SaaS-based Expense Management Market Growth & Trends [2031]
SaaS-based Expense Management Market Growth & Trends [2031]
Segments - SaaS-based Expense Management Market by Component (Service and Solutions), Type (Travel and Expense Management and Telecom Expense Management), Enterprise Size (Large Enterprise and Small and Medium Scale Enterprise), End-user Industry (Energy & Utility, Manufacturing, Healthcare, Media & Entertainment, Travel & Tourism, IT & Telecom, BFSI, E-commerce & Retail, Government & Public Sector, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-6124
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Report Description
SaaS-based Expense Management Market Outlook 2031
The global SaaS-based expense management market size was USD 4.8 Bn in 2022 and is likely to reach USD 12.67 Bn by 2031, expanding at a CAGR of 13.1% during 2023–2031. The market growth is attributed to the increasing demand for cost-effective and fast expense management solutions.
Rising adoption of SaaS across various industries boosts the market. SaaS helps organizations increase cost savings and improve cash flows. The demand for these solutions is rapidly increasing, especially for expense management as these solutions offer real-time data access. With the help of SaaS, financial data is automatically updated in the system as expenses are incurred, providing businesses with an up-to-date view of their financial situations.
Increasing demand for fast and efficient solutions for expense management purposes drives the market. Global IT companies need these solutions to keep track of their finances and expenses and as the global IT industry is significantly growing, the demand for SaaS solutions is expected to increase during the projection period. For instance,
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According to the recently published report, the global IT services industry is expanding at a CAGR of 7.3% (2023-2028) and is projected to register a revenue of USD 1,241 bn in 2023.
The COVID-19 pandemic boosted the SaaS-based expense management market. During the pandemic, governments across the globe imposed strict regulations on travel and social distancing due to which most of the global companies had to switch to work-from-home mode. This created favorable opportunities for the market as the demand for SaaS-based services. Major companies had to adopt a remote work culture and keep track of financial data and expenses, boosting the market.
Impact of Artificial Intelligence on the SaaS-based Expense Management Market
The impact of Artificial Intelligence (AI) on the SaaS-based expense management market is expected to create new opportunities for the market players. AI plays a crucial role in this market as AI can increase the efficiency in financing and accounting.
AI and machine learning can thoroughly analyze expense receipts and reports and give technical analysis on areas where expense optimization is needed. Moreover, AI can run securely in the background and detect fraud patterns and duplicate transactions.
SaaS-based Expense Management Market Dynamics
Drivers
Increasing demand for cost-effective and seamless collaborative solutions for expense management drives the market. SaaS-based solutions offer seamless collaborations and eliminate the risk of errors. SaaS solutions automatically take care of all the expensing processes with minimal human intervention. These solutions and services offer better analytics and transparency with auto analysis of expenses.
Restraints
Rising data privacy concerns regarding organizational data hamper the market. SMEs usually collaborate with third-party companies to streamline the process and analyze the finances. Third-party companies offer services; however, there is a high chance of sensitive organizational data leaks and security breaches.
Opportunities
Increasing use of novel technologies such as big data and the Internet of Things (IoT) in SaaS-based expense management solutions is expected to create new opportunities for the market. Big data helps companies find expense patterns and allows the SaaS platform to generate insights accordingly. Big data analytics enable real-time tracking of expenses which allows companies to address any issues immediately.
Scope of the SaaS-based Expense Management Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
SaaS-based Expense Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2020–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Component (Service and Solutions), Type (Travel and Expense Management and Telecom Expense Management), Enterprise Size (Large Enterprise and Small and Medium Scale Enterprise), and End-user Industry (Energy & Utility, Manufacturing, Healthcare, Media & Entertainment, Travel & Tourism, IT & Telecom, BFSI, E-commerce & Retail, Government & Public Sector, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Apptricity; Concur Technologies, Inc.; Emburse, Inc.; Infor; Insperity; IBM CORPORATION; Oracle; SAP SE; SutiSoft, Inc., and Zoho Corporation Pvt. Ltd. |
SaaS-based Expense Management Market Segment Insights
Component Segment Analysis
Based on component, the SaaS-based expense management market is divided into service and solution. The solution segment is anticipated to hold a major share of the market due to the growing adoption of SaaS-based solutions to streamline the business process and reduce time and cost. SaaS-based expense management solutions help enterprises eliminate the manual process and streamline the overall process with budget management.
The services segment is expected to expand at a significant pace during the projection period, as SaaS-based services are gaining popularity among SMEs to enhance software implementation and reduce deployment risks and costs. These services offer better analytics and cost-saving opportunities, which SMEs leverage to analyze and reduce overall expenditures.
