Telecom Expense Management Market Forecasts upto 2024
Albany, NY -- (SBWIRE) -- 10/03/2017 -- Once limited only to a few large companies with vast internal telecom networks and a huge fleet of mobile devices, telecom expense management (TEM) has presently become a necessary practice for enterprises of all sizes, operating across any industry/business domain. Driving the need for effective telecom expense management practices are some revolutionizing trends and the sheer development observed in corporate telecom infrastructures in the past few years.
The trend of allowing integration of personal mobile devices such as smartphones, laptops, and tablets under mobility policies such as bring-your-own-devices and choose-your-own-device (CYOD), for one, has revolutionized the global TEM market in the past few years. The increased integration of mobile devices in internal telecom networks has highlighting the need for presence of a holistic system for monitoring and managing usage and costs of telecom resources being exhausted.
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Speaking of developments, corporate telecom infrastructures now boast a vast number of communication channels connecting companies to their clients, customers, and employees. The volume of information being exchanged across these channels has also exponentially increased over the years.
TMR findings suggest that these factors will enable the global TEM market expand at a 13.5% CAGR from 2016 to 2024, allowing the market to rise to a valuation of US$4.92 bn by 2024.
North America is presently the leading regional market for telecom expense management and is expected to record the highest revenue generation for the global market over the period between 2016 and 2024. In this relatively mature market, factors such as the extensive usage of mobile devices within enterprises, technologically advanced and thus extremely complex telecom infrastructures, and presence of a large number of TEM providers will favor the future growth of North America TEM market.
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The TEM market in Asia Pacific is expected to witness an exponential 18.3% CAGR while the MEA market is expected to exhibit an 18.7% CAGR from 2016 to 2024. North America, the current leader in the market, will exhibit a relatively modest 8.9% CAGR over the same period. It is evident that TEM companies will have to align their focus towards MEA and Asia Pacific so as to exploit the enormous growth opportunities these regions promise for the TEM market.
Having offered excellent efficiency, cost benefits, flexibility, and several other benefits to many operational activities so far, cloud-based TEM products and services are also a huge hit among small-, mid-, and large-scale enterprises. Cloud has grabbed the largest share in terms of mode of deployment, accounting for 45.98% of the market in 2015. However, it is expected to witness a slight decline, accounting for 39.86% in the global market by 2024.
The market is highly fragmented and features several companies operating amid intense competition. Some of the most prominent vendors in the vendors in the market are Asentinel LLC, Anatole SAS, Ezwim B.V, Calero Software LLC, Valicom Corporation, Tangoe, Inc., WidePoint Solutions Corporation, Inc., and Avotus Corporation.