DUBLIN, July 2, 2021 /PRNewswire/ — The “Telecom Expense Management – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Telecom Expense Management Market to Reach $5.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Telecom Expense Management estimated at US$2.8 Billion in the year 2020, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 10.4% over the analysis period.
Cloud Services, one of the segments analyzed in the report, is projected to grow at a 8.8% CAGR to reach US$2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Complete Outsourcing segment is readjusted to a revised 12.5% CAGR for the next 7-year period.
This segment currently accounts for a 33.6% share of the global Telecom Expense Management market. With the changing workplace norms on enterprise mobility and emergence of geographically dispersed workforce operating from different locations with their own devices as part of the Bring Your Own Device (BYOD) policy, cloud based TEM services are on the upswing.
A growing number of enterprises are outsourcing their TEM operations in order to focus their efforts on core business processes and thus ensure effective use of internal resources for important processes.
The rising need to streamline telecom costs amid growing…