Type Segment Analysis
On the basis of type, the global market is segregated into travel and expense management and telecom expense management. The travel and expense management segment is projected to register a considerable CAGR during the forecast period. SaaS-based solutions are majorly used for travel and expense management in various industries to analyze and keep a record of all organizational expenses.
The travel and expense management solutions allow organizations to track expense claims in real time. It allows organizations to manage travel bookings, fast approval, and reimbursement processes. BFSI and IT & telecom companies prefer expense management solutions to analyze all the finances and identify cost-saving opportunities.
Enterprise Size Segment Analysis
Based on enterprise size, the SaaS-based expense management market is bifurcated into large enterprises and small and medium scale enterprises. The large enterprise segment dominated the market in 2022, as major global enterprises heavily adopted these services for fast and effective solutions. Expense management solutions are necessary for large enterprises to keep a record of all their expenses and with the transparency and better analytics of these solutions, large enterprises are able to manage their finances in a better way.
The small and medium scale enterprises segment is projected to register a considerable CAGR during the forecast period owing to the rising adoption of cloud services by SMEs to reduce their expenses and efficient operations. SMEs are adopting expense management software for seamless collaborations with other companies regarding accounting.
Most SMEs partner with third-party companies for expense management services and solutions. With the help of a SaaS-based expense management solution, SMEs are able to keep track of their year-on-year growth based on expenses and profits. Growing preference for SaaS-based solutions by small businesses is expected to fuel the segment.
End-user Industry Segment Analysis
Based on end-user industry, the SaaS-based expense management market is segmented into energy & utility, manufacturing, healthcare, media & entertainment, travel & tourism, IT & telecom, BFSI, e-commerce & retail, government & public sector, and others. The IT & telecom segment is expected to register a robust growth during the forecast period due to the increasing demand for fast and reliable expense management solutions.
Expense management solutions help IT & Telecom companies manage employee salaries and company finances. Moreover, IT organizations use expense management solutions to simplify their expenses and reconciliation processes. With the help of these solutions, organizations are able to automate expense report submission, manage travel bookings, and track expense claims in real time. The need for fast and efficient expense management solutions is expected to increase, as the global IT & telecom industry is expanding at a rapid pace, creating favorable opportunities for the market.
Regional Analysis
In terms of region, the global SaaS-based expense management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the rising popularity and adoption of SaaS-based solutions across various industries. For instance,
-
According to the recently published report, the North America SaaS industry is expanding at a CAGR of 5.7% (2023-2028) and is projected to reach around USD 197 bn in 2028.
The presence of major IT services companies in North America is a key factor driving the demand for SaaS-based expense management services and solutions in the region. These solutions are majorly used in the IT sector to track all organizational expenditures. These solutions help organizations analyze their expenses and improve solutions to manage their finances.
The rapidly growing BFSI industry poses a lucrative opportunity in the market, as SaaS-based services are gaining rapid popularity in the industry. Companies in the BFSI industry are heavily investing in expense management solutions for lucrative growth.
Segments
The SaaS-based Expense Management Market has been segmented based on
Component
- Service
- Solutions
Type
- Travel and Expense Management
- Telecom Expense Management
Enterprise Size
- Large Enterprise
- Small and Medium Scale Enterprise
End-user Industry
- Energy & Utility
- Manufacturing
- Healthcare
- Media & Entertainment
- Travel & Tourism
- IT & Telecom
- BFSI
- E-commerce & Retail
- Government & Public Sector
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Apptricity
- Concur Technologies, Inc.
- Emburse, Inc.
- Infor
- Insperity
- IBM CORPORATION
- Oracle
- SAP SE
- SutiSoft, Inc.
- Zoho Corporation Pvt. Ltd.
