Global Telecom Expense Management Market Report 2021: Globalization of Businesses & Workforce Decentralization Provide a Solid Foundation for Wider Adoption of TEM Solutions
DUBLIN, July 2, 2021 /PRNewswire/ -- The "Telecom Expense Management - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Telecom Expense Management Market to Reach $5.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Telecom Expense Management estimated at US$2.8 Billion in the year 2020, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 10.4% over the analysis period.
Cloud Services, one of the segments analyzed in the report, is projected to grow at a 8.8% CAGR to reach US$2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Complete Outsourcing segment is readjusted to a revised 12.5% CAGR for the next 7-year period.
This segment currently accounts for a 33.6% share of the global Telecom Expense Management market. With the changing workplace norms on enterprise mobility and emergence of geographically dispersed workforce operating from different locations with their own devices as part of the Bring Your Own Device (BYOD) policy, cloud based TEM services are on the upswing.
A growing number of enterprises are outsourcing their TEM operations in order to focus their efforts on core business processes and thus ensure effective use of internal resources for important processes.
The rising need to streamline telecom costs amid growing popularity of replacing conventional telecommunication systems with converged IT systems such as tablets and smartphones that offer mobility as well as communications is primed to surge the global adoption of TEM solutions. With expanding internal telecom networks and their increasing complexity, enterprises are opting for efficient TEM solutions.
The rapid rise in importance of mobile devices and cellular communications services in internal telecom networks of enterprises is necessitating companies to adopt a monitoring and management system for usage and cost of various telecom assets and resources. The growing integration of personalized mobile devices such as smartphones, laptops and tablets as part of the growing enterprise mobility trend and bring your device (BYOD) or choose your own device (CYOD) strategies have been vital factors fueling growth in the global telecom expense management market.
The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $402.9 Million by 2026
The Telecom Expense Management market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 44.2% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated arket size of US$402.9 Million in the year 2026 trailing a CAGR of 12.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 9.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10% CAGR while Rest of European market (as defined in the study) will reach US$451.1 Million by the end of the analysis period. Increasing government spends and growing trend of location independent work is set to fuel the demand for TEM solutions in developed regions.
Furthermore, the presence of several major players actively embracing remote working, increases the need for visibility, integration, secure access and monitoring of telecommunication and IT services consumption. The rapid improvements in IT and telecom infrastructure in enterprises and the strengthening BYOD and CYOD policies are fueling demand for TEM solutions in Asia-Pacific.
Managed Services Segment to Reach $1.4 Billion by 2026
Increasingly, enterprises are selecting solutions offered by managed services providers who provide cloud-based telecom expense management, which is mainly dictated by digital transformation strategies. While most organizations are managing both telecom and IT in-house, the growing level of complexity calls for tools that could manage costs.
In the global Managed Services segment, USA, Canada, Japan, China and Europe will drive the 9.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$638.3 Million in the year 2020 will reach a projected size of US$1.2 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$170.2 Million by the year 2026, while Latin America will expand at a 11% CAGR through the analysis period.
Key Topics Covered:
2. FOCUS ON SELECT PLAYERS (Total 115 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
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SOURCE Research and Markets
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