Telecom Expense Management Market
The global telecom expense management market size is anticipated to reach USD 7,762.5 million by 2030. The market is expected to expand at a CAGR of 11.9% from 2022 to 2030. The increase in mobile usage and 5G adoption, along with the growing need for expense visibility, are acting as major drivers for the market. According to Ericsson Mobility Report, 5G subscriptions are expected to reach 4.4 billion globally by the end of 2027, accounting for 48% of all mobile subscriptions.
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The market for telecom expense management benefited from the COVID-19 pandemic, as a majority of organizations now allow employees to work from home. This has made it challenging for organizations to fulfill their telecom management responsibilities effectively while ensuring employees can function efficiently and securely on their own devices. Managers are increasingly adopting telecom expense management solutions and services to manage their end users, networks, and communication devices. Hence, enterprises are making telecom expense management a top priority for their businesses.
Covid-19 Analysis:
The coronavirus pandemic has given a very tough time to most of the manufacturing, developing, production, and logistic units of the market. The telecom expense management market industry also observed a tolerable decrease in its growth rate. But the factors like the rising number of users of mobile phones, adoption of the latest technological advancement are still helping the telecom expense management market in retaining its growth. The major key players of this market came up with more advanced services and solutions that will help the enterprises to take control of unnecessary expenses especially during this downfall of the economy that has been brought by the covid-19 pandemic and restrictions imposed due to it. Telecom expense management software is considered to be a censorious tool that will help the companies to tackle the breeze created by the covid-19 pandemic. Also, it is foreseen that once the organizations are back at work in the offline mode, the telecom expense management market will grow rapidly and bounce back with a boom.
Telecom Expense Management Market Trends
BFSI Segment is Expected to Gain Significant Traction
There has been a growing competition among the service providers to improve telecom expense management services available for the BFSI sector, thereby helping them to gain a competitive edge over other end-users. With these solutions, financial institutions and the insurance sector can avail of maximum savings and keep their telecom bills under control. For instance, Cass Information Systems Inc. is helping finance, banking, and insurance enterprises to fully manage their telecoms, including mobility services and BYOD management.
Banking clients get the ability to track their telecom costs for individual branches and can also benchmark them against one another. Meanwhile, the insurance clients appreciate the solution's ability to track the total costs assigned to remote employees for clear visibility into remote costs.
Also, the increasing demand for better mobile applications for banking services and the increased penetration of IoT devices coupled with a shift towards 5G networks, efforts made towards making improved APIs for seamless user experience, and the growing need of telecom operators to monetize their advanced services are also some of the major factors that are anticipated to drive the market growth.
Moreover, the growing adoption of advanced technologies, along with the increasing applications of mobile internet in day-to-day operations, has fueled the cutting-edge competition among various technological advancements across BFSI in the booming era of LTE and IoT, which may further propel the demand in the market.
Telecom Expense Management Market Report Highlights
By solution, the invoice management segment accounted for the major revenue share of 36.2% in 2021 and is expected to maintain its dominance over the forecast period. With the use of invoice management tools, organizations can process invoices quickly while reducing reduce human error and cost on accounts payable. The usage management segment is expected to witness a significant growth rate of 11.7% during the forecast period
In terms of service, the hosted services segment dominated the market with a share of 67.5%. Hosted services provide enhanced security and reliability through security, 24/7 monitoring, fire protection, and redundant internet connection. The managed services segment is anticipated to register the highest CAGR of 15.3% over the forecast period
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Telecom Expense Management Market Segments Covered in the Report:
Telecom Expense Management Market, By End-use
Telecom & IT
BFSI
Consumer Goods & Retail
Manufacturing & Automotive
Healthcare & Life Sciences
Others
Telecom Expense Management Market, By Organization Size
Large Enterprises
SMEs
Telecom Expense Management Market, By Deployment type
On-premise
Cloud
By Component
Solution
Invoice Management
Ordering & Provisioning Management
Usage Management
Sourcing Management
Dispute Management & Others
Service
Telecom Expense Management Market, By Geography
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
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