Telecom Expense Management Market – Overview:
The global telecom expense management market is projected to witness a rapid growth during the forecast period owing to. hHigh growth opportunities in emerging economies and rising adoption of the portable device are the major factor driving the growth of the market. Moreover, increasing demand for telecom expense management across various industry verticals such as IT & telecommunication, retail, manufacturing, transport & logistics is also expected to fueling the growth of the global market over the assessment period.
The major factors promoting the growth of Telecom Expense Management Market is increasing demand for mobile applications, growing popularity of portable equipment’s in enterprises and upcoming advancements in telecom expense management. Other factors such as adoption of mobile devices, visibility into expense management, and growing popularity of cloud-based services are aiding the market growth. Cloud sService market is estimated to exhibit high growth potential during the forecast period owing to its increasing demand across various industry verticals. Factors such as rising adoption of mobile devices in enterprises and advancements in corporate telecom infrastructure have made telecom networks of large, medium, and small-scale enterprises complex and difficult for manual monitoring.
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According to Market Research Future Analysis, the global telecom expense management market is estimated to generate revenue of approximately USD 4 billion by 2023 growing at a CAGR of 18% during the forecast period 2017-2023.
Technology giants such as Accenture PLC (Ireland), Avotus Corporation (Canada), Control Point Solutions (U.S.), Invoice Insights (U.S.), MBG (U.S.) are some of the major players in the telecom expense management market. Avotus Corporation offers a comprehensive solution that focuses on enterprises telecom and technology spend. It provides solutions such as invoices are properly received and delivered, loaded, processed, analyzed, audited, and monitored for compliance with contracts and asset accuracy. The company has developed a robot, named Avotus ITAM Robot that builds and solve enterprises telecom and IT inventory management against invoicing for precise intelligent communications management. Invoice Insights is one of the prominent players in the telecom expense management enable enterprises by offering efficient telecom expense management solution such as it helps enterprises save time, improve efficiency, and optimize cost spend on communication.
The global telecom expense management market has been segmented on the basis of solution, service, organization size, and end-user. The service segment is further classified into licensed software, managed service, cloud service, and complete outsourcing. Managed services occupies a considerable share in the telecom expense management market. It can be defined as proactive management of an information technology asset or object, by a third party typically known as a MSP, on behalf of the end-user. The operative distinction that sets apart a managed service program is the proactive delivery of their service, as compared to reactive IT services, which have been around for decades. The key drivers contributing to the growth of the managed services are rise in the digital information, the need to secure it, increasing trend of bring your own devices, flexibility to match custom requirements, continuous upsurge in dependency over heterogeneous networks, and persistent rise in the complexity of technological solutions.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Telecom Operators
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