Albany, NY -- (SBWIRE) -- 03/22/2018 -- The vendor landscape of the global telecom expense management (TEM) market boasts a highly fragmented nature and has a large share in business held by individual TEM vendors, which operate through multiple delivery channels, across key domestic and regional markets, observes a recent report by Transparency Market Research. The market is witnessing a notable shift from licensed software products to cloud-based services owing to cost and flexibility benefits of the latter. TEM process outsourcing has started gaining increased demand from organizations that prefer to utilize internal resources to strengthen their core business processes.
Focus on expansion across regional markets such as Asia Pacific and Middle East and Africa has significantly increased owing to the thriving enterprise sector and globalization of native companies. For companies to reinstate their command on the highly promising marketplace, focus on development of products capable of complying with the diverse requirements of the highly complex and rapidly expanding organizational telecom expenses will prove to be beneficial, suggests the report.
Transparency Market Research estimates that the global telecom expense management market will exhibit a momentous 13.5% CAGR over the period between 2016 and 2024, rising from an opportunity of US$1.60 bn in 2015 to US$4.92 bn in 2024.
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Complete Outsourcing Witnessing Increased Preference over Cloud Services
In terms of mode of delivery, the segment of cloud services held the dominant share of nearly 45% of the overall market in 2015. Although the segment will continue to account for a massive share in the global market throughout the forecast period, rising preference to complete outsourcing will lead to a massive negative impact on the rate of adoption of cloud-based services.
From a geographical perspective, the market in North America presently leads in terms of contribution of revenue to the global TEM market and is expected to continue to hold a massive share in the global market revenue over the forecast period as well. Nevertheless, the high level of maturity of the regional market is projected to be translated in stagnant growth opportunities. Regional markets such as Asia Pacific and Middle East and Africa are expected to emerge as the regions with the most promising growth opportunities over the forecast period.
Rising Complexity of Internal Telecom Networks Compels Enterprises to Adopt Effective TEM Solutions
Over the past few years, factors such as the rising level of integration of mobile devices in enterprise networks and vast developments in corporate telecom infrastructure have rendered telecom networks of large-, medium-, and small-scale enterprises intensely complex and difficult for manual monitoring. As enterprises continue to adopt advanced communications channels to connect with employees, customers, and clients, the need for effective telecom expense management solutions will continue to be high.
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Stringent government regulations, compelling enterprises to incorporate reliable record-keeping and monitoring solutions as a way to preserve clarity in operations, such as the Sarbanes-Oxley Act of 2002 in the U.S., also continue to reinstate the important of effective TEM solutions. Furthermore, as companies expand their geographical presence, they are also required to hire different telecommunication carriers according to regional trends and carrier influence across geographies. This leads to a vast rise in invoices from the different carriers, which could also differ in billing formats. Enterprises are increasingly understanding that managing the task of paying telecom companies in accordance to only the services availed is better managed with an effective TEM solution than manual procedures, driving the TEM market.
This study of the global telecom expense management market is based on a recent market research report by Transparency Market Research, titled "Telecom Expense Management Market (Application - Financial Management, Order Management, Business Intelligence, Inventory Management, Contract Management, and Dispute Management; Mode of Delivery - Managed Services, Complete Outsourcing, Cloud Services; End-use Adoption - Banking, Financial Services, and Insurance (BFSI), Retail, IT and Telecommunication, Healthcare, Transportation and Logistics, Manufacturing, and Government and Defense) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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