Dublin, July 02, 2021 (GLOBE NEWSWIRE) -- 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.
Managed Services Segment to Reach $1.4 Billion by 2026
Increasingly, enterprises are selecting solutions offered by managed services providers who provide cloud-based telecom expense management, which is mainly dictated by digital transformation strategies. While most organizations are managing both telecom and IT in-house, the growing level of complexity calls for tools that could manage costs.
In the global Managed Services segment, USA, Canada, Japan, China and Europe will drive the 9.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$638.3 Million in the year 2020 will reach a projected size of US$1.2 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$170.2 Million by the year 2026, while Latin America will expand at a 11% CAGR through the analysis period.
Key Topics Covered:
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
Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 115 Featured)
Dimension Data Holdings PLC
Vodafone Global Enterprise
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
Total Companies Profiled: 115
For more information about this report visit https://www.researchandmarkets.com/r/nl1onf
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