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With the telecom industry meeting in Chicago for Supercomm 2005, now is a good time to step back and take a look at the industry--its storied past, today's rapidly evolving present and the promising outlook for an extremely bright future.

More than a hundred years ago, communications pioneers worked diligently to string wires and build the finest telecommunications network in the world. Literally, these companies laid the groundwork for the new technologies that we enjoy today--high-speed broadband connections and IP technologies that have dramatically changed how the world communicates.

After several cautious years of spending, we have recently seen increasing investment announcements and incredible innovation in the sector to keep pace with consumer demands. New technologies have significantly altered today's competitive landscape, and the old stovepipes that once clearly defined service providers have fallen away with traditional telecom carriers offering voice, video and data services and competing head-to-head with their cable, wireless and satellite brethren.

The communications market is morphing so quickly that innovative carriers and suppliers must stay constantly focused on the future--the future for their products and services, the future for their businesses and the future for communications.

Today, consumers enjoy unprecedented choice when selecting a service provider, and carriers recognize how critical it is to anticipate that demand and provide leading-edge services in this new, highly competitive market.

With the sharp increase in demand for iPods, TiVo and BlackBerrys, it is clear that savvy customers today expect communications their way--when and how they want it. To thrive in this new environment, communications providers must quickly adapt and evolve, staying ahead of the trends and anticipating what's next for the industry.

Telecom is one of the most dynamic industries, and the possibilities for the future are endless. Few sectors have as great an impact on the global economy as communications. Advances in technology have created more ways to communicate and have firmly established a global marketplace in which decisions made in one nation significantly affect consumers in other parts of the world.

New technologies have helped make the world more productive, more competitive and more connected than ever. With innovative companies leading the way, this is an electrifying time to be a part of the telecom industry.

The communications industry has changed significantly since the first wires were strung more than a century ago, but in today's information age, the changes facing us in the next few years will be equally dramatic.

My advice? Settle in, fasten your seatbelt and enjoy the ride.

Walter McCormick is the president and CEO of the U.S. Telecom Association (USTA), one of the co-owners of Supercomm.