The telecommunications services industry is one of the fastest growing industries in the world and is already using machine learning (ML), artificial intelligence (AI) and Internet of Things (IoT) to enhance their customer service. According to a study by Transparency Market Research (TMR), the global market for artificial intelligence is estimated to post an impressive 36.1% CAGR between 2016 and 2024, rising to a valuation of US$3,061.35 billion by the end of 2024 from US$126.14 billion in 2015. As the market is seeing a rapid growth in Europe, North America and Latin America, the telecom services spending in Asia-Pacific region was projected to grow by around 2.06% in 2016 compared to 2015. Technavio's market research analysts predict that the global telecom IoT market to grow steadily and post an impressive CAGR of more than 42% by 2020. Even as IoT is set to revolutionize industries in its own way, it is worth noting that IoT would produce terabytes, petabytes and exabytes of big data.