A Changing Telecommunication Market

1462 Words6 Pages
Over the last two decades, the telecommunication market has undoubtedly been amongst one of the fastest growing markets. Telecommunications, by definition, is anything that allows communications over a distance. The industry has diverged into developing many more discrete mediums for which we just to communicate. As demand grew, the number of companies that developed and sold telecommunications devices grew as well and meets almost every imaginable demand and niche available in the market. The telecommunications industry gains its value by network externalities. There is little value when only one or two people have the capabilities so it’s crucial that telecommunication firms reach as many customers as they can. Instead of just having a two-way exchange, technology allows us to have telecommunications networks, which is why telecommunications is considered a network industry, that can simultaneous transfer data and information to as many places in just a few seconds. This is applicable to consumers, governments, and militaries. However, for focus’ sake, this paper will hone in on consumer grade telecommunications. Today, companies are churning out multifunction and multitasking gaming television consoles, smart phones, computer tablets as fast as consumers can buy them. The competition isn’t just limited to who can produce the most advanced piece of technology, but also expands to which company can do it the cheapest and win the biggest percentage of the consumers in the
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