Telecom Expense Management Market: Global Industry Analysis and Forecast (2023-2029).

Telecom Expense Management Market size was valued at US$ 3.41 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 10.5% through 2023 to 2029, reaching nearly US$6.86 Bn.
Telecom Expense Management Market Overview:
IT teams can use Telecom Expense Management (TEM) services to order, support, and manage the costs of large-scale business communications, as well as supporting IT services and inventory. TEM services may include business intelligence (BI) and reporting to assist C-level executives in making better strategic decisions. Some of the telecom expense management systems include sourcing management, reporting and business management, dispute management, use management, invoicing management, and ordering and provisioning management.

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Telecom Expense Management Market Dynamics:
Telecom Expense Management has become a must-have technique for all businesses, regardless of size or sector. One of the market's altering trends is the rising demand for efficient telecom expenditure management methods, which has coincided with the rise of business telecom infrastructures in recent years.

The telecom expenditure management market is growing due to rising demand for mobile apps, increased acceptance of portable equipment in numerous companies, and technological developments in telecom cost management systems. Moreover, rising mobile device penetration, insight into spending management, and the rising popularity of cloud-based services are all contributing to market growth.

Over the last few years, the market has been transformed by the ongoing trend of integrating individual mobile devices such as smart phones, laptops, and tablets under mobility policies such as choose-your-own-device (CYOD) and bring-your-own-devices for one. In addition, the increased integration of mobile devices into internal telecom networks has highlighted the need for a comprehensive system to manage and monitor costs and consumption of telecommunications resources.

Besides that, Tangoe, a complete solution for order, invoice, inventory, and expense management across the telecom, mobile, and cloud environments, reported growth in June 2021, as companies work to control costs and rein in unnecessary spending during the economic downturn brought on by the COVID-19 pandemic. In the first half of 2022, the company increased its customer base by 16% while raising its retention rate to over 90%. Despite the global epidemic, the company's success is mostly representative of a broader trend, as businesses increasingly use the cost management system as a crucial tool to combat the economic headwinds caused by COVID-19.
Telecom Expense Management Market Segment Analysis:
Based on the Solution, the market is segmented into Sourcing Management, Reporting and Business Management, Dispute Management, Usage Management, Invoice Management, Ordering and Provisioning Management, and Others. Invoice Management segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The benefits of invoice management include the elimination of payment delays and associated issues such as vendor relationship jeopardy, work pause, etc., consistent speedy invoice processing, and the prevention of errors and data loss.

Based on the End-User Industry, the market is segmented into Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail, Healthcare, Manufacturing, IT and Telecom, Media and Entertainment, Transportation and Logistics, and Others. Banking, Financial Services, and Insurance (BFSI) segment is expected hold the largest market share of xx% by 2029. There has been increasing competition among service providers to develop telecom expenditure management services for the BFSI industry, allowing them to gain a competitive advantage over other end-users. Financial institutions and the insurance industry may save the most money and keep their communication expenses under control by implementing these solutions. Cass Information Systems Inc., for example, assists financial, banking, and insurance companies in fully managing their telecommunications, including mobility services and BYOD management. Banking clients will be able to track their telecom bills for particular branches and compare them to other locations. Meanwhile, insurance clients appreciate the solution's ability to track overall expenditures assigned to remote personnel, giving them a clear picture of their remote costs.
Regional Insights:
North America is expected hold the largest market share of 42% by 2029. North America is one of Telecom Expense Management Market's most important markets. The presence of established significant players in the Telecom Expense Management industry in the North America region is boosting commercial prospects for providers. In addition, the need for telecom expenditure management systems is booming due to the growing number of remote workers. Governments' increasing use of TEM solutions to manage their telecom expenses are expected to drives the Telecom Expense Management market growth in North America during the forecast period 2023-2029.

The objective of the report is to present a comprehensive analysis of the Global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Market dynamic, structure by analyzing the market segments and project the Global Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Market make the report investor’s guide.
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Telecom Expense Management Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.41 Bn.


Forecast Period 2023 to 2029 CAGR:
10.5%
Market Size in 2029:
US $ 6.86 Bn.


 Segments Covered:
by Solution
Sourcing Management
Reporting and Business Management
Dispute Management
Usage Management
Invoice Management
Ordering and Provisioning Management
Others


by Service
Hosted
Licensed Software
Managed Services and Complete Outsourcing


by End-User Industry
Banking, Financial Services, and Insurance (BFSI)
Consumer Goods and Retail
Healthcare
Manufacturing
IT and Telecom
Media and Entertainment
Transportation and Logistics
Other



Telecom Expense Management Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Vodafone Global Enterprise
2. Dimension Data
3. IBM
4. MDSL
5. Tangoe
6. Accenture
7. CGI
8. CSC
9. Econocom
10. Valicom
11. Anatole
12. Calero Software LLC
13. Asentinel
14. Quickcomm Software Solutions
15. Rivermine
16. ProfitLine
17. MBG
18. Invoice Insight
19. Avotus
20. WidePoint Solutions Corporation Inc.

Frequently Asked Questions:

1] What segments are covered in Telecom Expense Management Market report?
Ans. The segments covered in Telecom Expense Management Market report are based on Solution, Service, and End-User Industry.

2] Which region is expected to hold the highest share in the Telecom Expense Management Market?
Ans. North America is expected to hold the highest share in the Telecom Expense Management Market.

3] Who are the top key players in the Telecom Expense Management Market?
Ans. Vodafone Enterprise, Dimension Data, IBM, MDSL, and Tangoe are the top key players in the Telecom Expense Management Market.

4] Which segment holds the largest market share in the Telecom Expense Management market by 2029?
Ans. Banking, Financial Services, and Insurance (BFSI) segment holds the largest market share in the Telecom Expense Management market by 2029.

5] What is the market size of the Telecom Expense Management market by 2029?
Ans. The market size of the Telecom Expense Management market is US $6.86 Bn. by 2029.

6] What was the market size of the Telecom Expense Management market in 2022?
Ans. The market size of the Telecom Expense Management market was worth US $3.41 Bn. in 2022.