SaaS-based Expense Management Market

SaaS-based Expense Management Market Research, 2031

The global saas-based expense management market was valued at $3.7 billion in 2021, and is projected to reach $12.7 billion by 2031, growing at a CAGR of 13.41% from 2022 to 2031.

Key players operating in the market are facing minimal impact of the COVID-19 outbreak as compared to most of industries. This is attributed to the fact that these players are investing in SaaS-based expense management solution and adopting different strategies related to employee relation, business intelligence, and reimbursement management to keep pace with rising employee retention. Additional features such as elimination of data loss, future readiness, keeping connected, optimization, and systemization of customer information will be available as a default part of the service.

SaaS-based expense management solution tracks the employee spending and determines the organization reimburse costs. It further applies the procedures and policies used to control the excessive spending. In addition, it is cost-effective as well as eliminates the errors and provides advanced analytics for a deeper insight to the organization’s financial health. In addition, SaaS-based expense management software provides businesses and users with visibility into areas that need improvement, including managing expenses more efficiently and improving business operations. .

The saas-based expense management market is segmented into Component, Type, Enterprise Size and Industry Vertical. By component, the market is segregated into solution and service. On the basis of type, it is segregated into travel expense management and telecom expense management. Depending on industry vertical, it is segregated into manufacturing, media & entertainment, healthcare, travel & tourism, energy & utility, IT & telecom, retail & e-commerce, BFSI, government & public sector, and others. As per organization size, it is categorized into small & medium-sized enterprises and large enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of component, the solution segment dominated the Software as a Service Expense Management Market in 2021, and is expected to continue this trend during the forecast period. this is attributed to the fact that the adoption of SaaS-based expense management solution streamlines the business process, eliminates the manual process, and reduces the time & costs, which further fuel the growth of the market. However, services segment is expected to exhibit the highest market growth in the upcoming years. The adoption of SaaS-based expense management services enhance software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks, which fuel the growth of the market.

On the basis of organization size, the large enterprise size captured the largest SaaS-Based Expense Management Industry share in 2021, and is expected to continue this trend throughout the forecast period. There is an increase in the adoption of SaaS-based expanse management platform among large enterprises, due to rise in complexity in the business operations and need of easy process, which lead to high competition across industries. In addition, as organizations expand, this balancing act becomes even more difficult. Furthermore, large enterprises are integrating their large volume of data in the cloud to augment their speed, accuracy, and value chain scalability, which is opportunistic for the market. However, small & medium-sized enterprises segment is expected to garner the highest share in the upcoming years, owing rise in the adoption of cloud-based SaaS-based expense management in SMEs, due to lower cost and easier maintenance. In addition, it provides flexibility and scalability to boost business process, thus propelling SaaS-Based Expense Management Market Growth.

North America dominated the SaaS-Based Expense Management Market Share, owing to increase in usage of SaaS-based expense management in banking & finance, manufacturing, and healthcare sectors to improve businesses and the customer experience. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of smartphone or app-based SaaS-based expense management and higher adoption of cloud-based technologies, further drive the growth of the market in this region.

Impact of COVID-19 on the SaaS-based expense management market trends

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. Current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The market is expected to grow rapidly after the pandemic, owing to rise in adoption of work-from-home culture across the globe. The global COVID-19 pandemic has drastically affected businesses across the globe. It has affected positively on adoption of SaaS-based expense management services, due to lockdown imposed by governments of different countries . Post COVID-19 situation, companies are focusing on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of Things (IOT), cloud computing, and analytics across industries such as BFSI, healthcare, and IT & telecom to perform contactless operation. This factor is expected to create demand for SaaS-based software or services, which drives adoption of the growth of the SaaS-based expense management market globally. Moreover, the pandemic has introduced considerable challenges for companies, which are trying to execute key processes, report accurately with data spread over multiple locations, operate complex systems, and efficiently communicate with teammates; particularly where there is no infrastructure for such processes. Hence, more number of companies are investing in SaaS based technology, which is anticipated to provide lucrative opportunities for the market growth. SaaS-based expense management solution provides limitless scalability and continuous enhancement of functionality, which are critical in accomplishing digital transformation, thus boosting the growth of the market.

Top Impacting Factors   

The global SaaS-Based Expense Management Industry is impacted by increase in use of smart phones and app-based services and increasing usage of SaaS-based expense management solution among the industrial verticals propel the growth of the market. In addition, the market growth is affected by lack of security of data over cloud platform and high initial investment for SaaS-based application. Furthermore, increase in trend of business outsourcing in global economy as well as adoption of SaaS technology in the various industry verticals influence the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global market during the SaaS-Based Expense Management Market Forecast.

Rise in adoption of smart phones and app-based services

SaaS is an emerging technology, which allows enterprises access and storage of data online. Agility, scalability, reliability, and flexibility are some of the major characteristics associated with SaaS technology. In addition, SaaS reduces the cost of IT infrastructure cost of a company to some extent, which acts as the is the prime reason behind increased adoption of SaaS-based expense management solutions among companies, thereby strengthening the market growth. With smart phones becoming an integral part of individuals, enterprises are spending more on mobile SaaS and app-based applications for easy accessibility to information anytime and anywhere. Furthermore, smart phones and app-based SaaS allow individuals to synchronize, update, and control documents. Thus, the adoption of SaaS for smart phones and app-based services is expected to increase in the future, which is likely to drive the market growth across the globe.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the saas-based expense management market analysis from 2021 to 2031 to identify the prevailing saas-based expense management market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the saas-based expense management market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global saas-based expense management market trends, key players, market segments, application areas, and market growth strategies.

 SaaS-based Expense Management Market Report Highlights