Expense Management Software Market Size, Share, Growth, and Industry Growth, By Type (PC Terminal and Mobile Terminal), By Application (Small Businesses, Midsized Businesses, and Large Businesses), Regional Forecast To 2031

Updated On: 08 April 2024

EXPENSE MANAGEMENT SOFTWARE MARKET REPORT OVERVIEW 

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The global expense management software market size was USD 4218.0 million in 2021 and is projected to touch USD 9658.35 million by 2031, at a CAGR of 8.64% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with expense management software experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The mechanisms used by a company to process, pay for, and audit employee-initiated expenses are referred to as expense management. These costs comprise, but are not restricted to, travel and entertainment charges. The policies and procedures that control such expenditure as well as the tools and services used to handle and analyze the data related to it are all included in expense management.

Software that manages the expense claim, authorization, audit, and reimbursement procedures is available from companies that offer licensed software, implementation, and support services, as well as from companies that offer software as a service (SaaS). To increase the efficiency of cost management, SaaS providers offer web-based solutions that are available on demand and are controlled by a third party. Such factors are expected to drive expense management software market growth in the coming years.

COVID-19 Impact:  Adoption of WFH Policies to Surge Market Growth

The number of new coronavirus cases considerably increased and is still growing. The corporate landscape will change as a result of COVID-19. Despite all the negative effects, the pandemic has started some positive transformations. For many enterprises, COVID-19 has hastened the digitization process, turning it from a "nice to have" to a "must have," compelling them to immediately upgrade and adapt in order to maintain operations. Technology enables businesses to redesign their organization around the customer to create a truly connected and successful firm. The epidemic has prompted big industries to adopt "work from home" policies, which has increased demand for cloud-based deployments.

LATEST TRENDS

"Rising Use of Smartphones to Boost Market Growth "

Smartphone use has expanded globally as a result of the high demand and low cost of smartphones, which has raised the demand for multi-platform software. This software was developed to work across multiple platforms while syncing user data. In the worldwide travel and cost management software industry, many companies supply information on users, their history, tickets, and offers to smartphone applications. The same companies offer online services or websites with the same features.

EXPENSE MANAGEMENT SOFTWARE MARKET SEGMENTATION 

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• By Type Analysis

By type, the market is segmented into PC Terminal and Mobile Terminal.

• By Application Analysis

Based on application, the market is classified into pharmaceutical, pesticide, chemical, and others.

DRIVING FACTORS

"Increasing Demand from Military to Foster Market Development"

Due to a number of factors, including the presence of military outposts and postings, international exercises, and U.N. peacekeeping forces, military movement, whether internal or within a country, is rising. The military is now able to give soldiers travel allowance (T.A.) because to the growing funding for military expenses in several countries across the world. Additionally, SAAS for travel expense analysis and travel and expense management software being available on smartphones has allowed these programs to be used in the military. The bilateral relations between nations, which are constantly changing, enable their armed forces to engage in training exercises that build soldiers' self-assurance, experience, and camaraderie.

"Technological Advancements to Augment Market Growth"

Due to technical improvements that make it possible for firms and individuals to function and perform effectively, the world economy has experienced ongoing changes. The traditional approaches of finding and fixing spending management issues, however, are typically distributed over numerous platforms, including email and employee hard drives. Automation, multidimensional analysis, staff communications, workflow, file attachments, audit trails, and records of all activity undertaken to investigate and address issues are all made possible by using a comprehensive, centralized system. Employees of an organization are empowered to examine, monitor, and submit expense reports while on the road thanks to the centralization of all expenditure-related data and the expense management software.

RESTRAINING FACTORS

"Cyber Crime to Hinder Market Expansion"

As awareness of the value of digitization grows, more companies are adopting cutting-edge solutions like expense management software. Software for expense management stores information on travel and expenditures for company purposes as well as employee expense reports. As a result, businesses should choose a cost management system carefully. Phishing, malware, social engineering, and other information-stealing methods are available to hackers and other cybercriminals.

EXPENSE MANAGEMENT SOFTWARE MARKET REGIONAL INSIGHTS 

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"Adoption of Cloud technology to Foster Growth in North America"

North America is anticipated to have the largest expense management software market share. This can be attributed to the creation and uptake of cloud technology by businesses. The expansion of the cost management software industry is attributed to the presence of many small and medium-sized firms in the region and their growing demand for travel.

The Asia Pacific market for travel and spending management software is expected to grow quickly during the projection year. After China, India has the second-highest population. The country's business practices have greatly improved. The businesses of the country have seen substantial transformation in terms of technology usage. Small and medium-sized enterprises have long profited from the market for expense management software. For enterprises from western nations, the country has emerged as a top outsourcing destination for IT and manufacturing. In addition, as business travel increases up in countries like China, India, and Hong Kong, among others, it is projected that demand for the program would rise.

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• IBM Corporation (U.S.)
• Intuit Inc. (U.S.)
• Xero Limited (New Zealand)
• Sodexo (France)
• Infor Inc. (U.S.)
• Workday Inc. (U.S.)
• SAP Concur (U.S.)
• Coupa Software Inc. (U.S.)
• Oracle (U.S.)
• Zoho Corporation Pvt. Ltd. (India)
• Expensify (U.S.)
• Insperity (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2017 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using various primary and secondary sources.