According to a new report, published by KBV research, The Global Telecom Expense Management Market size is expected to reach $5.3 billion by 2028, rising at a market growth of 10.8% CAGR during the forecast period.
The Consumer Goods & Retail segment is showcasing a CAGR of 11.7% during (2022 - 2028). The use of different telecom platforms to actively communicate with clients has expanded along with the development of the e-commerce sector. Because of this, retail enterprises now have significant telecom expenditures. The necessity for telecom expenditure control in the consumer goods and retail industries has increased.
The Large Enterprises segment acquired maximum revenue share in the Global Telecom Expense Management Market by Organization Size in 2021 thereby, achieving a market value of $4 billion by 2028. The industry is expanding due to the increased use of individual devices like laptops, smartphones, and tablets under mobility rules such as choose-your-own-device (CYOD). Additionally, the efficient management tools of telecom expense management give accurate, real-time information on businesses' network usage and communication devices to spot any issues before they lead to a system breakdown.
The Cloud segment has shown the growth rate of 12.5% during (2022 - 2028). This is due to cloud management solutions gaining popularity. With cloud-based telecom cost management systems, businesses can manage distant telecom infrastructures and have access to a wide range of capabilities. It includes all the on-premise setup functionality, machine learning, and better visibility capabilities.
The Solution segment is leading the Global Telecom Expense Management Market by Component in 2021 thereby, achieving a market value of $3.8 billion by 2028. By monitoring, decreasing, and eliminating waste, a telecom expense management (TEM) solution can assist you in keeping your communication costs under control. TEM solutions are particularly beneficial for businesses, but in recent years, smaller businesses have discovered that they may also make significant savings when utilizing a TEM system. All this is supporting market expansion in this segment.
The North America market dominated the Global Telecom Expense Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.8 billion by 2028. The Europe market is exhibiting a CAGR of 10.3% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 11.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/telecom-expense-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Accenture PLC, NTT Data Corporation, CGI, Inc., Vodafone Group Plc, Calero-MDSL Ltd, Sakon, Inc., Avotus Corporation, Brightfin (Periscope Equity LLC), Tangoe, Inc., and Valicom (EXA Capital, LLC).
By End-use
By Organization Size
By Deployment type
By Component
By Geography
Companies Profiled
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