According to Future Market Insights’ analysis of the Telecom Expense Management Market, the market’s global sales in 2021 were estimated to be US$3.4 billion. The market is anticipated to increase by 12% between 2022 and 2032, reaching a valuation of US$ 11.9 Bn by that time.
Organizations are increasingly using telecom-related services to improve communication across their business divisions, partners, and clients, all of whom are situated in different geographic regions. Companies have been forced to adopt cost-effective Telecom Expense Management services as their telecom expenditures have increased as a result of the integration of the newest telecom-enabled services.
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The growing demand for better mobile banking applications, as well as the increasing usage of IoT devices combined with a shift to 4G networks, efforts to improve APIs for a seamless user experience, and telecom operators’ growing need to utilize their advanced services, are the key factors driving the market growth.
Controlling the telecom environment is a key duty for any business. Telecom Expense Management, or end-to-end TEM, is a practice and toolset used by enterprise businesses to effectively navigate their telecommunication assets, operations, and expenditures. Expense management has become an essential technique for a business’s long-term success. Through automatic connectivity to multiple departments utilizing a variety of apps, telecom cost management aids in the creation of autonomy in expenditure tracking systems.
In the long term, there is less manual overhead and a slower reaction time. TEM programs provide a corporation with an actionable awareness of IT assets and services by improving data visualization. Besides that, in the booming era of LTE and IoT, the rising adoption of advanced technologies, as well as the recent expansion of mobile internet in day-to-day activities, has fueled cutting-edge competitive pressures among various new technologies across BFSI, which may further propel market demand.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Telecom Expense Management Market are focused on R&D to produce innovative technological solutions.
- In July 2020, Tangoe, a leading provider of business IT cost management and managed mobility services, announced that it has achieved ISO 27001 certification, proving that the firm has been investing in people, processes, and technology to secure the organization’s data.
- In January 2020, MDSL and Calero Software completed their merger. The merger has an objective to offer the best-in-class solutions to its clients globally.
Key Companies Covered
- Accenture
- Anatole
- CGI
- Anatole
- Dimension Data
- Econocom
- IBM
- MDSL
- Tangoe
- Valicom
- Vodafone
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Market Segments Covered In Telecom Expense Management Market Analysis
By Application:
- Financial Management
- Order Management
- Business Intelligence
- Inventory Management
- Contract Management
- Dispute Management
- Others
By Mode of Delivery:
- Managed Services
- Complete Outsourcing
- Cloud Services
By End-use Adoption:
- BFSI
- Retail
- IT and Telecommunication
- Healthcare
- Transportation and Logistics
- Manufacturing
- Government and Defense
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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