Wide Adoption of Mobile Phones and Portable Devices is Anticipated to Boost the Global Telecom Expense Management Market in the Forecast Period

Increased consumer spending has been observed to have uplifted the sale of smartphones and other portable devices in the market. It is possible to see their monthly spending on their laptop, mobile phone, tablet, or any other portable device and also can manage its expense because of the advancements in TEM technology. To increase the customer experience and build trust in the company, the organization offers transparency about their operations.

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Data Bridge Market Research analyses that the Global Telecom Expense Management is expected to reach USD 1,946.74 million by 2028 from USD 1,431.14 million in 2020, growing with a CAGR of 4.1% in the forecast period of 2021 to 2028. The increasing demand for the telecom expense management across different sector will provide potential opportunities for the market growth in the forecast period.

Increasing demand for TEM in the healthcare sector is expected to drive the market's growth rate

The healthcare sector is growing very rapidly. Telecom costs within the industry are on the rise. Improperly managed inventory of BYOD devices and numerous billing errors are accounting for wasted spending from annual healthcare budgets. In addition to this, the immense growth of remote working led to an increased demand for wireless equipment. This increased the demand for TEM market in the healthcare sector.

For instance,

As per the article in March 2021 by brightfin, TEM helps clinics and hospitals minimize costs by managing telecom expenses. Services, assets, and many other expenses can be outlined, tracked, and monitored through this software. Furthermore, the firms that are operating in healthcare industries can automate manual, labor-intensive processes and create much productive workflows by using both outsourced management services and software.

Report Scope and Market Segmentation

Segment Analysis:

The global telecom expense management market is segmented into four notable segments which are based on the offering, service delivery mode, enterprise size, and end use.

• On the basis of offering, the global telecom expense management market is segmented into solutions and services.

The solutions segment of offering type is anticipated to dominate the telecom expense management market

The solutions segment is expected to dominate the global telecom expense management market with a 57.43% market share since it helps in decreasing unnecessary costs and optimizing telecom spending.

• On the basis of service delivery mode, the global telecom expense management market is segmented into licensed software, managed services and complete outsourcing and hosted.

The licensed software segment of offering type is anticipated to dominate the telecom expense management market

The licensed software segment is expected to dominate the global telecom expense management market with a 52.40% market share as all the operations are performed by the customers themselves providing transparency of all the spending carried out

• On the basis of enterprise size, the global telecom expense management market is segmented into large enterprises and small & medium enterprises. The large enterprise segment is expected to dominate the global telecom expense management market with a 66.13% market share as most of the work of many large firms is performed through telecommunication that increases the demand for TEM solutions to minimize its spending on telecommunication.
• On the basis of end use, the global telecom expense management market is segmented into IT & telecom, BFSI, manufacturing, healthcare, transport & logistics, consumer goods & retail, energy & power, media & entertainment, and others. The IT & telecom segment is expected to dominate the global telecom expense management market with a 25.89% market share since the use of mobile phones for communication purposes has grown enormously which has increased the need for TEM solutions in the market

Major Players

Data Bridge Market Research recognizes the following companies as the major telecom expense management market players in telecom expense management market are Vodafone Group (U.K.), CGI Inc (Canada)., Dimension Data (South Africa), Accenture (Ireland), ECONOCOM (France), AVOTUS (Canada), Calero-MDSL (U.S.), Cass Information Systems, Inc.(U.S.), Sakon (India), Tangoe (U.S.), Upland Software, Inc.(U.S.), VALICOM (U.S.), WidePoint Corporation (U.S.)

Market Development

• In 2021, Tellennium launched Management of Things (MoT), a next-generation expense management platform and service solution for mid to large enterprises. The modified platform and service offerings help customers develop control and maintain visibility over complex recurring expenses and assets. Therefore the company provides enterprises a centralized and elegant solution for handling their invoices within a central, mineable database
• In 2021, Calero-MDSL, a U.S. based company, announced the acquisition of MetaPort. This acquisition the company will be able to provide CIO and CTO organizations a unique inventory visualization that will provide a new level of visibility into their telecom estates. Therefore the company will be able to enlarge its business in the technology expense management software space.
• In 2020, WidePoint Corporation which is a U.S.-based company declared that they secured a new contract from the Virginia Alcoholic Beverage Control Authority (Virginia ABC) to offer them with Telecom Expense Management services. Therefore, the company will help Virginia ABC to face the hindrances of pandemic by managing the companies telecom expenses

 Regional Analysis

Geographically, the countries covered in the telecom expense management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

As per Data Bridge Market Research analysis:

North America is the dominant region in telecom expense management market during the forecast period 2021 to 2028

North America dominates the telecom expense management market because of the  higher control with the consumers. Additionally, the U.S. plays a major role in increasing the growth due to higher demand and regional manufacturers. 

Asia-Pacific is estimated to be the fastest-growing region in telecom expense management market the forecast period 2021 to 2028

Asia-Pacific is expected to grow during the forecast period of 2021 to 2028 because of the major vendors available in the region. Furthermore, China increases the market growth because of the increasing demand in the region and use of telecom expense management in the region.

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