Telecommunication infrastructure is considered a crucial prerequisite for economic growth. Over the last few decades, technologies used for telecommunications have drastically changed. The global telecommunications industry is now focusing on research on semiconductor and digital electronics to supplant analog representations of images, videos, and voice with digital representations. Consequently, such technological advancements have allowed all types of media to be represented in the same stream of bits. This in turn has enabled handling media uniformly from a common infrastructure such as Internet Protocol and other data streams.
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Telecom expense management (TEM) is a novel software designed to manage telecommunications and the devices used for it. The software is aimed at reducing risk and cost incurred on enterprise telecom. At the same time, it helps in enhancing the efficiency of devices used for telecommunications by automating various processes comprised in telecom management.
Global Telecom Expense Management Market to Derive Growth from Increasing Use of Portable Devices
Boosted by the increasing use of portable devices worldwide and within enterprises, device management has emerged as a crucial parameter for companies to enjoy sustainable growth. Telecom expense management provides efficient solutions for device management covering wired and wireless devices alike. It therefore helps enterprises in keeping a tab on how much they spend on telecom. Apart from this, the demand for TEM has also increased because of reporting and analytics solutions it offers to enterprises seeking critical information regarding telecom usage. Information thus sourced can help organizations in making important decisions regarding optimizing underused lines and closing unused lines to improve the existing telecom infrastructure.
According to a report published by Transparency Market Research, the global TEM market stood at US$1.60 bn in 2015. The market is projected to reach US$4.92 bn by the end of 2024, expanding at an impressive CAGR of 13.5% between 2016 and 2024.
BFSI Sector to Hold Dominant Share in Global Telecom Expense Management Market
Enterprises around the world are adopting TEM solutions since a considerable part of the revenue is spent on enterprise telecom requirements. The market for TEM is therefore expected to gain significantly from the increasing demand for enterprise mobility. Demand from the BFSI sector is expected to increase at a robust pace. The segment also held the largest share in the market among its end-use segments. Growth witnessed by the TEM market in this segment is mainly contributed by the automation of paper-based processes in the sector. TEM solutions also help companies operating in BFSI domain to maintain the security of their confidential data.
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North America to Dominate Global TEM Market
Regionally, North America has emerged as the largest market for telecom expense management. The region is expected to hold on to its dominance in the market over the next few years. The increasing telecom cost and the rising demand for enterprise mobility will fuel demand for TEM from the region. Besides this, Latin America and the Middle East and Africa are also expected to exhibit lucrative opportunities for the global TEM market.
Some of the leading companies operating in the market include Asentinel LLC, Anatole SAS, Comview LLC, Calero Software LLC, Valicom Corporation, Cimpl, Tangoe, Inc., MDSL, and Avotus Corporation.