Global Expense Management Software Market Analysis
The global Expense Management Software Market size is predicted to touch
USD 6,599.2 million at a 12.4% CAGR between 2019- 2025 states the recent Market
Research Future (MRFR) analysis. 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.
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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Industry Highlights
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.
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.
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.
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.
Regional Analysis
North America will dominate the expense management
software market over the forecast period. The US holds the utmost share in the
market, which is predicted to touch USD 2,510.3 million at a 12.0% CAGR by
2025.
The global expense management software market in the
APAC region is predicted to grow at a fast pace over the forecast period.
Growing demand for expense management software and a rise in per capita income
are adding to the global expense management market growth in the region. It is
predicted to touch USD 593.3 million at a 14.1% CAGR by 2025.
The global expense management market in Europe is
predicted to have healthy growth over the forecast period. It is likely to
touch USD 1,615.5 million at an 11.0% CAGR by 2025.
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