Overview and Scope
SaaS-based expense management refers to the use of Software as a Service (SaaS) solutions to streamline and automate the process of managing expenses. These platforms offer tools for capturing, categorizing, approving, and reporting expenses incurred. These platforms are typically accessed through web browsers or mobile applications, eliminating the need for on-premises software installations and enabling remote access from any location with internet connectivity.
Sizing and Forecast
The SaaS-based expense management market size has grown rapidly in recent years. It will grow from $4.81 billion in 2023 to $5.60 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to increased adoption of cloud technology, growth in remote work trends, growth in business travel, growth in demand for real-time reporting, and increased focus on employee experience.
The SaaS-based expense management market size is expected to see rapid growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to growing adoption of AI, increasing focus on data security, increasing emphasis on cost optimization, rising adoption of subscription-based models, rising demand for mobile expense management. Major trends in the forecast period include artificial intelligence, mobile-first solutions, technological advancements, role-based access controls, and cloud-based solutions.
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Segmentation & Regional Insights
The SaaS-based expense management market covered in this report is segmented –
1) By Type: Travel And Expense Management, Telecom Expense Management
2) By Component: Solution, Services
3) By Deployment: On Cloud, On Premise
4) By Enterprise Size: Large Enterprise, Small And Medium Scale Enterprise
5) By Industry Vertical: Manufacturing, Media And Entertainment, Healthcare, Travel And Tourism, Energy And Utility, Information Technology And Telecommunication, Retail And E-commerce, Banking, Financial Services And Insurance (BFSI), Government And Public Sector, Other Industry Verticals
North America was the largest region in the SaaS-based expense management market in 2023. The regions covered in the SaaS-based expense management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in business travel is expected to propel the growth of the SaaS-based expense management market going forward. Business travel refers to an act where company employees or representatives travel for work-related purposes. This can include travel for meetings, conferences, client visits, training sessions, sales pitches, or any other business-related activity. SaaS Expense Management platforms enforce company expense policies by flagging non-compliant expenses and providing real-time notifications and alerts to employees and managers. This ensures that expenses incurred during business travel adhere to company guidelines and budgets. For instance, in August 2022, according to the World Travel and Tourism Council, a UK-based forum for the travel and tourism industry, in 2020, Travel & Tourism business spending was approximately $700 billion, which rose to approximately $800 in 2021. Therefore, the increase in the business travel is driving the growth of the SaaS-based expense management market.
Key Industry Players
Major companies operating in the SaaS-based expense management market are International Business Machines Corporation, Oracle Corporation, SAP SE, Insperity Inc., Paychex Inc., Infor Global Solutions Inc., Zoho Corporation Pvt. Ltd., Paylocity Corporation, Coupa Software Inc., Xero Limited, Paycor Inc., Emburse Inc., Abacus Labs Inc., Expensify Inc., Divvy Payments Inc., Concur Technologies Inc., Chrome River, Rydoo NV, Nexonia Inc., CyberShift Inc., Expensya SAS, Apptricity Corporation, SutiSoft Inc., Wave Financial Inc.
The saas-based expense management market report table of contents includes:
1. Executive Summary
2. SaaS-based Expense Management Market Characteristics
3. SaaS-based Expense Management Market Trends And Strategies
4. SaaS-based Expense Management Market – Macro Economic Scenario
5. Global SaaS-based Expense Management Market Size and Growth
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31. SaaS-based Expense Management Market Other Major And Innovative Companies
32. Global SaaS-based Expense Management Market Competitive Benchmarking
33. Global SaaS-based Expense Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The SaaS-based Expense Management Market
35. SaaS-based Expense Management Market Future Outlook and Potential Analysis
36.Appendix
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