DUBLIN--(BUSINESS WIRE)--The "Telecom Expense Management - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Telecom Expense Management Market to Reach $5.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Telecom Expense Management estimated at US$2.8 Billion in the year 2020, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 10.4% over the analysis period.
Cloud Services, one of the segments analyzed in the report, is projected to grow at a 8.8% CAGR to reach US$2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Complete Outsourcing segment is readjusted to a revised 12.5% CAGR for the next 7-year period.
This segment currently accounts for a 33.6% share of the global Telecom Expense Management market. With the changing workplace norms on enterprise mobility and emergence of geographically dispersed workforce operating from different locations with their own devices as part of the Bring Your Own Device (BYOD) policy, cloud based TEM services are on the upswing.
A growing number of enterprises are outsourcing their TEM operations in order to focus their efforts on core business processes and thus ensure effective use of internal resources for important processes.
The rising need to streamline telecom costs amid growing popularity of replacing conventional telecommunication systems with converged IT systems such as tablets and smartphones that offer mobility as well as communications is primed to surge the global adoption of TEM solutions. With expanding internal telecom networks and their increasing complexity, enterprises are opting for efficient TEM solutions.
The rapid rise in importance of mobile devices and cellular communications services in internal telecom networks of enterprises is necessitating companies to adopt a monitoring and management system for usage and cost of various telecom assets and resources. The growing integration of personalized mobile devices such as smartphones, laptops and tablets as part of the growing enterprise mobility trend and bring your device (BYOD) or choose your own device (CYOD) strategies have been vital factors fueling growth in the global telecom expense management market.
The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $402.9 Million by 2026
The Telecom Expense Management market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 44.2% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$402.9 Million in the year 2026 trailing a CAGR of 12.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 9.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10% CAGR while Rest of European market (as defined in the study) will reach US$451.1 Million by the end of the analysis period. Increasing government spends and growing trend of location independent work is set to fuel the demand for TEM solutions in developed regions.
Furthermore, the presence of several major players actively embracing remote working, increases the need for visibility, integration, secure access and monitoring of telecommunication and IT services consumption. The rapid improvements in IT and telecom infrastructure in enterprises and the strengthening BYOD and CYOD policies are fueling demand for TEM solutions in Asia-Pacific.
Select Competitors (Total 115 Featured)
- Accenture PLC
- Dimension Data Holdings PLC
- Econocom
- Mdsl
- Tangoe
- Valicom
- Vodafone Global Enterprise
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- 2020 Marked as a Year of Disruption & Transformation
- How the IT Industry Has Been Impacted by the Pandemic & What's the New Normal?
- Pandemic Brings to Light the Significance of Telecom Expense Management (TEM) for IT and Telecom Departments
- As Enterprises Embrace Remote Work Model, Companies Adopt TEM Solutions to Contain Costs
- An Introduction to Telecom Expense Management
- Growing Importance of Telecom Expense Management (TEM) in Highly Connected World
- Global Market Prospects & Outlook
- Developed Regions Lead, Developing Economies to Lead Future Growth
- Competition
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Myriad Benefits of Telecom Expense Management Tools to Propel Market Growth
- Need to Gain Better Visibility over Communication Technology Spending to Boost Market
- Highly Complex Nature of Telecom Expenses Amplifies Significance of TEM Tools in Cutting Costs
- TEM Helps Achieve Optimal Value from Telecom Assets
- Telecom Expense Management Evolves into Technology Expense Management
- Pandemic-Induced Economic Downturn Provides Thrust to TEM Market
- Globalization of Businesses & Workforce Decentralization Provide a Solid Foundation for Wider Adoption of TEM Solutions
- Rising Deployment of Telecom-based Services across Enterprise Units Enhances Significance of TEM Solutions
- Rising Adoption of Mobile Communication Devices in Enterprises Drives Adoption of TEM
- Rapid Proliferation of Smartphones Lends Traction to TEM Market
- Evolving Mobile Technologies Support BYOD Implementation in Enterprises, Driving Importance of TEM Solutions
- Key Factors Encouraging BYOD/COPE/COBO Trend among Enterprises Ranked by Importance Attached by Enterprises
- Next Generation 5G Network Technology to Transform Enterprise Mobility, Fueling Need for TEM Solutions
- Managed Mobility Services Hold Potential in Enhancing Technology Expense Management
- TEM Software Facilitates Easy Review of Expense Data
- Preference for Single Platform on the Rise, Local Resources Critical to TEM Vendors
- Notable Trends Influencing Growth in the Telecom Expense Management Market
- Technology Trends Impacting TEM Market
- Innovations Pave the Way for Growth in TEM Market
- TEM Offers Costs Savings for the Healthcare Sector
- Small and Medium Businesses (SMBs) to Boost Long-term Growth
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 115
For more information about this report visit https://www.researchandmarkets.com/r/3fr3bd
