As per the recent study by Market Research Future Reports (MRFR), the global telecom expense management market is anticipated to flourish at a CAGR of 18% during the assessment period from 2017 to 2023. The amplified demand for mobile applications is the most substantial element driving the global telecom expense management market 2020. The ascending popularity and the fast adoption of mobile devices is another essential factor leading to the growth of market. Besides, the increasing adoption of cloud-based techniques is estimated to make a significant contribution which prospers the market with handsome revenue generation. Moreover, the increasing demand for portable equipment and the evolution in telecom expense management is likely to augment the global market size. In addition, there is a lofty scope of progress in developing countries, which is estimated to grow the market size. Furthermore, the growing demand for telecom expense management across several industries like retail, I.T. & telecommunication, manufacturing, transport & logistics is additionally prompting the market growth.
The outbreak of COVID-19 has resulted in a significant change in the market. A precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
The worldwide telecom expense management market 2020 can be segmented on the basis of service, solution, end-user, organization size, and region.
On the grounds of service, the global telecom expense management market can be classified into licensed software, hosted, managed service, complete outsourcing, and cloud services.
On the grounds of the solution, the global telecom expense management market can be classified into invoice and contract management, dispute management, inventory management, procurement management, and others.
On the grounds of end-user, the global telecom expense management market can be classified into automotive, I.T. & telecommunication, consumer goods and retail, transport and logistics, BFSI, and others.
On the grounds of the region, the global telecom expense management market can be classified into North America, Europe, Asia Pacific, and Rest of the World.
As per the regional analysis by MRFR, the North American region is leading the global market. The market is witnessing an expeditious growth due to the technological evolution in the region. Also, the rising demand for mobile application development platforms across various sectors in the region is further growing the market. Among all, the U.S. is estimated to make the maximum contribution in developing the regional market. On the other hand, the APAC region and the MEA is estimated to exhibit the maximum growth during the forecast period. The most significant reason for regional expansion is the increasing population. Besides, there has been a rise in smartphone ownership in these regions, which is propelling the market at a swift pace. Moreover, the increasing popularity of Bring Your Own device (BYOD) has additionally augmented the market. Furthermore, I.T. & telecommunication is booming in these regions, which is an important factor driving the global market.
The outbreak of COVID-19 is likely to change the market dynamics of several regions. Several markets have been influenced significantly due to the observation of nationwide lockdown in various countries.
The notable players of the global telecom expense management market are Econocom (Belgium), Avotus Corporation (Canada), Accenture PLC (Ireland), Control Point Solutions (U.S.), MBG (U.S.), Invoice Insights (U.S.), Profitline (U.S.), IBM (U.S.), Tangoe (U.S.), Ezwim B.V, MDSL (The Netherlands), among others.
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