Soaring Demand Set to Propel SaaS-based Expense Management Market to $12.05 Billion by 2029

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What Is the Expected CAGR for the SaaS-based Expense Management Market Through 2025?
The market size of SaaS-based expense management has seen a swift expansion in the past few years. It is expected to escalate from a $5.6 billion valuation in 2024 to $6.55 billion in 2025, forecasting a compound annual growth rate (CAGR) of 16.9%. The historical growth can be associated with the expanding adoption of cloud technology, the surge in remote work norms, the increase in business travel, higher demand for immediate reporting, and an amplified concentration on employee experience.

What's the Projected Size of the Global SaaS-based Expense Management Market by 2029?
The market size of SaaS-based expense management is projected to experience a swift expansion in the coming years. It is set to rise to $12.05 billion by 2029, escalating at a compound annual growth rate (CAGR) of 16.5%. The predicted surge during the forecast period is due to factors such as burgeoning AI adaptation, heightened attention to data safety, a growing focus on cost-cutting, an upswing in the embracement of subscription-based models, and increased demand for mobile expense management. Key trends expected during the forecast period encompass artificial intelligence, mobile-centric solutions, pioneering technological progress, role-based access management, and solutions reliant on cloud technology.

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Top Growth Drivers in the SaaS-based Expense Management Industry: What's Accelerating the Market?
The surge in business travel is speculated to drive the expansion of the SaaS-based expense management market in the future. The term 'business travel' involves the journeys made by the company workforce or delegates for goals connected to work. It can consist of commuting for gatherings, seminars, client meet-ups, learning programs, sales presentations or any other professional-related activity. SaaS Expense Management systems implement firm expenditure rules by tagging non-adhering expenses and dispersing instant updates and alarms to staff and supervisors. This practice makes certain that expenses incurred in the course of business travels comply with organizational guidelines and budget allocations. For instance, as per the Global Business Travel Association, a leading business travel and meetings organization based in the U.S, the international business travel spending is predicted to witness an upswing of 11.1% in 2024, after impressive annual growth rates of 30% to 47% seen in 2022 and 2023. The growth is deemed to slow down gradually, resulting in a compound annual growth rate of 6.95% during 2025 to 2028. Thus, the increment in business travel is seen as a catalyst for the growth of the SaaS-based expense management market.

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What Trends Will Shape the SaaS-based Expense Management Market Through 2029 and Beyond?
Key players in the SaaS-based expense management market are now focusing on the development and introduction of advanced, intelligent solutions such as DIY expense automation platforms. These platforms are software solutions designed to enable businesses and individuals to automate their expense management and reporting processes without the need for extensive technical expertise or outside help. For example, in June 2023, Zaggle Prepaid Ocean Services Pvt. Ltd., a software firm based in India, rolled out XPNS, an innovative do-it-yourself SaaS platform for the automation of employee expenses. This platform is aimed at reducing organizational expenses related to processing, bolstering cash flow planning, and generating financial savings. The user-friendly XPNS platform simplifies the whole process of managing expenditure right from the filing to the payment stage and allows companies to switch from full manual to complete automated workflows for managing expenses in less than half an hour, thereby reducing the time and cost associated with expense management by 75%.

What Are the Main Segments in 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 Top Companies are Driving Growth in 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 Regions Will Dominate the SaaS-based Expense Management Market Through 2029?
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.

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