Competitive Landscape
Key players competing in the global SaaS-based expense management market are Apptricity; Concur Technologies, Inc.; Emburse, Inc.; Infor; Insperity; IBM CORPORATION; Oracle; SAP SE; SutiSoft, Inc., and Zoho Corporation Pvt. Ltd.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
-
On December 7, 2023, Emburse, a leader in travel and expense (T&E) management, announced a partnership with Mastercard as the new payments network for Emburse Cards. The partnership is expected to help modern finance teams embrace digital economy and make purchase transactions simple, smart, and safe.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. SaaS-based Expense Management Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. SaaS-based Expense Management Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. SaaS-based Expense Management Market - Supply Chain
4.5. Global SaaS-based Expense Management Market Forecast
4.5.1. SaaS-based Expense Management Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. SaaS-based Expense Management Market Size (000’ Units) and Y-o-Y Growth
4.5.3. SaaS-based Expense Management Market Absolute $ Opportunity
5. Global SaaS-based Expense Management Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. SaaS-based Expense Management Market Size and Volume Forecast by Types
5.3.1. Travel and Expense Management
5.3.2. Telecom Expense Management
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global SaaS-based Expense Management Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. SaaS-based Expense Management Market Size and Volume Forecast by End Users
6.3.1. Energy & Utility
6.3.2. Manufacturing
6.3.3. Healthcare
6.3.4. Media & Entertainment
6.3.5. Travel & Tourism
6.3.6. IT & Telecom
6.3.7. BFSI
6.3.8. E-commerce & Re
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global SaaS-based Expense Management Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. SaaS-based Expense Management Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global SaaS-based Expense Management Demand Share Forecast, 2019-2026
8. North America SaaS-based Expense Management Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America SaaS-based Expense Management Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America SaaS-based Expense Management Market Size and Volume Forecast by Types
8.4.1. Travel and Expense Management
8.4.2. Telecom Expense Management
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America SaaS-based Expense Management Market Size and Volume Forecast by End Users
8.7.1. Energy & Utility
8.7.2. Manufacturing
8.7.3. Healthcare
8.7.4. Media & Entertainment
8.7.5. Travel & Tourism
8.7.6. IT & Telecom
8.7.7. BFSI
8.7.8. E-commerce & Re
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America SaaS-based Expense Management Demand Share Forecast, 2019-2026
9. Latin America SaaS-based Expense Management Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America SaaS-based Expense Management Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America SaaS-based Expense Management Market Size and Volume Forecast by Types
9.4.1. Travel and Expense Management
9.4.2. Telecom Expense Management
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America SaaS-based Expense Management Market Size and Volume Forecast by End Users
9.7.1. Energy & Utility
9.7.2. Manufacturing
9.7.3. Healthcare
9.7.4. Media & Entertainment
9.7.5. Travel & Tourism
9.7.6. IT & Telecom
9.7.7. BFSI
9.7.8. E-commerce & Re
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America SaaS-based Expense Management Demand Share Forecast, 2019-2026
10. Europe SaaS-based Expense Management Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe SaaS-based Expense Management Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe SaaS-based Expense Management Market Size and Volume Forecast by Types
10.4.1. Travel and Expense Management
10.4.2. Telecom Expense Management
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe SaaS-based Expense Management Market Size and Volume Forecast by End Users
10.7.1. Energy & Utility
10.7.2. Manufacturing
10.7.3. Healthcare
10.7.4. Media & Entertainment
10.7.5. Travel & Tourism
10.7.6. IT & Telecom
10.7.7. BFSI
10.7.8. E-commerce & Re
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe SaaS-based Expense Management Demand Share Forecast, 2019-2026
11. Asia Pacific SaaS-based Expense Management Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific SaaS-based Expense Management Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific SaaS-based Expense Management Market Size and Volume Forecast by Types
11.4.1. Travel and Expense Management
11.4.2. Telecom Expense Management
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific SaaS-based Expense Management Market Size and Volume Forecast by End Users
11.7.1. Energy & Utility
11.7.2. Manufacturing
11.7.3. Healthcare
11.7.4. Media & Entertainment
11.7.5. Travel & Tourism
11.7.6. IT & Telecom
11.7.7. BFSI
11.7.8. E-commerce & Re
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific SaaS-based Expense Management Demand Share Forecast, 2019-2026
12. Middle East & Africa SaaS-based Expense Management Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa SaaS-based Expense Management Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa SaaS-based Expense Management Market Size and Volume Forecast by Types
12.4.1. Travel and Expense Management
12.4.2. Telecom Expense Management
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa SaaS-based Expense Management Market Size and Volume Forecast by End Users
12.7.1. Energy & Utility
12.7.2. Manufacturing
12.7.3. Healthcare
12.7.4. Media & Entertainment
12.7.5. Travel & Tourism
12.7.6. IT & Telecom
12.7.7. BFSI
12.7.8. E-commerce & Re
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa SaaS-based Expense Management Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global SaaS-based Expense Management Market: Market Share Analysis
13.2. SaaS-based Expense Management Distributors and Customers
13.3. SaaS-based Expense Management Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Apptricity
13.4.2. Concur Technologies, Inc.
13.4.3. Emburse, Inc.
13.4.4. Infor
13.4.5. Insperity
13.4.6. IBM CORPORATION
13.4.7. Oracle
13.4.8. SAP SE
13.4.9. SutiSoft, Inc.
13.4.10. Zoho Corporation Pvt. Ltd.
Methodology
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