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How much is the saas-based expense management market worth, and how is it expected to expand?
The SaaS-based expense management market size has grown rapidly in recent years. It will grow from $5.6 billion in 2024 to $6.55 billion in 2025 at a compound annual growth rate (CAGR) of 16.9%. 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 $12.05 billion in 2029 at a compound annual growth rate (CAGR) of 16.5%. 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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Which industry factors have accelerated the saas-based expense management market’s expansion?
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 July 2024, according to the Global Business Travel Association, a US-based premier business travel and meetings organization, global business travel spending is projected to rise by 11.1% in 2024, following substantial year-over-year growth rates of 30% to 47% in 2022 and 2023. Growth is anticipated to gradually moderate thereafter, leading to a compound annual growth rate of 6.95% from 2025 to 2028. Therefore, the increase in the business travel is driving the growth of the SaaS-based expense management market.
What are the primary segments of the saas-based expense management market?
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
Subsegments:
1) By Travel And Expense Management: Corporate Travel Expense Management, Employee Reimbursement Management
2) By Telecom Expense Management: Mobile Expense Management, Fixed Line Expense Management
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Which firms are leading the saas-based expense management market?
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.
Which market trends are set to define the future of the saas-based expense management market?
Major companies operating in the SaaS-based expense management market are focusing on introducing intelligent and advanced solutions such as DIY expense automation platforms, to help businesses optimize their expense management processes. DIY expense automation platforms are software solutions that allow companies and individuals to automate the process of expense management and reporting without extensive technical knowledge or external assistance. For instance, in June 2023, Zaggle Prepaid Ocean Services Pvt. Ltd., an India-based software company, launched XPNS, a do-it-yourself software as a service platform for automating employee expenses that intends to reduce the costs associated with processing expenses, enhance cash flow planning, and produce financial savings for organizations. XPNS is a user-friendly platform that streamlines the entire expenditure management process from filing to payment. It enables companies to transition in less than 30 minutes from entirely manual to fully automated expenditure workflows, cutting expense management time and costs by 75%.
Which geographic trends are shaping the saas-based expense management market, and which region has the highest market share?
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.
What Does The SaaS-based Expense Management Market Report 2025 Offer?
The saas-based expense management market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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