Advances in technology bring many changes to the business world, and certain industries that were once considered viable are now industries that should be avoided at all costs. One industry that is expected to shrink the most dramatically is the wired telecommunications carrier industry.
This industry has been rapidly shrinking in response to the increasing widespread use of cell phones and online forms of communication. The need for wired communications has become so low that 25 percent of all households do not even own a land line phone. Some even predict that by 2025, land line phones will completely disappear.
Part of the reason why landlines are vanishing is the affordability of wireless communications. Cell phones are far more convenient than land line phones due to the fact that they can be taken anywhere, including on the road. Cell phones also have a variety of other features including Internet access and a multitude of downloadable apps. The Great recession caused many consumers to cancel their land line services as they realized that they could meet all of their communication needs through a cell phone.
There are also numerous free and almost free forms of communication that consumers can rely on, such as instant messaging, email and social networking websites.
Decreased revenue has prevented wired companies from expanding into remote areas, preventing growth. The decline in revenue has also lead to wired companies hiring fewer employees, which has reduced the quality of the land line services.
While the wired telecommunications industry has shrunk, voice over Internet protocol providers have seen significant growth. Those interested in moving into industries with much more potential for growth might consider obtaining business insurance to protect assets. Whenever entering into business, some degree of risk is always there. But there are a multitude of programs that businesses can take advantage of that will insure them against loss.