Telecom Expense Management Tem Market | Contrive Datum Insights

Market Overview:

Global Telecom Expense Management (TEM) Market Size Was Valued At USD 3.19 Billion In 2022 And  Is Expected To Reach USD 7.68 Billion By 2030, Growing At A CAGR Of 11.9% During The Forecast Period From 2022 To 2030.

Telecom expense management is a method that uses a central database to make it easy for companies to keep track of their telecom services and assets. This way of doing business also helps them check bills from suppliers and keep track of how much they spend. Outsourcing a telecom expense management solution also helps business owners make their work go more easily. TEM, which stands for "telecom expense management," also helps a business figure out how to spend its money.

IT teams can use these services to order, support, and manage the costs of business communications on a big scale. They can also be used to help with accounting and IT services. TEM services like business intelligence (BI) and reporting can help C-level leaders make better strategic decisions. Some ways to handle telecom costs are through sourcing management, reporting and business management, dispute management, use management, billing and provisioning management, and use management. With telecom expense management services, a company's IT, procurement, and finance departments can buy, provide, support, and keep track of the prices of the company's telecoms, IT services, and inventory. These include licencing for the cloud, licencing for unified communications as a service, fixed and mobile phone and internet connections, and connections for the Internet of Things (IoT).

Telecom expense management solutions let an organization's procurement, IT, and finance teams buy, provide, help with, and keep track of the costs of their telecommunications, IT services, and inventory. The market for telecom expense management is growing because more companies are using portable devices and because the tools for telecom expense management are getting better all the time. The market is also rising because more people are getting mobile devices and using cloud-based solutions.

Market Dynamics

Trends:

The BFSI segment is likely to get a lot of attention: As service companies try to improve telecom cost management services for the BFSI sector, they are competing with each other more and more. This gives them a competitive advantage over other end users. With these choices, financial institutions and insurance companies can save as much money as possible and keep their phone bills in check. For example, Cass Information Systems Inc. helps finance, banking, and insurance companies handle all of their telecoms, including mobile services and BYOD management. Also, more and more people want better banking apps for their phones, and more IoT devices are being used. There is also a move towards 5G networks, work is being done to improve APIs for a more seamless user experience, and telecom providers are looking for ways to make money off their advanced services. We expect that all of these things will help the market grow.

Popularity of cloud-based services: The market for telecom expense management is growing because more people want mobile apps, more companies are using portable tools, and telecom expense management solutions are getting better at using technology. The growing use of mobile devices, the ability to see how costs are being handled, and the popularity of cloud-based services are also helping the market grow.

Drivers:

The rise of the global telecom expense management market is limited by the fact that telecom expense management solutions from different vendors don't always work well together: In the telecom expense management market, different service providers use different software and computational models to analyse and figure out telephone costs, just like in any other area. As the method changes, so do the differences in estimates and analyses.

The shift in communication technology: Since smart communication tools have become more common, it's hard to figure out how much telecom costs. Since a business has to keep track of information about millions of telecom communications, such as phone calls and video calls, it is important to hire a telecom expense management team to keep the company's telecom costs as low as possible. Since smarter contact makes it more important to control telecom costs, this could be called a major driver.

Restrains:

Poor provider performance and a low level of interoperability are slowing market growth: Forecasting future expenses, keeping an eye on invoice inventories, picking the right cost centre, and processing invoices are all hard parts of managing telecommunications that slow market growth. TEM software has a lot of benefits for makers. For example, it makes it easier to plan and see where money is going. But the people who sell this software need to make it easy to use. Vendors can send the finance department fake invoices and prices without getting caught. The company may pay more than it needs to because of contracts, bills, and other costs. Making sure that the taxes that are included in the price are correct is a big problem for buyers. This would stop growth in the market over the next few years.

Opportunities:

Low deployment cost and growing demand for cost-efficient TEM solutions: Telecom Expense Management (TEM) market sellers have a chance to make money because TEM solutions are becoming more popular and don't cost much to set up. As cloud-based TEM solutions become more popular, the cost of deployment has gone down by a lot. This makes TEM solutions more affordable for both small and medium-sized businesses (SMEs) and big businesses.

Small and medium-sized businesses (SME) are becoming a bigger market: As more cheap choices for TEM providers become available. As businesses around the world grow, it's more important than ever to keep track of their internet costs. TEM companies can now make money because of this. Connectivity to other business systems: TEM solutions can be linked to other business systems like ERP and CRM. This lets TEM providers give more services. Outsourcing: Many companies outsource their TEM tasks, which allows TEM providers to give managed services.

