Telecom Expense Management Market to Witness Growth due to Advancements in the Digitalization
Albany, New York, June 25, 2019 (GLOBE NEWSWIRE) — According to Transparency Market Research (TMR), the global telecom expense management market is substantially fragmented. Some of the key players in the global telecom expense management market are Ezwim B.V., Asentinel LLC, and Anatole SAS. The presence of strong players and an increasing number of companies in the market are expected to increase competition among them. These players are trying to strengthen their distribution channels in order to gain a profitable edge in the market. Additionally, a swift change in the preferences of the customer from licensed software to cloud-based services due to its flexibility and cost benefits is propelling growth of the global telecom expense management market.
North America to Retain Its Position in Coming Years
According to TMR’s report, the global telecom expense management market is likely to expand at a CAGR of 13.5% during the forecast period from 2016 to 2024. At this CAGR, the market is likely to grab a value of US$4.92 bn by 2024. This is primarily due to the trend of integrating the personal mobile devices including the laptops, smartphones, and tablet under the trend of BYOD (bring your own device) and CYOD (choose your own device). Additionally, increased penetration of connected devices and is highlighting the need for a monitoring system and managing usage of telecom resources. This has provided a boost to the adoption of the telecom expense management and in turn drives the growth of the market.
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Furthermore, growing development and technological advancements has occurred through several corporates. These corporates are adopting appropriate infrastructures for connecting companies with customers, clients, and other employees. Through technology, a volume of information is exchanged; and thus, it has also exponentially increased from last years.
Regionally, the global telecom expense management market is dominated by North America and is estimated to be dominant in the coming years. This is attributable to factors such as extensive penetration of the mobiles and devices across enterprises. Technological advancements with extremely complex telecom infrastructures are likely to drive the growth of the global telecom expense management market in the region. Thanks to these factors, the market in the region is likely to expand at a CAGR of 8.9% during the predicted years.
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Developing Countries to be the Attraction Center for Key Players
However, the global telecom expense management market is estimated to witness the robust growth across the emerging regional markets such as the Middle East and Africa (MEA) and the Asia Pacific in the coming years. Especially in the Asia Pacific, the presence of a large IT sector and services along with product companies is leading to augment the popularity of BYOD and CYOD policies. Additionally, there are several initiatives being taken to improve telecom and IT infrastructures. This will create a need for advanced telecom expense management products and services. And thus, the market is likely to witness growth rate of 18.3% in coming years.
Further, in the Middle East and Africa, the rising digitization and automation across the oil and gas industry and heavy investments are driving IT and telecom sectors from the past few years. This trend is likely to drive market growth in the coming years and which may result in the rate of 18.7% CAGR during predicted years from 2016 to 2024. Thanks to these factors, the key players are extremely focusing on the developing regions such as the Middle East and Africa and the Asia Pacific in the telecom expense management market.
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This information is encompassed in the report by TMR, titled, “Telecom Expense Management Market (Application – Financial Management, Order Management, Business Intelligence, Inventory Management, Contract Management, Dispute Management, and Incident Management, Design and Optimization Management, and Security Management; Mode of Delivery – Managed Services, Complete Outsourcing, and Cloud Services; End-use Adoption – BFSI, Retail, IT and Telecommunication, Healthcare, Transportation and Logistics, Manufacturing, Government and Defense, and Utilities and Media and Entertainment) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
For the study, the telecom expense management market has been segmented as follows:
- Financial Management
- Order Management
- Business Intelligence
- Inventory Management
- Contract Management
- Dispute Management
- Incident Management, Design and Optimization Management, and Security Management
Mode of Delivery
- Managed Services
- Complete Outsourcing
- Cloud Services
- IT and Telecommunication
- Transportation and Logistics
- Government and Defense
- Utilities and Media and Entertainment
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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