Rise in penetration of internet is encouraging creation and usage of innovative material, as well as development of new technologies in smartphones. These developments have resulted in rapid deployment of Software as a Service Expense Management system.
Furthermore, availability of advanced and robust IT infrastructure is expected to offer potential growth opportunities for the SaaS-based expense management market. However, security breaches are a concern of SaaS-based expense management solution, which hampers the market growth.
Conversely, companies are adopting artificial intelligence (AI) services for security reasons, which is beneficial for the expansion of the SaaS-based expense management market during the SaaS-Based Expense Management Market Forecast.
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On the basis of type, the travel and expense management segment dominated the overall SaaS-Based Expense Management Market Share in 2021 and is expected to continue this trend during the forecast period. Companies are adopting SaaS-based travel and expense management solution to enhance organizing financial activities as well as boost the overall operational performance of an enterprises.
In addition, corporations are improving their business operation to enhances their clients experience through using virtual technologies, thus driving the growth of the market. However, the telecom expense management segment is expected to witness the highest SaaS-based expense management market growth in the upcoming year.
Telecom enterprise is witnessing a speedy growth, due to growing use of mobile gadgets amongst individuals. This gives several possibilities to the enterprise. Moreover, SaaS-based telecom expense management solution performs a pivotal function in putting off inefficiencies in commercial enterprise activities and requirement of deploying and managing infrastructure of telecom enterprise. Such advantages propel the growth of this segment.
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Depending on industry vertical, the IT & telecom sector dominated the growth in 2021 and is expected to continue this trend during the forecast period. SaaS-based expense management software plays a pivotal role in eliminating inefficiencies in business activities and requirement of deploying and managing infrastructure of the IT &telecom industry.
In addition, it provides limitless scalability and continual enhancement of functionality, which are critical in accomplishing digital transformation, thus boosting the growth of the market in this sector. However, healthcare sector is expected to witness the highest growth in the upcoming year.
The SaaS-based expense management is gaining popularity in the healthcare sector, owing to enhanced end to end security with patient data, cost benefits, and improved connectivity benefits that it offers to users. In addition, increase in digitalization and better graphical user interaction further boost the demand for SaaS-based expense management in the healthcare sector.
This report gives an in-depth profile of some key market players in the SaaS-based expense management market, include Apptricity Corporation, Ariba, Inc., Concur Technologies, Expensify, IBM Corporation, Infor Global Solutions, Inc., Insperity, Inc., Nexonia, Oracle Corporation and Sutisoft, Inc. This study includes market trends, SaaS-Based Expense Management Market Analysis, and future estimations to determine the imminent investment pockets.
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KEY FINDINGS OF THE STUDY
- By component, the solution segment dominated the SaaS-Based Expense Management Industry in 2021. However, the services segment is expected to exhibit significant growth during the forecast period.
- On the basis of type, the travel and expense management segment dominated the SaaS-based expense management market in 2021. However, the telecom expense management segment is expected to witness the highest growth rate during the forecast period.
- Depending on organizational size, the large enterprises generated the highest revenue in 2021. However, the small and medium scale enterprise (SMEs) segment is expected to witness the highest growth rate in the near future.
- Depending on industry vertical, the IT & telecom industry generated the highest revenue in 2021. However, the healthcare industry is expected to witness the highest growth rate in the near future.
- Region-wise, the SaaS-Based Expense Management Industry was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
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