Report Code : A04094
The SaaS-based expense management market trends in Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to increase in penetration of app-based SaaS-based expense management and higher adoption of cloud-based technologies, which propel the growth of the market in this region. Moreover, the technology environment in Asian countries is expanding, particularly in sectors such as healthcare, retail & e-commerce and BFSI. Governments in the region are continually emphasizing on investing in IT operations regarding various industries, allowing businesses to adopt new software and services to streamline their business operations. Growing digitalization towards system, is expected to provide lucrative growth opportunities for the market in this region
Vineet Kumar - Manager
ICT and Media at Allied Market Research
According to a new report published by Allied Market Research, titled, “SaaS-based Expense Management Market," The saas-based expense management market was valued at $3.7 billion in 2021, and is estimated to reach $12.7 billion by 2031, growing at a CAGR of 13.41% from 2022 to 2031.
The global SaaS-based expense management market was valued at $3,680.0 million in 2021, and is projected to reach $12,691.53 million by 2031, growing at a CAGR of 13.4% from 2022 to 2031. Rise in penetration of internet is encouraging creation and usage of innovative material, as well as development of new technologies in smartphones. These developments have resulted in rapid deployment of Software as a Service Expense Management system. Furthermore, availability of advanced and robust IT infrastructure is expected to offer potential growth opportunities for the SaaS-based expense management market. However, security breaches are a concern of SaaS-based expense management solution, which hampers the market growth. Conversely, companies are adopting artificial intelligence (AI) services for security reasons, which is beneficial for the expansion of the SaaS-based expense management market during the SaaS-Based Expense Management Market Forecast.
On the basis of type, the travel and expense management segment dominated the overall SaaS-Based Expense Management Market Share in 2021 and is expected to continue this trend during the forecast period. Companies are adopting SaaS-based travel and expense management solution to enhance organizing financial activities as well as boost the overall operational performance of an enterprises. In addition, corporations are improving their business operation to enhances their clients experience through using virtual technologies, thus driving the growth of the market. However, the telecom expense management segment is expected to witness the highest SaaS-based expense management market growth in the upcoming year. Telecom enterprise is witnessing a speedy growth, due to growing use of mobile gadgets amongst individuals. This gives several possibilities to the enterprise. Moreover, SaaS-based telecom expense management solution performs a pivotal function in putting off inefficiencies in commercial enterprise activities and requirement of deploying and managing infrastructure of telecom enterprise. Such advantages propel the growth of this segment.
Depending on industry vertical, the IT & telecom sector dominated the growth in 2021 and is expected to continue this trend during the forecast period. SaaS-based expense management software plays a pivotal role in eliminating inefficiencies in business activities and requirement of deploying and managing infrastructure of the IT &telecom industry. In addition, it provides limitless scalability and continual enhancement of functionality, which are critical in accomplishing digital transformation, thus boosting the growth of the market in this sector. However, healthcare sector is expected to witness the highest growth in the upcoming year. The SaaS-based expense management is gaining popularity in the healthcare sector, owing to enhanced end to end security with patient data, cost benefits, and improved connectivity benefits that it offers to users. In addition, increase in digitalization and better graphical user interaction further boost the demand for SaaS-based expense management in the healthcare sector.
Post COVID-19, the SaaS-based expense management market size was valued at $4,090.69 million in 2022, and is projected to reach $12,691.53 million by 2031, growing at a CAGR of 13.41% from 2022 to 2031. Governments and businesses increasingly adopted work-from-home trend or shifted working employees in less affected areas to maintain business continuity during the pandemic. However, the situation accelerated the adoption of advanced technologies such as AI, ML automation, and virtualization to control costs while improving customer experience. Furthermore, in the manufacturing sector, the pandemic pushed manufacturers to rapidly adopt novel strategies to address work-from-home policies and manage uncertain supply chains and extreme swings in demand. Hence, the manufacturing industry players are rapidly adopting SaaS-based software and other tech tools to stay engaged with employees anytime, anywhere.
KEY FINDINGS OF THE STUDY
This report gives an in-depth profile of some key market players in the SaaS-based expense management market, include Apptricity Corporation, Ariba, Inc., Concur Technologies, Expensify, IBM Corporation, Infor Global Solutions, Inc., Insperity, Inc., Nexonia, Oracle Corporation and Sutisoft, Inc. This study includes market trends, SaaS-Based Expense Management Market Analysis, and future estimations to determine the imminent investment pockets.
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SaaS-based Expense Management Market by Component (Solution, Services), by Type (Travel and Expense Management, Telecom Expense management), by Enterprise Size (Large Enterprise, Small and Medium Scale enterprise), by Industry Vertical (Manufacturing, Media and Entertainment, Healthcare, Travel and Tourism, Energy and Utility, IT and Telecom, Retail and E-commerce, BFSI, Government and Public Sector, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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