Expense Management Software Market 2019 Global Size, Share, Emerging Technologies, Development Status, Opportunities, Competitive Landscape and Regional Forecast to 2025

Market Research Future published a research report on “Expense Management Software Market Research Report - Global Forecast to 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.

Market Overview

Expense management software is considered one of the imperative financial management software tools which assists enterprises automate and streamline the process of expense report management as well as approval. The software helps in significantly reducing time and efforts that are generally required for submitting, approving, and processing employee expense reports, along with reimbursing the expenses. One of the key aspects that encourages growth is to manage as well as curtail enterprise expenses in a time-efficient and systematic manner. Thus, small and medium-sized enterprises along with large enterprises are now adopting expense management software for increasing organizational efficiency by controlling expenses and automating the process of expense reporting.

The Expense Management Software Market is predicted to depict better growth prospects during the forecast period (2018-2025). It had reached the value of USD 2,349.1 million in 2015 and is expected to touch the valuation of USD 6,599.2 million by 2025. The market is projected to depict a vibrant CAGR of 12.4% during the forecast period.

The centralization of expense-related data in enterprises has been beneficial for the growth of the market. Monitoring of employee expenditure as well as controlling costs, increasing productivity, scalability coupled with improving financial security. Continuous developments in network technologies such as 3G, 4G/LTE, combined with emergence of 5G has been vital to the continuously increasing adoption of smartphones and mobile-based applications. Thus, reduction of the prices of smartphones, in addition to the increased disposable income of consumers has resulted in the rapid adoption of smartphones, and subsequent adoption of expense management software.

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However, lack of interoperability and security concerns can hamper market growth. With that said, broader access to expense portals using mobile applications coupled with the increase in demand for visibility into expenditure is bound to offer numerous opportunities for the market to grow at a tremendous pace in the coming years.

Key Players

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.

Segmentation:

The global market for expense management software has segmented based on type and end-user.
Type-based segments in the global expense management software market are PC terminal, mobile terminal, and others. Among these, the PC terminal was the leading segment in the expense management software market, with the market share of 74% in 2017. It is anticipated to reach the value of USD 4,348.3 million by the end of 2025 at an impressive CAGR of 10.8% over the forecast period. The demand for PC terminal is high due to the increasing need for improving employee productivity and efficiency which can be attained by reducing the time taken to create, submit, review and approve the expense report.

Meanwhile, the mobile terminal segment is striving to attain the valuation of USD 2,250.8 million by 2025 at a healthy CAGR of 16.1% from 2018 to 2025. Whereas, the adoption of mobile terminal expense management software aides the supervisors in controlling, managing and analyzing the expense report remotely, all of which have elevated the demand for the same in the global market.

Based on end-user, the market is segmented into small businesses, midsized businesses, and large enterprises. Here, the large enterprises managed to grab the lion’s share in the global expense management software market, obtaining a whopping market share of 67% in 2017. Also, the segment will be obtaining the value of USD 4,193.0 million by the end of 2025, clocking in a CAGR of 11.6% during the review period. The expense management software assists large-sized businesses with mobile applications and inbuilt tools that help streamline organization expense processing as well as reducing the time duration associated with it. Whereas, midsized businesses are presumed to attain a value of USD 1,538.9 million by the end of 2025, accompanied by a CAGR of 14.3% during the review period.

Regional Analysis

The U.S. held a sizeable market share of 39% in 2017 and valued at USD 1,043.2 million, dominating the global market. The market is projected to grow at 12.0% CAGR from 2018 to 2025 to touch USD 2,510.3 million by the end of 2025. The market in North America is largely fueled by the increasing adoption of mobile applications in enterprises as well as the strong presence of solution providers like Oracle, IBM Corporation, Replicon, SAP Concur, SumTotal Systems LLC, YourPeople Inc., Expense Path Inc. As the solutions offered by such companies include highly differentiated products which enhance the customer experience, the market in the region benefits to a large extent.

Whereas, the expense management software market in India is set to expand at USD 593.3 million by the end of 2025 with a CAGR of 14.1% in the coming years.

The Europe market share amounted to 27% in 2017 and was valued at USD 721.9 million, coming a close second to North America. Moreover, it is expected to reach USD 1,615.5 million with a CAGR of 11.0%by the end of the forecast period.

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Intended Audience

• technology Investors
• research/consultancy firms
• technology solution providers
• government bodies
• financial institutes

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Release ID: 494608