Expense Management Software Global Market Report 2024

The expense management software market size has grown rapidly in recent years. It will grow from $5.87 billion in 2023 to $6.62 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The forecasted growth in the upcoming period can be primarily linked to the escalating demand for Voice over Internet Protocol (VoIP) and Internet Protocol (IP) video services. Moreover, the surge in adoption of connected devices, along with the concurrent increase in data traffic, is set to have a positive impact on the digital signal processing market. The extensive utilization of digital signal processor chips in consumer electronics is expected to further drive market growth. Additionally, the rising adoption of Internet of Things (IoT) and connected devices, along with the growing demand for IoT devices and edge computing, will contribute significantly to market expansion.

The expense management software market size is expected to see rapid growth in the next few years. It will grow to $10.82 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The anticipated growth in the forecast period can be attributed to several factors, including advanced analytics and AI applications, which enhance user experience, security, and compliance while enabling real-time reporting and decision-making. Additionally, the trends expected to shape the forecast period include the increased adoption of cloud-based solutions, heightened focus on data security and compliance measures, the implementation of AI-powered automation, integration with financial ecosystems, and the prioritization of mobile-centric solutions. These trends reflect the evolving landscape of digital technologies and underscore the importance of innovation and adaptation in meeting the demands of an increasingly interconnected global marketplace.

The surge in remote work is anticipated to drive the growth of the expense management software market. Remote work, characterized by employees conducting job responsibilities outside traditional office settings, is gaining traction due to its benefits such as improved work-life balance and cost savings. Expense management software facilitates efficient tracking and reimbursement of remote work expenses, thus enabling seamless financial management from any location. For example, the World Economic Forum reported a significant increase in online education enrollment from 71 million in 2020 to 92 million in 2021. Therefore, growing demand for remote work drives the expense management software market.

Leading players in the expense management software market are increasingly focusing on developing advanced solutions to gain a competitive advantage. One such solution is the unified travel-and-expense suite, which integrates functionalities for managing travel bookings and expense reporting onto a single platform. This integration simplifies processes, reduces manual tasks, ensures policy compliance, and enhances control over corporate expenditures. For instance, in February 2022, Coupa introduced a unified travel-and-expense suite aimed at streamlining corporate travel and expense management while maximizing travel budgets.

In July 2023, Medius, a Sweden-based accounts payable automation company, completed the acquisition of Expensya, a France-based expense management software company, for an undisclosed sum. This acquisition enhances Medius's product portfolio with powerful AI-enabled, mobile-first employee spend management solutions and strengthens its presence in the French market. Expensya's expertise and offerings align well with Medius's strategic goals, positioning the company for further growth and market expansion.

Major companies operating in the expense management software market are International Business Machines Corporation, Oracle Corporation, SAP SE, Sodexo S.A., Webexpenses Pty Ltd., Intuit Inc., Workday Inc., Insperity Inc., Infor Inc., Sage Group Plc, Zoho Corporation Pvt. Ltd., Xero Limited, Coupa Software Inc., Payhawk Ltd., The Access Group, Emburse Inc., Expensify Inc., Koch Industries Inc., Chrome River Technologies Inc., Fyle Technologies Pvt. Ltd., SutiSoft Inc., Abacus Labs Inc., VA Tech Ventures Pvt. Ltd., ITILITE Technologies Private Limited, Receipt Bank Limited.

North America was the largest region in the expense management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the expense management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the expense management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Expense management software encompasses a tailored digital solution or platform crafted to simplify and automate the intricate process of monitoring, submitting, validating, and reimbursing business expenditures accrued by staff members. This software serves to enhance cost management within organizations, minimizing paperwork, ensuring adherence to corporate policies and regulatory requirements, and offering insights into expenditure trends.

Expense management software comes in two main types such as PC terminal and mobile terminal. PC terminal software is tailored to be primarily accessed and utilized on personal computers or laptops. It caters to diverse verticals including banking, financial services, and insurance, information technology (IT) and telecommunications, retail and e-commerce, transportation and logistics, manufacturing, government and public sector, and energy and utilities. These solutions cater to various end users, ranging from small businesses to midsized businesses and large enterprises.

The expense management software market research report is one of a series of new reports that provides expense management software market statistics, including expense management software industry global market size, regional shares, competitors with a expense management software market share, detailed expense management software market segments, market trends and opportunities, and any further data you may need to thrive in the expense management software industry. This expense management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The expense management software market consists of revenues earned by entities by providing services such as expense tracking, approval workflows, reporting, and analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The expense management software market also includes sales of expense tracking software, reimbursement software, and budgeting and forecasting software. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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