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SaaS-based Expense Management Market Size, Industry Share, Analysis 2024-2033
SaaS-based Expense Management Market Size
According to The Business Research Company's, The SaaS-based expense management market size has grown rapidly in recent years. It will grow from $4.81 billion in 2023 to $5.60 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. 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 $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. 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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Market Drivers and Trends:
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 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.
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%.
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Major Key Players of the Market:
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.
SaaS-based Expense Management Market 2024 Key Insights:
• 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%.
• Business Travel Fuels SaaS Expense Management Market
• Adoption Of Advanced Expense Automation Platforms Driving Efficiency And Cost Savings
• North America was the largest region in the SaaS-based expense management market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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