. Drawing insights from over 400 industry experts, the survey indicates that about two-thirds of respondents experienced a sales boost, with nearly a fifth reporting revenue growth exceeding 10% in specific business areas.


Nvidia, renowned for its AI chip supply, has witnessed escalating demand for its products as companies rush to leverage AI technology. This surge in demand has propelled Nvidia to surpass Google-parent Alphabet as the third most valuable U.S. company.


In the words of Chris Penrose, Nvidia's global head of business development for telecommunications, "We're starting to get some actual, real numbers, meaningful numbers around the impacts (of AI)." Penrose emphasizes the emergence of concrete data showcasing the tangible impacts of AI on business outcomes.


The survey also indicates a growing commitment among telecom companies to expand their investments in AI, with 66% of respondents planning to increase AI spending in 2024, up from 47% in the previous year. Enhancing customer experiences emerges as the primary objective for telcos in leveraging AI, with nearly half of respondents highlighting this aspect. Additionally, cost reduction and enhancing workforce productivity are identified as key priorities for AI integration within the sector.


Despite the evident benefits, significant challenges hinder widespread AI adoption in the telecom industry. These obstacles include a shortage of data scientists, difficulties in quantifying return on investment (ROI), and inadequate technology infrastructure. Penrose underscores the importance of cultivating and training talent to effectively harness AI capabilities, stating, "Even if you have data science teams, it doesn't mean that they know generative AI. There is a need to bring on the talent, and train the talent, to work with the tech."


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