The Latest Telecom Expense Management Industry Statistics Explained
The global telecom expense management market size was valued at USD 1.78 billion in 2020.
The statistic indicates that the global telecom expense management market had a total value of USD 1.78 billion in 2020. This figure represents the total revenue generated by providers offering telecom expense management services, such as auditing, optimization, and monitoring of telecommunications expenses for businesses. The market size is a key indicator of the scale and growth potential of the telecom expense management industry, reflecting the ongoing need for effective cost management and optimization of telecommunications services by organizations worldwide. As businesses continue to rely on telecommunications for their operations, the market is expected to experience further growth in the coming years.
The industry is expected to register a Compound Annual Growth Rate (CAGR) of 17.6% from 2021 to 2028.
This statistic indicates that the industry is projected to experience significant growth over the period from 2021 to 2028, with a Compound Annual Growth Rate (CAGR) of 17.6%. CAGR is a useful measure that represents the mean annual growth rate of an investment over a specified period of time, assuming the growth happens at a steady rate. In this context, a CAGR of 17.6% implies that the industry is expected to expand at an average annual rate of 17.6% during the specified timeframe. This growth rate suggests a strong and sustained upward trend in the industry, indicating potential opportunities for investment and development within the sector.
The small and medium enterprises (SMEs) segment is expected to exhibit the highest CAGR of 18.8% from 2021 to 2028.
This statistic indicates that the small and medium enterprises (SMEs) segment is projected to experience the highest Compound Annual Growth Rate (CAGR) of 18.8% between 2021 and 2028. A high CAGR suggests a rapid growth rate over the specified time period. In this case, it highlights the potential for significant expansion and development within the SME sector, potentially outpacing other segments of the economy. This statistic could be of interest to investors, policymakers, and businesses looking to capitalize on the growth opportunities presented within the SME market.
North America held the largest market share of 37.3% in 2020.
The statistic ‘North America held the largest market share of 37.3% in 2020’ indicates that of the total market pertaining to a specific industry or sector, North America accounted for the largest proportion at 37.3% in the year 2020. This suggests that North America was the dominant region in terms of market presence or sales volume compared to other regions globally during that time period. This information could be valuable for businesses, investors, and policymakers looking to understand the distribution of market power and potential opportunities within the industry in North America and beyond.
By 2025, the telecom expense management market in the Asia Pacific is expected to grow at the highest CAGR of 18.5%.
This statistic indicates that the telecom expense management market in the Asia Pacific region is projected to experience a significant growth rate, as measured by the Compound Annual Growth Rate (CAGR), of 18.5% by the year 2025. This suggests a strong potential for expansion in the telecommunications expense management industry in the Asia Pacific region over the specified period. Factors such as increasing demand for telecom services, technological advancements, expanding digital infrastructure, and rising adoption of telecom expense management solutions are likely driving this growth trend. This statistic highlights the attractiveness of the Asia Pacific market for stakeholders in the telecom expense management sector, signaling opportunities for investment, innovation, and market expansion strategies in the coming years.
The cloud services delivery model segment is projected to grow at a CAGR of 21.5% over the forecast period.
The statistic indicates that the cloud services delivery model segment is expected to experience significant growth over a specified period of time, with a Compound Annual Growth Rate (CAGR) of 21.5%. This means that the market for cloud services delivered through this particular model is anticipated to expand rapidly and consistently each year throughout the forecast period. Such growth can be attributed to various factors such as increasing adoption of cloud technologies, the scalability and flexibility offered by cloud services, and the demand for cost-effective and efficient IT solutions. This projection implies opportunities for businesses operating in this segment as well as potential benefits for organizations looking to leverage cloud services for their operations.
Large enterprises accounted for more than 60% of the overall market share in 2019.
The statistic indicates that in 2019, large enterprises held a significant portion of the market share, specifically contributing to more than 60% of the total market. This signifies that the industry is dominated by a small number of large businesses, potentially exerting a considerable influence on pricing, competition, and overall dynamics within the market. It suggests that smaller businesses may face challenges in gaining a substantial market presence due to the strong dominance of these large enterprises. Understanding the distribution of market share among different business sizes can provide valuable insights into the level of competition and market structure in a particular industry.
The managed services segment is projected to grow by US$ 1,645.9 million during 2021-2025.
The statistic indicates that the managed services segment is expected to experience a substantial increase in its market size by US$ 1,645.9 million between 2021 and 2025. This growth suggests a positive trend in demand and adoption of managed services across various industries. The projected increase in market size can be attributed to factors such as the increasing complexity of IT infrastructure, the rising focus on cost optimization and efficiency, and the growing need for specialized expertise in managing technology services. This forecasted expansion presents opportunities for companies operating in the managed services industry to capitalize on the growing market demand and potentially increase their market share and revenue during the specified period.
Over 75% of businesses have errors on their telecom invoices.
The statistic stating that over 75% of businesses have errors on their telecom invoices suggests that a significant majority of companies are experiencing inaccuracies or discrepancies in their telecommunications billing. This could indicate a widespread issue within the industry leading to potential overcharging, incorrect rates, or other billing mistakes. Such errors could have financial implications for businesses, as they may be paying more than necessary for their telecom services. It underscores the importance of businesses closely monitoring and verifying their telecom invoices to ensure accuracy and save costs.
The wireless source segment is expected to lead the industry accounting for over 60% of the market share by 2022.
This statistic indicates that the wireless source segment is projected to dominate the industry by capturing more than 60% of the market share by the year 2022. This suggests that the wireless source segment, which likely includes products and services related to wireless communication technologies such as smartphones, tablets, and mobile networks, is anticipated to outperform other segments within the industry. Companies operating within this segment may experience significant growth and market presence compared to competitors in other segments. This forecast underscores the importance and prominence of wireless technology in driving the industry’s direction and evolution in the near future.
In 2019, IT & telecom accounted for the key market share of around 27%.
The statistic ‘In 2019, IT & telecom accounted for the key market share of around 27%’ refers to the proportion of total market activity attributed to the information technology and telecommunications sector in that year. This indicates that 27% of all economic transactions, sales, or revenues were generated from IT & telecom industries compared to other sectors. It suggests that these industries played a significant role in driving the overall economic performance during that period, likely due to advancements in technology, increasing connectivity, and the growing importance of digital infrastructure. This statistic provides valuable insights into the sector’s influence on the economy and helps stakeholders understand its relative importance and performance within the broader market landscape.
The portion of the TEM market held by financial services is projected to grow at a CAGR of 17.3%.
This statistic means that the financial services sector is expected to increase its share of the Total Expense Management (TEM) market at a Compound Annual Growth Rate (CAGR) of 17.3% over a specific period of time. This indicates a substantial and consistent growth rate for financial services within the TEM market, suggesting that this sector is poised to expand its presence and influence in managing total expenses by almost double-digit percentages annually. This projection can have implications for various stakeholders, such as companies operating in the TEM market, investors, and policymakers, as it highlights the potential for increased competition, innovations, and investments in financial services related to expense management.
Conclusion
The statistics presented on the Telecom Expense Management industry highlight the growing importance of managing telecom expenses effectively. With the increasing reliance on telecommunications in both personal and business spheres, businesses can benefit significantly from implementing robust expense management strategies to optimize costs and improve overall operational efficiency. Keeping updated with industry statistics can help businesses make informed decisions and stay competitive in the dynamic telecom landscape.
References
0. – https://www.www.valicomcorp.com
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2. – https://www.www.millioninsights.com
3. – https://www.www.tpcoms.com
4. – https://www.www.technavio.com
5. – https://www.www.grandviewresearch.com
6. – https://www.www.globenewswire.com
