Global Telecom Expense Management Market - 2021-2028

Market Overview

The Global Telecom Expense Management market was sized around US$ XX million in 2020 and is expected to reach US$ XX million by 2028, growing at a CAGR of XX% within the forecast period (2021-2028).

Telecom Expense Management (TEM) is a type of commercial service offered by numerous analytical companies where telecommunication services of an organization, such as voice, data, among others, are analyzed and audited manually or utilizing software so as to reduce the respective organization's communication expenses without compromising the efficiency.

Telecom expense management offers a professional way to trace, understand and manage the overall telecom spending of a company, irrespective of its size. Though telecom expense management could manually be managed by a manager or an outside telecom expert in small companies, complicated software and services are often required for vast organizations. The complexity of the communication devices and the absence of transparency in carrier charges are the major reasons why telecom expense management is gaining more and more popularity in modernity.

Market Dynamics

The global transition to an era of smartphones is expected to boost the telecom expense management market demand. Further, growing demand for sustainable corporate solutions and economical deployment costs is also expected to significantly drive the telecom expense management market during the forecast period.

The paradigm shift in communication technology

Since the world transitioned into an era of smart communication technologies, the complexity of evaluating telecom expenses also became knotty. Since a corporation has to handle data regarding millions of telecom communications, such as phone calls and video calls, among others, hiring a telecom expense management crew has become vital to minimize the telecom expenses of the corporation. Since increased smart communication boosts the demand for telecom expense management, the respective factor could be considered a major driver.

As per Cass Information Systems, Inc, a global expense management firm, new communication technologies such as 5G, AI-driven automation technologies, cloud integration, among others, are expected to overtake human life and corporations in the coming years. The COVID-19 pandemic also acted as a catalyst for this rapid growth experienced in communication technology.

Nonetheless, as the communications services are growing complex day-by-day, the expenditure for such services rises rapidly. Therefore, to minimize the spending on communication services, a close monitor, audit and control of these expenditures is mandatory. Thus, the developments in communication technology and its integration into people's lives have to be considered a major driver for the telecom expense management market, capable of generating demands and sales in the respective market.

Instances of incompatibility between telecom expense management solutions provided by separate vendors restrict the growth of the global telecom expense management market

As in any field, different service providers in the telecom expense management market utilize different software and computational models to analyze and calculate telephone expenses. As the approach varies, discrepancies found in calculations and analysis also vary.

As long as each analysis remains independent, such small glitches or variations have no significant real-life impact. However, when different expense reports compiled by separate vendors, utilizing different expense management approaches, are put together to gain a clear picture of the telecom expenses, the diversity in approaches creates a massive problem as different types of inconsistencies add up, making the data incompatible and often irrelevant.

As a result, instances of incompatibilities between expense reports made by different vendors could be considered as a restrain that constricts the growth of the global telecom expense management market.

COVID-19 Impact Analysis

Even though the impact of COVID-19 on the various market across the globe was disastrous, the respective impact of COVID-19 on the global telecom expense management market is extremely constructive.

The primary reason behind the positive impact of the pandemic on the market is due to the fact that the number of telephonic communications of various types spurts extensively as the employees start working from home. Since most of the countries provide telephone as well as other paid communication subscriptions to their respective employees, the need to monitor these expenses and effectively regulate them has gained substantial importance.

Since most companies capable of operating during the pandemic are financially stable and generate an enormous amount of telecom communication, computational software and expense management services could be considered more feasible than internal telecom expense management since a service provider is a more acurate reliable in comparison.

Since the pandemic drastically improved the trend of employing telecom expense management services, the impact of the pandemic on the telecom expense management market could be considered constructive.

Segment Analysis

The global Telecom Expense Management market is segmented on the basis of services, solutions, end-user and region.

