Telecom Expense Management Market Size Worth $9.7 Billion by 2032 | CAGR 12.7%
Drivers, Restraints, and Opportunities
The telecom expense management market is expected to witness notable growth owing to increase in adoption of mobile phones and other portable devices, increased investment on 5G infrastructure, and surge in demand for managing the increasing telecom expense. Moreover, growing need for expense visibility and cost reduction is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, security issues and a lack of interoperability limit the growth of the telecom expense management market.
Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/1136
COVID-19 scenario
The COVID-19 pandemic has significantly impacted telecom expense management (TEM) by reshaping the way organizations approach and manage their telecom expenses. The widespread shift to remote work during the pandemic has altered communication patterns, device usage, and data consumption for businesses.
With employees relying more on mobile devices and remote connectivity, there has been an increased demand for flexible and scalable TEM solutions to adapt to these changes.
The pandemic has highlighted the importance of TEM in providing organizations with real-time visibility into their telecom expenses, enabling them to optimize costs and ensure efficient resource allocation during uncertain economic times.
The economic challenges posed by the pandemic have driven businesses to scrutinize their budgets more closely, making TEM solutions crucial for identifying cost-saving opportunities and enforcing policies to control expenses.
The invoice management segment to rule the market
By type, the invoice management segment held the major share in 2022, garnering more than one-third of the global telecom expense management market revenue, owing to the adoption of advanced technologies, including artificial intelligence (AI) and machine learning, to enhance the efficiency and accuracy of invoice processing. However, the usage management segment would also showcase the fastest CAGR of 16.1% during the forecast period, owing to optimize costs, enhance efficiency, and align telecom services with business needs.
The on-premise segment to dominate by 2032
By deployment mode, the on-premise segment accounted for more than two-thirds of the global telecom expense management market share in 2022, and is expected to rule the boost by 2032, owing to the integration of on-premise solutions with hybrid models, allowing organizations to benefit from both the control and customization of on-premise deployments and the flexibility and scalability offered by the cloud. However, the cloud segment would also display the fastest CAGR of 15.0% throughout the forecast period, owing to the increasing emphasis on real-time analytics and reporting, allowing organizations to make informed decisions on-the-fly and respond swiftly to changing telecom usage patterns.
Buy this Complete Report (434 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/telecom-expense-management-market/purchase-options
The large enterprise segment to dominate by 2032
By enterprise size, the large enterprise segment accounted for nearly two-thirds of the global telecom expense management market share in 2022, and is expected to rule the boost by 2032, owing to the increasing adoption of advanced analytics and machine learning within TEM solutions for large enterprises. However, the small and medium-sized enterprise segment would also display the fastest CAGR of 14.5% throughout the forecast period, owing to the integration of automation and artificial intelligence into TEM processes, enabling SMEs to streamline telecom expense tracking, optimize usage, and identify potential cost savings.
The IT and telecom segment to dominate by 2032
By end user, the IT & telecom segment accounted for more than one-fourth of the global telecom expense management market share in 2022, and is expected to rule the boost by 2032, owing to the growing emphasis on leveraging advanced technologies such as artificial intelligence and machine learning within TEM to automate processes, analyze large datasets, and derive actionable insights for cost optimization. However, the BFSI segment would also display the fastest CAGR of 17.7% throughout the forecast period, owing to the increasing adoption of advanced analytics and automation within TEM solutions tailored for the BFSI sector. These technologies enable real-time visibility into telecom expenses, allowing institutions to analyze vast datasets efficiently, identify patterns, and optimize costs.
Asia-Pacific garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding more than one-third of the global telecom expense management market revenue in 2022, and is projected to retain its dominance by 2032, owing to increasing complexity of telecom services, particularly with the rollout of 5G networks, has fueled the demand for TEM solutions that can effectively manage the intricacies of these advanced technologies. The Asia-Pacific region would also portray the fastest CAGR of 16.3% during the forecast period, owing to the increasing adoption of 5G technology across various countries, leading to a surge in demand for TEM solutions that can effectively manage the complexities associated with the rollout of advanced telecommunications services.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1136
Leading Market Players
Accenture
Avotus
Calero
CGI Inc.
Widepoint Corporation
Tangoe
Vodafone Group Plc
Sakon
TeleManagement Technologies, Inc.
Upland Software, Inc.
The report analyzes these key players in the global telecom expense management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
About Us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
LinkedIn
Facebook
YouTube
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
