Increases in Enterprise Mobility Prompt Greater Interest in Telecom Expense Management
Managing expenses is a major part of every operation, particularly those that want to stay open and running for any length of time. Keeping expenses under control augments cash flow and helps ensure that the business can focus on those things it wants to advance. One great point helping businesses keep expenses in check is telecom expense management (TEM), a set of tools that both keep an eye on processes and improve them to achieve the best results. A new study from Transparency Market Research shows just how far TEM can go.
The Transparency report suggests that, by 2024, the market for TEM solutions could reach nearly $5 billion, projected to hit $4.9 billion, and represent a compound annual growth rate (CAGR) of 13.5 percent from 2016 to 2024. That's impressive growth by most any standard, and reports suggest this growth will be thanks in large part to the rise of bring your own device (BYOD) doctrines going in place in businesses worldwide. The improved convenience and mobility are hard to pass up, and, though security concerns are still high in BYOD matters, improvements on that front have made BYOD much more viable than in the past.
A growing number of remote connections means a clear need to manage expenses, and so, TEM is likely to step in and deliver value for users. Banking and financial services are expected to be big drivers of future growth in TEM, already accounting for the largest share of the 2015 TEM market. Further gains are expected from the transportation market, healthcare and government operations, among others. North America proved the largest market for TEM in 2015, and that's likely to remain the case for some time. However, a variety of markets—from the Middle East to the Asia-Pacific and Latin American fronts—are expected to make gains in TEM as more mobilization takes place and a greater demand to manage expenses follows.
The basic concept is simple enough; an increasingly mobile workforce worldwide that depends on its own technology to carry along will need greater oversight to make sure the expenses being incurred are those that push a business towards its ultimate goal. Tools like TEM provide that level of oversight, especially in an environment where businesses need a means to manage expenses that are often no longer being incurred on site. In regions where the whole idea of a mobile workforce is just now catching on, the demand is likely to spike even faster as more companies reveal just what kind of advantages it has.
In the end, the value of TEM is in helping keep a workforce mobile, and not wasteful. That's valuable, and companies are likely to take advantage of value propositions in wide numbers, leading to a TEM market that should see big growth.
Edited by Alicia Young