Telecom Expense Management Market

Telecom Expense Management Market Industry Overview:

Telecom expense management (TEM) market is a service which is increasingly being implemented by different types of enterprises for enhancing their telecom cost, bill payment, handling inventory management, procurement & invoice management, and related functions on a single platform. It is widely used by the companies to reduce the cost of managing telecom infrastructure. It enables the organizations to streamline their operation; thus, propelling the demand for global telecom expense management market. Companies currently are experiencing a large volume of contracts and bills which has resulted in a surging adoption of telecom expense management to better manage expenses, thus proliferating the global telecom expense management market growth. It offers enhances efficiency, flexibility, reduces time, and lowers operational cost, which significantly impacts the industry growth. The global telecom expense management market was valued at USD 2.68 billion in 2022 and is likely to reach USD 5.63 billion by 2030, at a CAGR of 11.2%.

Telecom Expense Management Market Segmentation:

By solution, the global telecom expense management market is classified into invoice management, sourcing management, business management, dispute management, and others. The invoice management segment held a significant market share in 2022 and is projected to register a robust CAGR by the end of 2030. The invoice management solution provides the monthly management of telecom invoices for both mobile and fixed expenses. It methodically consolidates complex telecom billing data from different sources into a single repository for inventory, automated invoice processing, auditing, asset management, and enterprise reporting. Also, it presents real-time information, in a common format, which is organized by geographic location, business unit, service, and vendors. The sourcing management segment is projected to register a healthy CAGR in the coming years. Sourcing, procurement and vendor management offers high performance, process efficiency, and cost optimization across all communications-related IT, thus bolsters the segment growth.

Based on end use, the global telecom expense management market has been classified into BFSI, consumer goods & retail, manufacturing, IT & telecom, healthcare, and others. The BFSI segment accounted for a substantial market share in 2022. Rising competition among the service providers to enhance TEM service available for the BFSI sector thus helping them to gain a competitive edge across different end-users is likely to boost the segment growth. Moreover, with growing usage of these solutions, the financial institutions and the insurance sector are known to avail high savings and ensure that their telecom bills under control. Also, banking clients can track their telecom costs for individual branches as well as benchmark them against one another. The insurance clients like the solution's ability to track the total costs assigned to employees working remotely for clear visibility into remote costs. The IT & telecom segment is projected to register a substantial CAGR in the following years. The high integration of mobile devices in the inner telecom networks is highlighting the need towards the existence of a holistic system for managing & monitoring costs, thereby bolstering the segment growth.

Telecom Expense Management Market Dynamics and Factors:

With significant adoption of global telecom expense management market, the organizations can easily manage telecom services and assets, thus augmenting the global telecom expense management market growth during the assessment period. Growing use of tablets and smartphones around the world is another major driving factor fueling the global telecom expense management market. The surging need for a cost-effective solution and affordable deployment cost is likely to positively influence the product demand. Increasing adoption of telecom-related services by companies to enhance communication across their different partners, business units, and clients located at different parts of the world. Also, rapid rising globalization of businesses in the past few years coupled with the implementation of the latest communication techniques has become vital for businesses to keep in sync with changing market environment. Moreover, gaining visibility over expenses, growing adoption of mobile phones, and increasing need for visibility over expenses boosts the global telecom expense management market industry growth. Furthermore, surging demand for cost-efficient TEM solutions and low deployment cost offers immense growth opportunities to the market players for the global telecom expense management market during the review period.

Telecom Expense Management Market Geographical Analysis:

The Asia Pacific market accounted for an astounding market share in 2022 and is likely to garner the highest CAGR during the review period. This is mainly attributed to booming IT & telecommunication, the rising number of mobile users, and growing traction of bring your own device (BYOD) policies. The presence of a large number of IT services & product companies and improving IT and telecom infrastructures further propels the regional market growth. In addition to this, Asia Pacific is witnessing a strong significant shift in the telecom front, where most of the companies have migrated their business-critical infrastructure to the cloud, due to the strong penetration of hybrid IT API architecture further offering immense growth potential in the coming years. The North American market is projected to grow at a healthy CAGR by the end of 2030 due to supportive corporate policies as well as strong presence of service providers.

Telecom Expense Management Market Report Scope

Key Market Segmentation

Telecom Expense Management Market - By Solution

 o   Invoice Management

 o   Sourcing Management

 o   Business Management

 o   Dispute Management

 o   Others

Telecom Expense Management Market - By End Use

 o   BFSI

 o   Consumer Goods & Retail

 o   Manufacturing

 o   IT & Telecom

 o   Healthcare

 o   Others

Telecom Expense Management Market - By Region

North America

 o   US

 o   Canada

 o   Mexico

Europe

 o   Germany

 o    UK

 o    France

 o    Italy

 o   Spain

 o   Russia

 o   Benelux

 o   Nordics

 o   Rest of Europe

 Asia-Pacific

 o    China

 o    India

 o    Japan

 o    South Korea

 o    Rest of Asia-Pacific

 Middle East and Africa

 South America