Market Overview —
The global expense management software market is expected to exhibit rapid growth at a CAGR of 12.4% over the forecast period from 2018 to 2025, according to the latest research report published by Market Research Future (MRFR). The report provides a detailed analysis of the global expense management software market, including an assessment of the market’s leading players, major drivers and restraints, and dominant segments. The global Expense Management Software Market is expected to reach a valuation of USD 6,599.2 million by the end of the forecast period.
Expense management software has emerged as a major need in the corporate sector in recent years due to the growing demand to automate the clerical parts of human resource management and increase the human interaction from the HR department. Expense management has always been one of the most important part of any corporate organization, as the entire operation can be depicted in terms of the flow of money in and out of the organization and even minor fluctuations in one part of the organization can result in unpredicted expenditures in entirely different parts. The human angle in expense management also left a risk of embezzlement and theft, as human employees were in charge of the process of managing and monitoring expenses.
All this has changed due to the adoption of expense management software. Expense management software programs can collate all of the organization’s financial activities in one central unit, making it easier for the management to monitor and analyze the cash flow. The use of software in place of humans also drastically reduces the risk of mistakes, as software programs offer unerring accuracy. Expense management software can also be conjoined to other arms of the organization, such as employee performance monitoring and attendance monitoring, allowing the management to access any parameter of an employee at the click of a button.
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However, the problem of interoperability across different platforms and the threat of cybercrime through the expense management software have held back the expense management software market in recent years. Thus, the development of all-inclusive HR suites that are equipped with the latest-in-the-line security services is likely to be a favored tactic for players in the global expense management software market over the forecast period.
July 2019 - Sweep, a new corporate expense management company has made its debut recently, targeting small businesses and startups with automated spend tracking. It will help SMBs, startups, and freelancers in automating their spend management operations and remaining compliant in the era of PSD2 and GDPR.
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.
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.
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.
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