Dublin, April 03, 2023 (GLOBE NEWSWIRE) -- The "Global Telecom Expense Management Market Size, Share & Industry Trends Analysis Report By End-use, By Organization Size, By Deployment type, By Component, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Telecom Expense Management Market size is expected to reach $5.3 billion by 2028, rising at a market growth of 10.8% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Accenture PLC
- NTT Data Corporation
- CGI, Inc
- Vodafone Group Plc
- Calero-MDSL Ltd
- Sakon, Inc
- Avotus Corporation
- Brightfin (Periscope Equity LLC)
- Tangoe, Inc
- Valicom (EXA Capital, LLC)
Controlling and monitoring multiple wireless, voice, and data services to comprehend overall telecom expenditures is known as telecom expense management (TEM). This phrase is often used to describe commercial clients who make considerable telecom service commitments as part of their operational procedures.
Management of telecom expenses in the company may be challenging. That is partially attributable to the vast selection of telecom services provided by modern, forward-thinking telecom businesses. Businesses may utilize the software for managing telecom expenses, including visual dashboards indicating how much money is being spent with different telecom suppliers.
Similarly, companies may include several categories in their expenditure management business software to account for all their cloud software vendor expenses from suppliers like AWS. A required method of cost management, cost evaluation, and monitoring of the effects of a company's attempts to achieve a 'desired state' in terms of total telecom services and functioning is telecom expense management.
The IT, procurement, and finance divisions of businesses may purchase, provide, support, and control the expenses of corporate telecoms, related IT services, and their inventory owing to telecom expense management services. These include cloud licensing, unified communications as a service [UCaaS] licenses, fixed and mobile telephony and data, and Internet of Things [IoT] connections. Business intelligence (BI) and reporting that may help C-level executives make strategic decisions are also included in TEM services. SaaS-based apps, platforms, managed services, and related professional services are the main areas of Gartner's TEM coverage.
Market Growth Factors
An improved understanding of telecom bills is required
Costs associated with communications might be complex. Furthermore, there will be restrictions even for the most skilled financial departments. It is much more challenging to know that a company with worldwide expansion constantly obtains the most value from a telecom contract while operating in many nations, currencies, and tongues.
Furthermore, bill quality will vary significantly depending on the area or telecom provider, and expenses may increase without the company owner being informed. Knowing precisely what a company pays for in each contract and achieving uniform insight into them is challenging. In the end, the market expansion would occur during the predicted period.
A growing need for modern, low-cost communication solutions
Since they are needed to communicate with customers and employees, telecommunication services represent a considerable portion of company expenses. Therefore, businesses are focusing on cost-saving strategies due to the growing cost of these services. Due to the ability to reduce their telecom costs, organizations have moved their attention to telecom exchange management solutions.
These solutions provide methods for delivering the same services for less money, hence reducing telecom costs. Gaining control over telecom costs also frees up funds that firms utilize for other initiatives, enhancing the efficiency of their core operations. This supports the growth of the regional market.
Market Restraining Factor
Poor supplier performance and a low level of interoperability are preventing market growth
Forecasting future expenditures, monitoring inventories on invoices, designating the proper cost center, and invoice processing are difficulties in managing telecommunications that impede market expansion. For producers, TEM software offers a variety of advantages, such as planning and expenditure visibility.
Vendors, however, need to make it easier to use this software. Vendors can submit forged invoices and costs to the finance department undetected. Due to invoices, bills, and other expenses, the company may be paying more than is required. A great difficulty for consumers is ensuring the correctness of the taxes that are calculated in the costs. This would prevent the market from growing throughout the anticipated term.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 311 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $2628 Million |
| Forecasted Market Value (USD) by 2028 | $5317 Million |
| Compound Annual Growth Rate | 10.8% |
| Regions Covered | Global |
Scope of the Study
Market Segments Covered in the Report:
By End-use
- Telecom & IT
- BFSI
- Consumer Goods & Retail
- Manufacturing & Automotive
- Healthcare & Life Sciences
- Others
By Organization Size
- Large Enterprises
- SMEs
By Deployment type
- On-premise
- Cloud
By Component
- Solution
- Invoice Management
- Ordering & Provisioning Management
- Usage Management
- Sourcing Management
- Dispute Management & Others
- Service
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/l0pqaq
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