Telecom Expense Management Market By Solution (Dispute Management, Inventory Management, Invoice and Contract Management, Procurement Management), By Service (Licensed Software, Hosted), End User (BFSI, Automotive) – Global Forecast till 2023.
Pune, India -- (SBWIRE) -- 02/14/2018 -- Market Overview:
Telecom expense management refers to a service adopted by enterprises for optimizing telecom cost, handling inventory management, bill payment, procurement and invoice management, and other functions carried on a single platform.
Increasing demand for mobile applications, growing popularity of portable equipment's in enterprises and upcoming advancements in telecom expense management are driving the growth of the global telecom expense management market. Furthermore, increasing adoption of mobile devices, visibility into expense management, and growing popularity of cloud-based services are aiding the market growth.
The global telecom expense management market is projected to witness a rapid growth during the forecast period. High growth opportunities in emerging economies and rising adoption of portable device are the major factor driving the growth of the market. Moreover, increasing demand for telecom expense management across various industry verticals such as IT & telecommunication, retail, manufacturing, transport & logistics is fueling the growth of the global market.
In the global telecom expense management market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of portable device, emerging economies and technological advancement in telecom expense management in the region.
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Some of the prominent players in the global telecom expense management market: Accenture PLC (Ireland), Avotus Corporation (Canada), Control Point Solutions (U.S.), Invoice Insights (U.S.), MBG (U.S.), Profitline (U.S.), Tangoe (U.S.), IBM (U.S.), Ezwim B.V, MDSL (The Netherlands), Econocom (Belgium) among others.
The global Telecom Expense Management Market is projected to reach USD 4.50 billion at a CAGR of over 16% by the end of the forecast period 2017-2023.
The global Telecom Expense Management Market is studied for Asia Pacific, North America, Europe, and Rest of the World. North American region is leading the global market. The market is witnessing a rapid growth due to technological advancements and increasing demand for mobile application development platforms across different industry verticals in this region. The U.S. is the leading country in this regional market and holds a major share of the market both in terms of revenue as well as the adoption of mobile applications. Asia Pacific and the Middle East region is expected to show the highest growth opportunities in the market over the forecast period owing to increasing population, growing mobile users, rising popularity of bring your own device technology (BYOD) and flourishing IT & telecommunication.
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The global telecom expense management market is segmented on the basis of solution, service, organization size and end user. The end user segment is classified into IT & telecommunication, automotive, consumer goods and retail, BFSI, transport and logistics and others. However, IT & telecommunication segment is expected to hold the largest share of the telecom expense management market. This is owing to the increased IT infrastructure, expansion of markets across globe, increased expenditure on mobile devices and advanced communications channels to connect with employees, customers, and clients has led to demand of telecom expense management solution in the industry.
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Telecom Operators
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