The global expense management software market size is expected to grow from USD 3,215.8 million in 2019 to USD 7,306.7 million by 2027, growing at a compound annual growth rate (CAGR) of 11.5% during the forecast period. states the recent Market Research Future (MRFR) analysis. In Travel and Expense Management Software Market share An expense management software tool helps enterprises in streamlining and automating processes for delivering expense report management. It has multiple advantages such as reimbursing expenses reports along with its growing perks, employee expense reports processing, and reduction in efforts and time for hassle-free submission and approval. Mobile terminal, PC terminal, and others are the different types of expense management software that has wide applications in large businesses, mid-sized businesses, and small businesses.
This software aids employees to manage as well as report their business expenditure. Besides, the expense management software is used via finance teams for managing travel requests, expense reports, and reimbursements. The software will help to streamline each facet of expense management for minimizing the perils related to traditional expense management. The automated expense management software, along with eliminating the hidden costs and risks included in expense reporting, also at the same time eases the process in its entirety. Above all, it reduces unnecessary manual work both for employees & finance teams.
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Various factors are propelling the global expense management software market share. As per the current MRFR report, such factors include an increase in consumers’ disposable income that has resulted in the huge adoption of smartphones & adoption of expense management software, reduction in smartphone prices, the emergence of 5G that is crucial for constantly growing adoption of smartphones, and constant developments in network technologies like 4G/LTE, and 3G. Additional factors adding market growth include improved financial security, scalability, increasing productivity, controlling costs, monitoring employee expenditure, and centralization of expense-related data in enterprises.
On the contrary, security concerns & lack of interoperability are factors that may limit the global expense management software market growth over the forecast period. Also, the COVID-19 impact is also hampering the market growth.
Expense Management Software Market Key Players
Key players profiled in the global expense management software market report include -
- Coupa Software Inc. (U.S.),
- Oracle (U.S.),
- Xero Limited (New Zealand),
- Insperity (U.S.),
- Infor Inc. (U.S.),
- Expensify (U.S.),
- Sodexo (France),
- Zoho Corporation Pvt. Ltd (India),
- Intuit Inc. (U.S.),
- IBM Corporation (U.S.),
- SAP Concur (U.S.), and
- Workday Inc. (U.S.).
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Expense Management Software Market Segmentation
The MRFR provides an inclusive segmental analysis of the global expense management software industry based on end user and type.
By type, the global expense management software market is segmented into mobile terminal, PC terminal, and others. Of these, the PC terminal segment will lead the market over the forecast period. Meanwhile, the mobile terminal segment is predicted to touch USD 2,250.8 million by 2025.
By end user, the global expense management software is segmented into large businesses, mid-sized businesses, and small businesses. Of these, the large businesses segment will dominate the market over the forecast period. It is likely to touch USD 4,193.0 million at an 11.6% CAGR by 2025.
Expense Management Software Market Regional Analysis
By region, the expense management software market has been segmented into the US, Europe, China, Japan, Southeast Asia, and India.The USdominated the expense management software market in 2019 with a value of USD 1,247.9 million and is expected to reach USD 2,779.5million by 2027 at a CAGR of 11.3%. However, the market in India is estimated to register the highest CAGR of 12.7% during the forecast period, 2021–2027.
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TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Market Structure
3 Market Insights
4 Market Dynamics
5 Market Factor Analysis
Continued...
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