TEM Market to Benefit Most from Emerging Markets
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The trend of allowing integration of personal mobile devices such as smartphones, laptops, and tablets under mobility policies such as bring-your-own-devices and choose-your-own-device (CYOD), for one, has revolutionized the global TEM market in the past few years. The increased integration of mobile devices in internal telecom networks has highlighting the need for presence of a holistic system for monitoring and managing usage and costs of telecom resources being exhausted. Speaking of developments, corporate telecom infrastructures now boast a vast number of communication channels connecting companies to their clients, customers, and employees. The volume of information being exchanged across these channels has also exponentially increased over the years.
TMR findings suggest that these factors will enable the global TEM market expand at a 13.5% CAGR from 2016 to 2024, allowing the market to rise to a valuation of US$4.92 bn by 2024.
North America is presently the leading regional market for telecom expense management and is expected to record the highest revenue generation for the global market over the period between 2016 and 2024. In this relatively mature market, factors such as the extensive usage of mobile devices within enterprises, technologically advanced and thus extremely complex telecom infrastructures, and presence of a large number of TEM providers will favor the future growth of North America TEM market.
However, the global TEM market will witness the most promising growth in emerging regional markets such as Asia Pacific and Middle East and Africa (MEA) in the coming years. In Asia Pacific, presence of a large number of IT services and product companies, rising popularity of BYOD and CYOD policies, and improving telecom and IT infrastructures will drive the need for effective TEM products and services. In Middle East and Africa, the TEM market will gain hold owing to rising digitization of oil and gas industry and heavy investments in the IT and telecom sectors in the past few years.
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The TEM market in Asia Pacific is expected to witness an exponential 18.3% CAGR while the MEA market is expected to exhibit an 18.7% CAGR from 2016 to 2024. North America, the current leader in the market, will exhibit a relatively modest 8.9% CAGR over the same period. It is evident that TEM companies will have to align their focus towards MEA and Asia Pacific so as to exploit the enormous growth opportunities these regions promise for the TEM market.
Cost-effective and Flexible Cloud-based Products and Services Gain Prominence
Having offered excellent efficiency, cost benefits, flexibility, and several other benefits to many operational activities so far, cloud-based TEM products and services are also a huge hit among small-, mid-, and large-scale enterprises. Cloud has grabbed the largest share in terms of mode of deployment, accounting for 45.98% of the market in 2015. However, it is expected to witness a slight decline, accounting for 39.86% in the global market by 2024.
The rising popularity of complete outsourcing will be central to the declining market share of cloud services. TMR findings suggest that businesses will offload their TEM operations so as to increase focus on core business processes and put internal resources to effective use for other purposes.Complete outsourcing is expected to register a CAGR of 15.4% from 2016 to 2024.
The market is highly fragmented and features several companies operating amid intense competition. Some of the most prominent vendors in the vendors in the market are Asentinel LLC, Anatole SAS, Ezwim B.V, Calero Software LLC, Valicom Corporation, Tangoe, Inc., WidePoint Solutions Corporation, Inc., and Avotus Corporation.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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