Global SaaS-based Expense Management market to grow at a CAGR of 19.20% in 2016-2020

Global SaaS-based Expense Management Market 2016-2020

Global SaaS-based Expense Management Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market in the Americas, and the EMEA and APAC regions; it also covers the Global SaaS-based Expense Management market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Global SaaS-based Expense Management market to grow at a CAGR of 19.20 percent over the period 2013-2018.

One of the key factors contributing to this market growth is the need to reduce expenses and operational costs. The Global SaaS-based Expense Management market has also been witnessing the increased adoption of end-to-end expense management solutions. However, the concern over data security could pose a challenge to the growth of this market.

The key vendors dominating this market space are Ariba Inc., Concur Technologies Inc., IBM Corp., and Oracle Corp.

Other vendors mentioned in the report are Apptricity Corp., Cybershift Inc., Insperity Inc.,
Infor Global Solutions Inc., and SutiSoft Inc.

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Commenting on the report, an analyst team said: “End-to-end expense management solutions automate all components of expense management processes such as travel booking, expense reporting, employee reimbursement, and expense analysis. Thus, these automated end-to-end processes cover the whole span of the expense-related process; from travel booking plans to reporting and payments. End-to-end expense management solutions allow the expense manager to have greater control and reduce reporting errors. In addition, this speeds up the process and improves the operational efficiency of the company. With an end-to-end expense management solution in place, companies can significantly lower their expense processing cost compared to companies that do not use any such solution. In addition, end-to-end solutions accelerate the process of reporting expenses, thus providing cost benefits. Hence, to cater to the increasing demand, many vendors are now offering end-to-end expense management solutions that not only have the capability to track expenses, but can also perform historical spend analysis, predictive analysis, and other similar functions.”

According to the report, one of the major drivers in the market is the need to reduce expenses and operational costs. Enterprises are looking for ways to reduce overall business expenses, a large portion of which is usually incurred in employees' travel. This has forced them to automate the process of expense management.

Further, the report states that one of the major challenges in this market is the concern over data security. In a SaaS-based model, there is always a risk of information leakage, which could result in the misuse or manipulation of organizational expense data. Concerns about data security can be a significant barrier for deploying SaaS-based expense management solutions. Also, placing a company's asset information on a digital platform is a major concern unless security mechanisms can be implemented and trusted by the enterprises.

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