Challenges:

Complexity of telecom expenses: Telecom expenses can be complex, with multiple variables that can impact costs, such as usage patterns, carrier contracts, and billing errors. This complexity makes it difficult for organizations to accurately forecast their future telecom spend.

Changing business needs: A business's needs can change quickly, which can affect how much it costs to use the internet. For example, if a company wants to grow or move into new areas, it may need to add more communication services, which can add to costs. Businesses need to be able to see all of their assets so they can find ways to save money and resources that are going to waste. As working from home has become more normal, companies that help end users find, send, and control their devices have become more popular.

Major Market Segments Covered:

Telecom expense management is mostly a service that businesses use to cut their telecom costs by managing their goods, paying their bills, making purchases, keeping track of invoices, and doing other things on a single platform. Telecom services are being used by more businesses to make it easier for business groups, partners, and clients in different parts of the world to talk to each other.

The Telecom Expense Management (TEM) market research report is categorized based on type, applications and region.

By Type: This study shows the production, revenue, price, market share, and growth rate of each type, which are mainly split into -

• Invoice and contract management
• Ordering and provisioning management
• Reporting and business management
• Sourcing management
• Usage management

In the shipping and logistics businesses, TEM systems are becoming more popular because they help companies make more money and be more honest. TEM solutions are used more and more to cut business costs and improve customer service by making it easy to see how people use voice, internet, and roaming networks.

By Application: This report looks at the state and future of the major applications and end users, as well as sales (consumption), market share, and growth rate for each application, such as -

• Automotive: Automotive is the business of designing, developing, producing, marketing, and selling cars, trucks, buses, and motorcycles. The car business is one of the biggest in the world..

• Banking: People, businesses, and other groups can store their money in a lot of different banks. Financial services are what banks offer to help people save, handle, and spend their money.

• Financial Services and Insurance (BFSI): The main group that buys TEM goods and services is the BFSI. Many banks, financial institutions (FIs), insurance companies, and other businesses use TEM solutions to control their telecom costs, which are a big part of their overall operating costs.

• Consumer goods and retail: More and more people want to know how much their telecom costs are, so more and more consumer goods and shopping sites are using TEM options. Managed services TEM, which give businesses full control over how much they spend on telephones and help them cut costs, have also become more popular in the industry.

• Healthcare: Many healthcare organisations use TEM systems because they help them streamline their processes and save money. TEM can help these businesses improve the quality of care, cut down on downtime caused by breakdowns, failures, etc., and give customers a better experience.

• Manufacturing: TEM solutions are becoming more popular in the manufacturing industry because they help companies control their telecom costs, cut down on downtime caused by breakdowns or failures, and so on. This improves the quality of the products that end users get.

• Media and entertainment: The Media and Entertainment (M&E) business is going through a time of change, when both old and new things are still around. Over the past ten years, the media and leisure scene has changed because of interaction, digitization, multiple platforms, multiple devices, and the globalisation of services.

• Transportation and logistics: In the shipping and logistics business, TEM solutions are becoming more popular because they help companies make more money and be more honest. TEM solutions are being used more and more to cut business costs and improve customer service, among other things. by making it easier to see how people use voice, internet, or roaming networks.

Regional Insights:

Different parts of the world, such as North America, Europe, the Pacific, Asia-Pacific, Latin America, and the Middle East and Africa (MEA), have been looked at in terms of the worldwide Telecom Expense Management (TEM) market.

In 2021, 34.4% of the market was in North America, and this is expected to stay true for the next few years. Most of the growth in this market is due to how quickly telecom expense management solutions and services were accepted. According to the State of Mobile Internet Connectivity 2021 study, which looks at changes in mobile internet use and coverage over the last six years, the number of people with internet access in North America went from 61% (220 million) in 2014 to 77% (290 million) in 2020.

Pacific market is growing because there are more places for e-commerce and retailer buy-in, more people use smartphones, and investments are being made in 5G networks. With a CAGR of 13.3%, Asia-Pacific is the part of the telecom cost management market that is growing the most quickly. During the forecast period, the Asia-Asia Pacific region is expected to see a lot of market growth. This is because there are more mobile users, bring your own device (BYOD) laws are becoming more popular, the population is growing, and the IT and communications industries are doing well.

