The global SaaS-based expense management market was valued at $3,680.0 million in 2021, and is projected to reach $12,691.53 million by 2031, growing at a CAGR of 13.4% from 2022 to 2031. The rise in the penetration of the internet is encouraging the creation and usage of innovative material, as well as the development of new technologies in smartphones.
These developments have resulted in the rapid deployment of Software as a Service Expense Management system. Furthermore, the availability of advanced and robust IT infrastructure is expected to offer potential growth opportunities for the SaaS-based expense management market.
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However, security breaches are a concern of SaaS-based expense management solutions, 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.
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 enterprise. In addition, corporations are improving their business operation to enhance their clients experience through using virtual technologies, thus driving the growth of the market.
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Depending on the 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 the requirement of deploying and managing the 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.
Post COVID-19, the SaaS-based expense management market size was valued at $4,090.69 million in 2022, and is projected to reach $12,691.53 million by 2031, growing at a CAGR of 13.41% from 2022 to 2031. Governments and businesses increasingly adopted a work-from-home trend or shifted working employees to less affected areas to maintain business continuity during the pandemic.
However, the situation accelerated the adoption of advanced technologies such as AI, ML automation, and virtualization to control costs while improving customer experience. Furthermore, in the manufacturing sector, the pandemic pushed manufacturers to rapidly adopt novel strategies to address work-from-home policies and manage uncertain supply chains and extreme swings in demand.
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This report gives an in-depth profile of some key market players in the SaaS-based expense management market, including 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.
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 the 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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