The Global SaaS-based Expense Management Market size is expected to reach $6.6 billion by 2028, rising at a market growth of 11.2% CAGR during the forecast period.
The employee expenses are tracked using a SaaS-based expense management service, which also calculates the organization's reimbursement costs. Additionally, it puts into practice the rules & regulations in place to curb overspending. Additionally, it is affordable, eliminates errors, and offers analytics tools for a greater understanding of the financial health of the organization. SaaS-based expenditure management software also gives users and enterprises visibility into areas that require improvement, such as more effective expense management & enhanced business processes.
The old approach of gathering spending information involved printing duplicates of the paper, including receipts, & forwarding reports to managers who either approved them or returned them to the individual for revision. With the advent of automated expense management software, the procedure has become quick & easy. The software shares the report for approval when the employee submits it. Following approval, the report-based reimbursement amount is automatically credited to the payroll. The software automatically transmits the report to a different approver if the manager is out of the office. The cost and time associated with managing these operations are decreased with the use of expense management software.
Increased use of mobile devices & app-based services, as well as rising adoption of SaaS-based expense management solutions across industrial sectors, are factors influencing the SaaS-Based Expense Management market. Also, the growing trend of business outsourcing in the economy and the uptake of SaaS technology across a number of industry verticals have an impact on the market expansion.
All businesses must keep tabs on their whole cost of operations, which includes managing spending. For repayment of out-of-pocket expenses, employees are required to submit expense reports. To help ensure that the business can deduct all necessary expenses, managers must approve such expenses for reimbursement, monitor how much is spent on T&E (travel and expense), and document everything for tax purposes.
The COVID-19 pandemic has had a significant impact on enterprises all across the world. The lockdown imposed by many governments has positively impacted the growth of SaaS-based expenditure management systems. Due to an increase in the culture of working from home around the world, the market is anticipated to expand quickly following the pandemic. After COVID-19, businesses are focused on cutting-edge technology to undertake contactless operations across industries like BFSI, healthcare, IT & telecom, and AI (artificial intelligence), ML (machine learning), IoT (internet of things), and analytics.
SaaS is a new technology that enables businesses to access & store data online. Some of the important features of SaaS technology are flexibility, scalability, reliability, & agility. Also, SaaS somewhat lowers a company's IT infrastructure costs, which is the major element in the rising use of SaaS-based expense management solutions by businesses and the subsequent expansion of the market. Businesses are investing increasingly in mobile SaaS as well as app-based solutions as smartphones are becoming an essential part of people's lives that allow for simple access to information whenever & wherever.
When it comes to processing expenses, the adage "time is money" could not have been more true. While expense management doesn't produce income, it is a necessary task for every company to perform in order to stay on track. Accurate, simple to use, as well as straightforward is how to describe cloud-based expense management software. The difficult job has already been completed on the backend. Users only need to enter the relevant data & numbers at this point. Cost control is ensured by using an automated cloud-based expense management system because there is very little potential for human error.
Employees are capable of forging expenses & receipts and submitting them to the finance department without detection. The corporation might be paying more than necessary as a result. However, users can be sure that expenses can be recorded in real-time as well as easily verified with an effective expense management system, particularly automated ones. In order to properly monitor every step of the spending process, the companies also improve transparency.
Based on the component, the SaaS-based Expense Management market is segmented into solution & services. In 2021, the services segment acquired a substantial revenue share in the SaaS-based expense management market. Adoption of SaaS-based expense management services simplifies software implementation, increases the value of a current installation by optimizing it, and reduces deployment costs & risks, due to this, the demand for such services is increasing resulting in market growth.
On the basis of vertical, the SaaS-based expense management market is categorized into telecom & IT, BFSI, manufacturing, retail & e-commerce, government & public sector, healthcare & life sciences, media & entertainment, energy & utilities, travel & tourism, and others. The healthcare segment procured a significant revenue share in the SaaS-based expense management market in 2021. Because of the better end-to-end security with regard to patient data, cost advantages, & greater connection benefits that it provides to users, SaaS-based expense management is becoming more and more popular in the healthcare sector.
By type, the SaaS based expense management market is bifurcated into travel & expense management and telecom expense management. The travel & expense management segment led the SaaS-based expense management market with the highest revenue share in 2021. To organize financial processes and improve an enterprise's overall operational efficiency, businesses are implementing SaaS-based travel and expense management solutions.
Based on enterprise size, the SaaS based expense management market is divided into large enterprises & small & medium-scale enterprise. The small & medium enterprise segment acquired a significant revenue share in the SaaS based expense management in 2021. This is due to the growing adoption of cloud-based SaaS-based expense management in SMEs because of cheaper costs and easier maintenance. Additionally, it offers adaptability and scalability to improve business operations, driving the growth of the SaaS-Based Expense Management market.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 3.2 Billion |
| Market size forecast in 2028 | USD 6.6 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 11.2% from 2022 to 2028 |
| Number of Pages | 286 |
| Number of Tables | 479 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Type, Organization size, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the SaaS-based Expense Management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2021, North America region led the solar charge controller market. Due to the increased adoption of SaaS-based expense management in the banking and finance, manufacturing, & healthcare industries to enhance operations and customer experiences, this region is expecting high demand for SaaS based expense management.
Free Valuable Insights: Global SaaS-based Expense Management Market size to reach USD 6.6 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, IBM Corporation, SAP SE, Apptricity Corporation, Insperity, Inc., SutiSoft Inc., Emburse, Inc. (Certify), Infor, Inc. (Koch Industries), and Zoho Corporation Pvt. ltd.
By Component
By Vertical
By Organization size
By Type
By Geography
The SaaS-based Expense Management Market size is projected to reach USD 6.6 billion by 2028.
Increase In The Use Of Mobile Apps & Smartphones are driving the market in coming years, however, Chances of fraud & non-compliance rising restraints the growth of the market.
Oracle Corporation, IBM Corporation, SAP SE, Apptricity Corporation, Insperity, Inc., SutiSoft Inc., Emburse, Inc. (Certify), Infor, Inc. (Koch Industries), and Zoho Corporation Pvt. ltd.
The Large Enterprises segment acquired maximum revenue share in the Global SaaS-based Expense Management Market by Organization size in 2021 thereby, achieving a market value of $4.3 billion by 2028.
The Solution segment is leading the Global SaaS-based Expense Management Market by Component in 2021 thereby, achieving a market value of $4.4 billion by 2028.
The North America market dominated the Global SaaS-based Expense Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.6 billion by 2028.
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