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The global expense management software market is predicted to touch USD 6,599.2 million at a 12.4% CAGR over the forecast period (2018-2025), states the new Market Research Future (MRFR) report. Expense management is a system which businesses use for processing, paying, and auditing their business spend. Such costs generally include entertainment and employee travel. Besides, they are also used by sole traders for managing and monitoring their business spending.
Automation of reimbursement, itemized report creation, and receipt tracking are the key benefits of expense management software. Most enterprises are moving towards this software for the easy accessibility of the application. This software allows enterprises in scrutinizing and automating the reimbursement process. Moreover, expense management software also helps in preventing human error and fraud in the expense management process.
Various factors are propelling the expense management software market growth. These factors, as stated by the MRFR report, include advancements in network technologies such as 3G, 4G/LTE, and the emergence of 5G, increased disposable income, and lowered prices of smartphones.
On the contrary, security concerns and lack of interoperability are factors that may hinder the Expense Management Software Market growth over the forecast period.
The prominent vendors in the global expense management software market include Workday Inc. (U.S.), SAP Concur (U.S.), IBM Corporation (U.S.), Intuit Inc. (U.S.), Zoho Corporation Pvt. Ltd (India), Sodexo (France), Expensify (U.S.), Infor Inc. (U.S.), Insperity (U.S.), Xero Limited (New Zealand), Oracle (U.S.), Coupa Software Inc. (U.S.) and others.
Region-wise, the expense management software market report covers growth opportunities and the latest trends across Europe, United States, Japan, China, Southeast Asia, and India. Among, the US will have the maximum share in the market over the forecast period. It is predicted to touch USD 2,510.3 million at a 12.0% CAGR. The expense management software market in North America is propelled by the growing adoption of mobile applications in enterprises and the presence of key players in the region such as Expense Path Inc., YourPeople Inc., SumTotal Systems LLC, SAP Concur, Replicon, IBM Corporation, and Oracle. As the solutions provided by these companies include differentiated products that improve the market experience, the expense management software market in this region will benefit to a large extent.
The expense management software market in India is predicted to touch USD 593.3 million at a 14.1% CAGR over the forecast period.
The expense management software market in Europe is predicted to have favorable growth over the forecast period. It is expected to touch USD 1,615.5 million at an 11.0% CAGR over the forecast period.
The MRFR report provides a wide segmental analysis of the expense management software market based on end user and type.
Based on type, the expense management software market is segmented into mobile terminal, PC terminal, and others. Of these, the PC terminal segment will have the largest share in the market over the forecast period. This will be followed by the mobile terminal segment. The demand for the PC terminal segment is owing to the growing need to improve employee efficiency and productivity that can be attained by decreasing the time used for creating, submitting, reviewing, and approving the expense report.
Based on end user, the expense management software market is segmented into large businesses, midsized businesses, and small businesses. Of these, the large enterprises segment is predicted to dominate the market over the forecast period. It is predicted to touch USD 4,193.0 million at an 11.6% CAGR. The expense management software helps large-sized businesses with inbuilt tools and mobile applications, which help to streamline organization expenditure processing and also reduce the time associated with it.
TABLE OF CONTENTS
1 Executive Summary
2 Market Introduction
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Market Structure
3 Market Insights
4 Research Methodology
4.1 Research Process
4.2 Forecast Model
5 Market Dynamics
5.2.1 Centralization Of Enterprise Expense-Related Data
5.2.2 Increase In The Adoption Of Mobile Applications To Monitor Expenses
5.3.1 Lack Of Interoperability And Security Concerns
5.4.1 Integration With Predictive Analytics
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