SaaS-based Expense Management Global Market Report 2024

The SaaS-based expense management market size has grown rapidly in recent years. It will grow from $4.81 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The expansion witnessed in the historical period can be attributed to several factors, including the increased adoption of cloud technology, the surge in remote work trends, growth in business travel, heightened demand for real-time reporting, and a greater focus on enhancing 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 anticipated growth in the forecast period is expected to be driven by the growing adoption of artificial intelligence, heightened focus on data security, increased emphasis on cost optimization, rising adoption of subscription-based models, and growing demand for mobile expense management solutions. Key trends expected in the forecast period include the integration of artificial intelligence, the prioritization of mobile-first solutions, ongoing technological advancements, implementation of role-based access controls, and increased utilization of cloud-based solutions.

The anticipated rise in business travel is poised to propel the expansion of the SaaS-based expense management market in the foreseeable future. Business travel encompasses the travel undertaken by employees or representatives for work-related purposes, such as meetings, conferences, client visits, and sales pitches. SaaS Expense Management platforms play a crucial role in enforcing company expense policies by identifying non-compliant expenses and issuing real-time notifications and alerts to employees and managers. This ensures that expenses incurred during business travel align with 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 players in the SaaS-based expense management market are concentrating on introducing intelligent and advanced solutions, such as do-it-yourself (DIY) expense automation platforms, to assist businesses in optimizing their expense management processes. DIY expense automation platforms are software solutions designed to enable companies and individuals to automate expense management and reporting without requiring extensive technical expertise or external assistance. For instance, in June 2023, Zaggle Prepaid Ocean Services Pvt. Ltd., an India-based software company, launched XPNS, a user-friendly software as a service platform for automating employee expenses. XPNS aims to reduce processing costs, improve cash flow planning, and generate financial savings for organizations. The platform streamlines the entire expense management process from filing to payment, allowing companies to transition from manual to fully automated expense workflows in less than 30 minutes, thereby reducing expense management time and costs by 75%.

In August 2023, LeaseQuery LLC, a US-based software company, acquired Stackshine Inc. for an undisclosed sum. This acquisition enables LeaseQuery to offer a more comprehensive and integrated solution for managing financial and operational processes, with a focus on optimizing lease-related and SaaS-related costs and operations. Stackshine Inc. is a US-based software company specializing in SaaS spend management.

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.

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

SaaS-based expense management involves utilizing Software as a Service (SaaS) solutions to simplify and automate expense management processes. These platforms provide tools for capturing, categorizing, approving, and reporting expenses incurred. Accessible through web browsers or mobile applications, they eliminate the need for on-premises software installations and allow remote access from anywhere with internet connectivity.

The primary categories of SaaS-based expense management include travel and expense management and telecom expense management. The travel and expense management segment focuses on solutions tailored to streamline and automate travel-related expenses, covering aspects such as bookings, reimbursements, and compliance. These solutions comprise both software and services and can be deployed on cloud or on-premises infrastructure. They cater to businesses of varying sizes, including large enterprises and small to medium-sized enterprises (SMEs), across a diverse range of industries such as manufacturing, media and entertainment, healthcare, travel and tourism, energy and utilities, information technology and telecommunications, retail and e-commerce, banking, financial services and insurance (BFSI), government and public sector, among others.

The SaaS-based expense management market research report is one of a series of new reports that provides SaaS-based expense management market statistics, including SaaS-based expense management industry global market size, regional shares, competitors with a SaaS-based expense management market share, detailed SaaS-based expense management market segments, market trends and opportunities, and any further data you may need to thrive in the SaaS-based expense management industry. This SaaS-based expense management 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 SaaS-based expense management market consists of revenues earned by entities by providing services such as expense tracking, expense tracking, and multi-currency support services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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