According to a market research study recently released by Transparency Market Research, the global telecom expense management market is expected to be valued at US$4.9 bn by 2024. The market is expected to exhibit a robust 13.5% CAGR between 2016 and 2024.
What are the major drivers for the global TEM market?
One of the major drivers for the global telecom expense management market is the increasing support given by governments of developing countries to expanding their telecom network. The rising awareness about the importance of a robust telecom network to a prosperous economy is responsible for the increasing telecom expenditure in countries such as India, China, Indonesia, Argentina, and Brazil. This has led several telecom players to incorporate telecom expense management solutions in order to increase their profit margin.
The increasing prevalence of BYOD (bring your own device) policies in the corporate sector is another major factor driving the global telecom expense management market. Though the rising usage of portable electronics has raised security concerns, they are comfortably outweighed by the convenience it brings to every component of the corporate supply chain. The global telecom expense management market is expected to receive significant demand from the corporate sector in the coming years due to the need to manage and monitor the increasing number of remote connections.
Which are the major segments of the global TEM market?
Of the major application segments of the global telecom expense management market, the banking, financial services, and insurance (BFSI) sector accounted for the largest share in the market in 2015. The major advantage of TEM solutions to BFSI entities is the reduced amount of paperwork and the ease of handling complex transactions. Other major applications of telecom expense management are healthcare, manufacturing, transportation and logistics, and government and defense.
By region, North America was the largest market for telecom expense management in 2015 due to the increasing demand for enterprise mobility. The technologically advanced telecom scenario in North America also leads to higher costs, which can be negated by the use of telecom expense management solutions. In the coming years, the rapid urbanization in the Middle East is expected to make the region a major player in the global telecom expense management market. Latin America and Asia Pacific are also expected to make creditable gains in the global telecom expense management market in the coming years.
Asentinel, a major player in the global telecom management market, recently announced its acquisition of Anatole, one of the leading expense management solutions companies specializing in managing services and primarily IT assets. This represents a significant shift in the global telecom expense management market, with Anatole’s strong European network expected to allow Asentinel to establish a global presence. Other key players in the global telecom expense management market are Avotus Corporation, MDSL, WidePoint Solutions Corporation, Inc., Calero Software LLC, Ezwim B.V., Valicom Corporation, and Comview LLC.