During the forecast period, the Asia-Pacific region is expected to see a lot of market growth. This is because there are more mobile users, bring your own device (BYOD) laws are becoming more popular, the population is growing, and the IT and communications industries are doing well. There are a lot of IT companies, BYOD and CYOD rules are becoming more common, and IT and telecom infrastructures are getting better. All of these things will increase the need for good telecom expense management products and services. With a CAGR of 13.3%, Asia-Pacific is the part of the telecom cost management market that is growing the most quickly. There are a lot of IT companies, BYOD and CYOD rules are becoming more common, and IT and telecom infrastructures are getting better. All of these things will increase the need for good telecom expense management products and services.

Also, the demand for these solutions is likely to grow as the region's biggest companies continue to work together. For example, China Unicom, one of the top mobile network service providers in the world based on the number of users, and Alibaba Group Holding have stated that they will work together on networking services. This will likely help the telecom expense management (TEM) market in the region grow.

Scope of Report:

Key Players:

• Vodafone Global Enterprise

• Tangoe

• Dimension Data

• Sumeru Equity Partners (MDSL & Telesoft)

• Calero

• Accenture

• CGI

• Valicom

• Asentinel

• WidePoint Corporation

• Avotus

• The Northridge Group

• CompuCom

• Tellennium

• Harris

Vendors:

1. Calero: Calero is a decentralised platform that uses cutting-edge AI and Blockchain to improve, grow, and automate your company's accounts payment process while building a more trustworthy, open, and collaborative network along your supply chain.
2. Accenture: Accenture is a worldwide business that provides skilled services. They know a lot about technology, the cloud, and keeping things safe. They offer services in the areas of Strategy and Consulting, Technology and Operations, and the Accenture Song. All of these are run by the world's largest network of Advanced Technology and Intelligent Operations hubs.

3. WidePoint Corporation: WidePoint Corporation is a Managed Solution Provider (MSP) that uses cutting-edge technology to protect and secure the mobile workforce and business landscape. It is known as a leader in technology solutions like Secure Identity & Access Management (IAM), Secure Managed Mobility Solutions (MMS), Telecom Management, Secure Analytics, Information Technology as a Service (ITaaS), and Cloud Security.

4. Avotus: Avotus is a company that has been in the Enterprise Communications Management business for more than 35 years. Their unique and licenced software solutions are among the best in areas like Unified Communications and Collaboration (UC&C) Analytics, Voice Reporting and Usage Statistics, Contact Centre and Recording, Expense Management and Call Accounting, and Mobile Lifecycle Management.

5. CompuCom: CompuCom Systems is a Service Provider for Windows 7 Migrations, Desktop and Application Visualisation, Mobile Device Management, Application Packaging and Delivery, and Computer and Network. It makes things better on the other side of the screen by giving you everything you need to work together, connect, and get help in real time.

Strategic Development:

• In February 2022: Tellennium, a technology cost management company, said that its Management of Things (MoT) platform had been fully registered by the US Patent and Trademark Office. MoT is a new tool and service that helps companies of all sizes manage their telecom costs. It came out in the year 2021. MoT is a central, real-time database that gives users all the information they need about customer invoice prices, services, and assets.

• In November 2021: Harris gets Seattle-based Globys, Inc. (Globys), which gives it the ability to offer solutions for telecommunications. Harris is a global provider of software for vertical markets. The Globys TEM Solution is a technology platform for other TEM providers and a SaaS service that helps businesses control their telecom costs. By combining customer data, workflows, and customer-specific API connections with a wide range of features, both solutions make it easy for business customers to do business online with their telecom partners.

Market Segmentation:

By Type:

• Invoice and contract management
• Ordering and provisioning management
• Reporting and business management
• Sourcing management
• Usage management

By Application:

• Automotive
• Banking
• Financial Services and Insurance (BFSI)
• Consumer goods and retail
• Healthcare
• Manufacturing
• Media and entertainment
• Transportation and logistics

Telecom Expense Management Regional Insights:

• North America

• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Conclusion:

The telecom expense management market study looks at how the market is changing, including what is driving the market, what possibilities are available, and what is holding the market back. The study looks at how Covid-19 will affect the big players in the telecom cost management market. The study also tells us how the market is split up into different parts and how the major players around the world create a competitive environment. At the end of the report, some changes in the market for telecom expense control are shown.