Telecom Expense Management Market Research Report Forecast till 2027 | MRFR
Market Overview:
Telecom expense management is a service preferred by enterprises to optimize their telecom cost, make payment for their bills, manages your invoice and procurements, and also handles your inventory management. All these things are carried on a single platform. It has become a type of essential service for every type of enterprise whatever its size maybe, but should be working across any business or industry domain. The ongoing trend of consolidating single electronic devices like mobile phones, laptops, or tablets under various mobility policies like cyod and byod, stands for choosing your device and bring your device respectively. This consolidation thing has been pointing out the necessity towards the presence of an exhaustive system for monitoring and managing costs and usage of telecom services and resources. The global telecom expense management market is expected to grow at a cagr of approximately 18% during the forecast period 2017-2023.
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.
Market Dynamics Drivers:
Today if we observe every single person is using a mobile phone and they want to keep track of everything happening in their lives with the help of various mobile applications like the expenses incurred by them in a particular month, tracking their workouts, etc. So the rising demand for mobile applications that can track your expenses is the major factor driving the telecom expenses management market growth. Also in this world of uncertainty, everyone wants to keep their eye on their regular expense, so this need of observing and keeping a record of them is another major factor that is helping the telecom expense management market growth. In the modern era, every single person wants to move their data with them so everyone tries to use portable devices for that purpose, so the rising vogue of using portable equipment in business organizations will drive the market growth to a greater extent. In the upcoming times, there will be a lot of development in the field of telecom expense management as its usage is increasing day by day.
Restraints:
Interoperability is a kind of quality of computer systems or software to exchange information and made use of it. But the only factor that is holding back the telecom expense management market growth is lack of interoperability which is due to compatibility differences between the solutions and services provided by different key vendors of this market. Like the basic example of this thing is ios based mobile phones cannot share their data with android based mobile phones. Many key players of the telecom expense management market are joining hands with app developing it companies to bring up new solutions and services to tackle this problem of interoperability.
Technology Analysis:
Most of the companies were seen migrating their critical business infrastructures to cloud-based systems and converting them into an it api-based infrastructure. And when we talk about cloud-based systems it is 100% sure that it has to face data security issues as the data usually stored in cloud servers are exposed to hacking and this factor, in turn, may hinder the growth of the market. In the past 8 years, the impact of cybercrimes has increased by 85 % and the time to get out of those cyber-attacks is even doubled. The basic motive behind using cloud-based models instead of the on-premises system is that they can be easily integrated into the intermediate applications across the entire communication sector.
Study objectives:
Frequently Asked Questions (FAQ) :
The global telecom expense management market is projected to register a moderate 18% CAGR in the forecast period.
The managed services segment is slated to expand as the fastest-growing segment.
The transport and logistics segment of the global telecom expense management is slated to observe high growth.
North America is leading the global market for telecom expense management.
The major market players operating in the global telecom expense management market are Ezwim B.V, MDSL (The Netherlands), IBM (U.S.), Econocom (Belgium) among others.