A boom in small scale businesses and entrepreneurs globally

Invoices refer to a bill that contains in-depth statements regarding expenditure associated with various services or goods provided by a particular company. Compiling invoices is considered an important and horrendous task, particularly for small-scale startups or entrepreneurs due to the shortage of resources.

Since the number of startups and entrepreneurs is rising rapidly in the modern era, proper invoice management could be considered the need for the day. As per statistics, around 580 million entrepreneurs exist across the world. Further, in the U.S., the rate of new entrepreneurs was 0.38%, indicating that an average of 380 out of every 100,000 adults became new entrepreneurs in a given month.

Since most telecom expense management services offer cheap and efficient invoice management, most small-scale businesses and entrepreneurs depend on such services for invoice management, thereby extensively boosting the invoice management segment.

Geographical Analysis

Growing population and mobile users along with revolutionized IT and telecom infrastructure tends to boost the market

The telecom expenses management market is expected to boom significantly in the Asia-Pacific region due to the regional specifications of the Asia-Pacific Region. First and foremost, the Asia-pacific region's population density is many folds compared to other areas. For instance, the population of the Asia-Pacific region is 4.6 million in comparison to 750 million and 580 million of Europe and North America, respectively.

Further, due to the cheaper cost of cellular devices in the region, the adoption rate of mobile devices in Asia-Pacific is extremely high. Finally, the revolutionary IT and telecommunication scenarios in most areas of Asia-Pacific also supplement the growth of the telecom expense management market in Asia-Pacific. For instance, India, where 1 gigabyte of data is many folds cheaper than or the same in U.S.

Competitive Landscape

The telecom expense management market is highly consolidated, competitive and filled with several local and global companies. Some of the major players in the market include Accenture, Econocom, Avotus Corporation, Sakon, Vodafone Group, CGI Inc, Dimension Data, RadiusPoint, Tangoe and WidePoint Corporation, among several others.

The major companies in the market opt for numerous growth strategies such as acquisitions, product launches and collaborations to expand their presence in the global telecom expense management market globally.

For instance, In July 2020, WidePoint Corporation, a U.S.-based company, announced its new telecom expense management contract with Virginia Alcoholic Beverage Control Authority (Virginia ABC). The contract period is for a year and holds four renewal periods of the same duration. The company intends to assist Virginia ABC in reducing its telecom expenses and thereby achieving a better market presence and reputation.

Accenture

Overview: Accenture is a professional services company founded in 1989. The company is headquartered in Dublin, Ireland and offers extensive digital, cloud and security services to clients in more than 120 countries. The company is registered in the New York Stock exchange and has the ticker NYSE: ACN. Accenture employs around 506,000 people and has a revenue of US$ 44300 million for the year 2020.

Product Portfolio: The Company has a service portfolio of telecom expense management, which is as follows:

Telecom Expense Management: The company utilizes comprehensive techniques to analyze and assess telecom expenses of numerous multinational conglomerates and design solutions to improve the efficiency of communication within these organizations to optimize telecom costs and improvise the service levels of the company. Accenture offers long as well as short-term telecom expense management services that could induce a 10 to 20 deduction to a client's telecom cost.

Key Development

In November 2020, Accenture acquired Arca, a Spanish engineering company whose primary focus is business services and network operations. The company intends to integrate the multidisciplinary services offered by Arca with its SynOps platform to enhance its telecom expense management services.

Why Purchase the Report?

To identify the different segments in the Telecom Expense Management Market such as by type, application, end-user and numerous key commercial assets and players.

To achieve an in-depth understanding of various commercial opportunities in the Telecom Expense Management Market by scrutinizing different trends and developments.

Excel data sheet with thousands of data points of Telecom Expense Management market-level 4/5 segmentation.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global telecom expense management market report would provide approximately 64 market data tables, 45 figures and over 180 pages.

Target Audience 2022

Telecom Expense Management Service Providers/ Users

Industry Investors/Investment Bankers

Education & Research Institutes

Emerging Companies

Manufacturers

Logistics companies

Distributors