The telecom expense management market is anticipated to showcase rapid growth. Rising demand for mobile applications, increasing popularity of portable equipment’s among users and forthcoming cutting-edge advancements in telecom industry are some of the major factors driving the growth of the global telecom expense management market. Further increasing adoption of mobile devices, visibility into expense management, and growing popularity of cloud-based services are aiding the market growth. According to a recent study report published by the Market Research Future, the global market of telecom expense management is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The aspects such as increase adoption of mobility devices among enterprises and is gaining visibility over expenditures is playing a key role in fuelling the market. However, lower interoperability, poor performance, compatibility issues associated with the solutions are some significant factors hampering the market growth. The future forecast such as affordable deployment cost and cost efficient solutions is expected to create greater opportunities for telecom expense management market.
Rising level of integration of mobility devices in enterprise networks & immense developments in corporate telecom infrastructure have hampered the service of large-, medium-, and small-scale telecom networks. Enterprises find it complex and difficult for manual monitoring of data. As a result, enterprises are adopting advanced communications channels to connect with employees, customers, and clients, for effective telecom expense management solutions.
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June 16, 2017 – Avotus Corporation a prominent player in telecom expense management market, published that its 90% of the clients adopting Avotus wireless expense management team, are either or completely satisfied with the service. On the other hand, 97% of those users interfacing with the enhanced usage reporting team also responded in the same manner.
February 14, 2018 – Tangoe is known as a leading provider of Telecom Expense Management (TEM) and Managed Mobility Services (MMS) solutions. The company announced the expansion of its Tangoe advisory services. The expanded services will enhance enterprise by optimizing their current expense management solutions with strategic sourcing of provider contracts, network transformation and expense management consulting.
Major key Players
Accenture PLC (Ireland), Avotus Corporation (Canada), Control Point Solutions (U.S.), Invoice Insights (U.S.), MBG (U.S.), Profitline (U.S.), Tangoe (U.S.), IBM (U.S.), Ezwim B.V, MDSL (The Netherlands), Econocom (Belgium) are some of the prominent players at the forefront of competition in the Global Telecom Expense Management Market and are profiled in MRFR Analysis.
According to Market Research Future Analysis, the global Telecom Expense Management Market is estimated to generate revenue of approximately USD 4 billion by 2023 growing at a CAGR of 18% during the forecast period 2017-2023.
The market of Telecom Expense Management market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
The Telecom Expense Management Market can be classified into 6 key segments for the convenience of the report and enhanced understanding;
Segmentation by Delivery Modes: Comprises hosted, licensed software, managed services, complete outsourcing and others.
Segmentation by Solution: Comprises dispute management, inventory management, invoice and contract management, procurement management, and others.
Segmentation by Services: Comprises into hosted, licensed software, managed service, and others.
Segmentation by Organization Size: Comprises small & medium enterprises and large enterprises.
Segmentation by Verticals: Comprises into automotive, consumer goods & retail, BFSI, transport and logistics, and others
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
North America region accounts for highest market share in telecom expense management market owing to presence of major players in the region and adoption of telecom expense management solution by small and large enterprises. Countries such as US and Canada contributes large amount of revenue in the Telecom Expense Management market in the region. Asia Pacific region is expected to be growing at the highest CAGR. Owing to factors such as increasing population, growing mobile users, rise in invoices from different carriers, rising popularity of bring your own device technology (BYOD) and growing IT & telecommunication are some of the major aspects driving growth in the market.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Telecom Operators