Tokyo, Japan, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Telecom Expense Management Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 10.20% to attain a valuation of around USD 6.7 billion by the end of 2030.
Telecom Expense Management Market 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).
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Drivers
Ease of Cloud-Based Technology Adoption to Boost Market Growth
The widespread use of video conferencing amid enterprises has been accelerated by the simplicity with which cloud services may be adopted for a variety of corporate requirements. Enterprises are increasingly investing in the telecom expense management services as a result of these networks being overloaded and the growing need for advanced network solutions. In order to improve and optimize cloud-based products and services, telecom operators throughout the world align themselves in cloud value chains via managing cloud connectivity & utilizing network assets.
Telecom Expense Management Market Report Scope:
| Report Metrics | Details |
| Telecom Expense Management Market Size by 2030 | USD 6.7 billion |
| Telecom Expense Management Market CAGR during 2022-2030 | 10.20% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Increasing demand for mobile applications, growing popularity of portable equipment’s in enterprises and upcoming advancements in telecom expense management are driving the growth of the global telecom expense management market. |
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Opportunities
Paradigm Shift in Communication Technology to Offer Robust Opportunities
The complexity of analyzing telecom charges increased as the world moved towards an era of smart communication technology. Hiring a telecom expense management team has become essential to reducing the telecom costs of the organization because a firm must manage data concerning millions of telecom communications, including phone calls and video calls, among others. When there is a need for telecom expense management as a result of greater smart communication, the aforementioned aspect could be seen as a key driver.
Restraints and Challenges
Lack of Interoperability to act as Market Restraint
The lack of interoperability amid various vendors and solutions may act as a market restraint over the forecast period.
Market Segmentation
The global telecom expense management market is bifurcated based on organization size, end user, solution, and service.
By service, hosted will lead the market over the forecast period.
By solution, invoice & contract management will domineer the market over the forecast period.
By end user, IT & telecommunication will spearhead the market over the forecast period.
By organization size, large enterprises will have the lions share in the market in the forecast period.
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Regional Analysis
North America to Head Telecom Expense Management Market
During the projection period, North America will have enormous expansion. The rising acceptance of technical improvements and rising need for the creation of mobile applications are driving the growth of the telecom cost management market. In terms of revenue and mobile application usage, the USA will have a significant impact on the expansion of the telecom expenditure management market within this area and will hold the largest market share. The main driver of the market's expansion in this region is the early acceptance of telecom expenditure management products and services. Commercial opportunities for providers are improved by the existence of established, substantial companies in Telecom Expense Management sector in the North American region. Also, with the increase in remote workers, the demand for telecom expense management systems is surging. The expansion of the North American Telecom Expense Management industry is anticipated to be driven by governments' rising adoption of TEM solutions to control their telecom expenses.
APAC to Have Admirable Growth in Telecom Expense Management Market
The Asia Pacific area will have the second-largest market share because of the region's fast growing population and rising mobile user base. The expansion of e-commerce platforms, increased merchant adoption, widespread smartphone use, & investments in the 5G networks are driving market growth in the Asia Pacific region. The three largest drivers of the expansion of the regional market are China, Japan, and India. There will probably be significant market expansion in the Asia-Pacific region. This is due to an increase in mobile users, a rise in BYOD rules, a rising population, and thriving Technology and communications sectors. There are many IT firms, BYOD and CYOD policies are gaining popularity, and telecom and IT infrastructures are improving. The demand for efficient telecom expenditure management solutions and services will be fueled by all of these factors. Also, as the top businesses in the area continue to collaborate, the demand for such solutions is probably going to increase.
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Industry Updates
February 2023- Enghouse Systems Limited has recently acquired SaaS based EMM (enterprise mobility management) solutions provider, Mobi All Tecnologia SA, Navita (EMM device & telecom expense management) in Sao Paulo, Brazil. Enterprise Mobility Management (EMM) connects mobile devices to the enterprise workflows/manages, Telecom Expense Management (TEM) controls and optimizes telecom expenses, and IT Expense Management (ITEM) controls and optimizes IT corporate expenses are just a few of the solutions offered by Navita.
COVID-19 Analysis
The majority of the market's manufacturing, developing, production, & logistical divisions had a very challenging time for the coronavirus epidemic. The market for telecom expenditure management likewise saw a reasonable decline in growth. Yet, factors like the growing number of mobile phone users and the uptake of cutting-edge technology are still assisting the telecom cost management industry in maintaining its growth. The major market participants have developed more sophisticated services & solutions that will aid businesses in controlling excessive costs, particularly amid the current economic downturn brought on by the COVID-19 pandemic and the restrictions imposed as a result. Software for managing telecom expenses is seen as a censorious instrument that will assist businesses in coping with the covid-19 pandemic's challenges. Also, it is anticipated that the telecom expenditure management sector would expand quickly and see a boom once businesses resume operating offline. The COVID-19 epidemic was advantageous for the sector for the control of telecom expenditure. The requirement for telecom expense management products and services is expected to increase in the post-COVID-19 era as businesses continue to depend on digital technologies. The need for telecom expense management services and solutions is anticipated to increase as IoT technology is more implemented, smart devices proliferate, the work-from-home culture is accepted, and data volumes increase.
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