ALBANY, New York, September 7, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled "Telecom Expense Management Market (By Application - Financial Management, Order Management, Business Intelligence, Inventory Management, Contract Management, Dispute Management and Others; By Mode of Delivery - Managed Services, Complete Outsourcing and Cloud Services; By End-use Adoption - Banking, Financial Services, and Insurance (BFSI), Retail, IT and Telecommunication, Healthcare, Transportation and Logistics, Manufacturing, Government and Defense and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024," the global telecom expense management (TEM) market is expected to reach a value of US$ 4.92 Bn by 2024. The market is estimated to expand at a CAGR of 13.5% during the forecast period from 2016 to 2024.
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Increasing expenditure on telecom infrastructure is one of the major factors driving the TEM market. Furthermore, the rising adoption of enterprise mobility policies is increasing the demand for TEM to manage portable devices in enterprises and establish secure connection with enterprise networks. Also, enterprises must handle partnerships with carriers across all the regions; TEM provides contract management solutions for enterprises to handle these partnerships effectively. Moreover, the rules and regulations related to the maintenance of electronic records have forced enterprises to implement TEM solutions.
Rising adoption of portable devices in enterprises have increased security requirements. TEM can separately manage these portable devices in enterprise networks. In 2015, North America held the major market share in terms of revenue generated for telecom expense management globally, followed by Europe. However, Latin America and Middle East and Africa are forecast to grow at a faster rate than these mature markets.
Among the telecom expense management applications, inventory management held the largest market share of approximately 25% in 2015, due to the increasing need to manage portable devices. Wired and wireless device inventory must be maintained and managed in order to reduce costs and increase employee efficiency. Furthermore, inventory management helps in differentiating between company-owned and employee-owned devices used in enterprises. In terms of the mode of delivery, cloud services accounted for a major share of revenue in 2015 and complete outsourcing is expected to grow at the fastest rate due to reduced cost and improved efficiency.
BFSI sector was the largest segment in the TEM market in 2015 and it would continue to grow by holding its top position throughout the forecast period. Automation of paper-based processes in the BFSI sector has increased the popularity of TEM. TEM also helps in maintaining the security of confidential data involved in the BFSI sector.
Some of the key players operating in the TEM market include Anatole SAS, Asentinel LLC, Calero Software LLC, Comview LLC, Cimpl, Ezwim B.V, MDSL, Valicom Corporation, Tangoe, Inc., Veropath Limited (IntelligentComms), WidePoint Solutions Corporation, Inc., and Avotus Corporation.
The telecom expense management market is segmented as below.
Telecom Expense Management Market
By Mode of Delivery
By End-use Adoption
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