Telecom Expense Management to reach US$4.92 bn by 2024 – TMR
The global telecom expense management (TEM) market is envisaged in a report by Transparency Market Research (TMR) to hold a significantly fragmented nature for its vendor landscape. Use of multiple delivery channels for operation could be commonly observed in regional and domestic markets. Taking into account their flexibility and cost benefits, cloud-based services may welcome the shift in the market from licensed software products. Vendors could receive business from enterprises that show preference for external resources in order to boost their core business processes. This is expected to strengthen demand for TEM process outsourcing. The market marks the presence of top companies such as Ezwim B.V., Anatole SAS, and Asentinel LLC.
TMR projects the global TEM market to be valued at a US$4.92 bn by the completion of 2024, growing at a 13.5% CAGR during the forecast period 2016-2024. By mode of delivery, cloud services could secure a king’s share of 39.8% by the final forecast year. Regionally, North America is envisioned to take the driver’s seat of the market while expanding at a CAGR of 8.9%.
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- Adoption of Advanced Communication Channels Augments Demand
Difficulty in manual monitoring of telecom networks in large as well as small and medium-sized enterprises (SMEs) and their intensely complex nature are predicted to increase the need for TEM. Massively developing corporate telecom infrastructure and increasing integration of mobile devices with enterprise networks could be primary reasons for complexity of telecom networks. There could be a high requirement of efficient TEM solutions due to improved adoption of advanced communication channels by enterprises for connecting with clients and employees.