Organizations with a large wireless presence have to manage associated expenses. This is where telecom expense management (TEM) solutions come in the picture. TEM solutions help organizations to manage their mobile/telecom bills in two steps. First, they capture and measure cellular data on a monthly basis and, second, correct the telecom invoices. TEM essentially manages wireless, data, and voice environment with the primary aim of minimizing cost and risk.
Telecom expense management finds application in financial management, order management, inventory management, business management, dispute management, contract management, and others. TEM services comprise cost allocation, wireless management, procurement and order management, benchmarking, contract negotiation, invoice processing, and RFP management. The global telecom expense management market is expected to benefit from the growing adoption of TEM solutions by various industries.
Leading Telecom Companies Adopting TEM Solutions – To Drive Global Market
The global telecom expense management market stood at US$1.60 bn in 2015 and is predicted to reach US$4.92 bn by 2024. The market is projected to exhibit a 13.5% CAGR during the period between 2016 and 2024. Organizations from across the globe are increasingly adopting TEM services as an integral part of their business. This is the primary factor expected to propel the global TEM market.
Lately, Tangoe Inc., an IT expense management service provider, signed a partnership agreement with telecom company Vodafone. In the agreement, Tangoe Inc. agreed to take the ownership of managing Vodafone’s telecom/wireless expenses by deploying TEM solutions. For this, a group of Vodafone employees was working in-house with Tangoe Inc. Additionally, Tangoe Inc. also agreed as part of the deal to serve existing customers of Vodafone.
Such agreements have motivated other leading market players to avail TEM solutions to better manage their telecom expenses and streamline the business.
While the growth of the telecom expense management market can be predicted, leading players are likely to face cut-throat competition from the new entrants. Some of the prominent players operating in the global telecom expense management market are Anatole SAS, Calero Software LLC, Cimpl, MDSL, Tangoe, Inc., WidePoint Solutions Corporation, Inc., Avotus Corporation, Asentinel LLC, Comview LLC, Ezwim B.V, Valicom Corporation, and Veropath Limited (IntelligentComms).
Cloud Services to be Most-used Mode of Delivery of TEM Solutions
The global telecom expense management market is under consistent developments with many industries adopting TEM solutions. Banking, financial service, and insurance (BFSI), IT and telecommunication, healthcare, manufacturing, retail, government and defense, and transportation and logistics are the primary industries adopting TEM solutions. In 2015, the BFSI segment dominated the global telecom expense management market. Automation of wireless services has helped organizations operating in BFSI to minimize their paperwork. This factor can be credited for the dominance of the BFSI segment.
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Managed services, cloud services, and complete outsourcing are the primary modes of delivery of TEM solutions. In 2015, cloud services dominated the global telecom expense management market. Organizations are engaged in implementing telecom expense management solutions through affordable cloud services. However, going forward, the complete outsourcing segment is predicted to be the most opportunistic mode of delivery of TEM solutions.
The global telecom expense management market is projected to benefit from the growing application segment of inventory management.