Global Expense Management Software Market Analysis
Market Research Future (MRFR), in its latest the Expense Management Software Market 2020 states long and short
term effect of COVID-19 on the expense management software industry. The
expense management software market size across different regions are likely to
be largely influence due to coronavirus pandemic. MRFR studied for growth
prospects of the expense management software market across the forecast period
2018-2025. In 2018, the expense management software market valued at USD
2,349.1 Mn. By the end of the review period, the expense management software
market global market can value at USD 6,599.2 Mn by 2025 at 12.4% CAGR in the
forecast period.
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Expense management software tools aid enterprises to
streamline and automate process to deliver expense report management across the
assessment period. Advantages, such as significant reduction in time and
efforts for effortless submission, approval, and employee expense reports
processing, with reimbursing expenses reports and their growing advantages can
boost the expansion of the world expense management software market.
On the downside, the lack of security concerns and
interoperability can deter the growth pace of the market across the review
period. The broader expense portals access by using mobile applications, along
with the rise in demand for visibility towards expenditure are creating
numerous opportunities for the market to expand at a tremendous pace in the
years to come.
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.).
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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