According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) entitled “Telecom Expense Management Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024,” the telecom expense management (TEM) market is expected to reach a value of US$ 4.92 Bn by 2024, rising from US$ 1.60 Bn in 2015. The market is estimated to expand at a CAGR of 13.5% during the forecast period from 2016 to 2024.
In 2015, North America was the largest market for TEM as government rules and regulations have forced enterprises to maintain evidence of all electronic transactions. Europe was the second largest market in terms of revenue generation in 2015. However, due to growing needs from the IT and BFSI industries and rising adoption of smartphones and portable devices, Latin America is anticipated to be the fastest-growing market with a projected CAGR of 19.0%, followed by Middle East and Africa (MEA) during the forecast period.
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In Asia Pacific countries such as India and China where the IT and telecommunication industry is growing at higher rates, the adoption of portable devices has also increased. TEM solutions are used by enterprises in Asia Pacific to manage and control the portable devices within enterprises. Also, leading international players from the IT and telecommunication industry have entered into the Asia Pacific market, further increasing the demand for TEM. In MEA, factors such as heavy investment in the IT and telecommunication industry and rising demand for Internet- and mobile-related services are responsible for increasing the adoption of TEM. Further, high adoption rates for cloud services in MEA is expected to drive the TEM market.
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The TEM market is highly competitive and competition is on the basis of services offered. The key players are focused on differentiating their offerings from those of their competitors and adding innovative services in their portfolio. With the presence of many smaller players in the market, partnerships have become crucial for success. The key players dominating the TEM market globally are Anatole SAS, Asentinel LLC, Calero Software LLC, Comview LLC, Cimpl, Ezwim B.V, MDSL, Valicom Corporation, Tangoe, Inc., Veropath Limited (IntelligentComms), WidePoint Solutions Corporation, Inc., and Avotus Corporation
The Telecom Expense Management market is segmented as below.
Telecom Expense Management Market
By Application
Financial Management
Business Intelligence
Contract Management
Others
Managed Services
Cloud Services
By End-use Adoption
Banking, Financial Services, and Insurance (BFSI)
IT and Telecommunication
Transportation and Logistics
Government and Defense
By Geography
Europe
Asia Pacific
Middle East and Africa (MEA)
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