The act of tracking, evaluating, and managing the costs related to communication services like mobile, fixed-line, and internet networks is known as telecom expense management, or TEM. The technological tools and solutions intended to automate and simplify the management of telecom charges are referred to as telecom expense management services software. Businesses can make educated decisions, cut costs, and increase overall efficiency with the help of these software programs, which give them complete visibility over their telecom consumption, costs, and contracts.
North America Telecom Expense Management Market Driving Factors and Challenges
Driving Factors: Reducing telecom costs and managing total operating costs are top priorities for businesses in North America. TEM software gives them the resources and knowledge they need to find ways to save costs, improve contracts, and get rid of wasteful spending. Furthermore, maintaining several suppliers, contracts, and service plans presents difficulties for enterprises as telecom services become more complicated and diverse. TEM software centralizes data, gives real-time visibility, and automates critical operations to help simplify these difficulties. Additionally, businesses are finding it difficult to manage and control mobile spending due to the widespread use of smartphones and tablets. Organizations can save a lot of money by using TEM software to monitor mobile usage, assign expenses, and enforce policies.
Challenges: Integration with current telecom and IT infrastructure must be seamless for TEM software to be implemented. Integration's intricacy might provide organizations with difficulties, resulting in longer implementation times and higher implementation costs. Also, even with all of the advantages that TEM software provides, small and medium-sized enterprises continue to be unaware of these advantages. Due to the widespread use of manual and ineffective expense management procedures, this restricts the expansion of the market.
Impact of COVID-19 on North America Telecom Expense Management Market
During this epidemic, there is an increase in demand for remote working solutions as many firms transition from traditional workplace practices to work-from-home environments. As more unsecured personal devices get access to the organization's network, there is a greater risk that network security will be breached. This means that any adjustments must be carefully addressed in the context of the company's cybersecurity measures.
North America Telecom Expense Management Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Accenture PLC, NTT Data Corporation, CGI, Inc, Vodafone Group Plc, Calero-MDSL Ltd, Sakon, Inc, Avotus Corporation, Brightfin (Periscope Equity LLC), Tangoe, Inc, and Valicom (EXA Capital, LLC) are a few of the major companies operating in the market.
North America Telecom Expense Management Market Segmentation:
By Component: Based on the Component, North America Telecom Expense Management Market is segmented as; Solution, Services.
By Deployment Type: Based on the Deployment Type, North America Telecom Expense Management Market is segmented as; On-premises, Cloud.
By Organization Size: Based on the Organization Size, North America Telecom Expense Management Market is segmented as; Large Enterprises, SMEs.
By End User: Based on the End User, North America Telecom Expense Management Market is segmented as; Telecom & IT, BFSI, Consumer Goods & Retail, Manufacturing & Automotive, Healthcare & Life Sciences.
By Region: This research includes data for US, Canada, Mexico, Rest of North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.