According to the report, the global SaaS-based expense management market generated $3.7 billion in 2021, and is estimated to reach $12.7 billion by 2031, witnessing a CAGR of 13.4% from 2022 to 2031.
The rise in usage of smartphones and app-based services and the surge in usage of SaaS-based expense management solutions among different industry verticals drive the growth of the global SaaS-based expense management market.
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However, lack of proper security measures for preventing data breach over the cloud platform and high initial investments for implementing SaaS-based applications restrain the market growth. On the other hand, trend of business outsourcing in the global economy and the adoption of SaaS technology in various sectors create new opportunities in the coming years.
Based on component, the solution segment held the highest market share in 2021, contributing to nearly two-thirds of the global SaaS-based expense management market, and is expected to maintain its lead position during the forecast period.
This is due to the adoption of SaaS-based expense management solutions to streamline the business process, eliminate the manual process, and reduce the time & costs. However, the services segment is estimated to manifest the largest CAGR of 15.5% from 2022 to 2031, owing to rise in adoption to maximize the value of existing installation and minimize the deployment cost & risks.
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Based on industry verticals, the IT and telecom segment accounted for the highest market share in 2021, accounting for more than one-fifth of the global SaaS-based expense management industry, and is expected to continue its leadership status throughout the forecast period.
This is due to the adoption of SaaS-based software to eliminate inefficiencies in business activities and the requirement of deploying and managing the infrastructure of the IT &telecom industry. However, the healthcare segment is projected to witness the highest CAGR of 19.8% from 2022 to 2031, owing to enhanced end-to-end security with patient data, cost benefits, and improved connectivity benefits along with increase in digitalization and enhanced graphical user interaction.
Based on region, North America contributed the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global SaaS-based expense management market. This is attributed to increase in usage of SaaS-based expense management in banking & finance, manufacturing, and healthcare sectors to improve businesses and the customer experience in the region.
However, Asia-Pacific is projected to portray the fastest CAGR of 16.6% during the forecast period. This is due to surge in penetration of smartphone or app-based SaaS-based expense management and high adoption of cloud-based technologies.
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Covid-19 Scenario
- There has been an increase in adoption of work-from-home culture due to lockdown imposed by governments. Many companies have been trying to execute key processes, surge reporting operations from multiple locations, operate complex systems, and communicate with teammates efficiently. These factors led to rise in adoption of SaaS-based expense management services.
- Advanced technologies such as artificial intelligence (AI), internet of Things (IoT), machine learning (ML), cloud computing, and analytics were implemented across various industries such as healthcare, BFSI, and IT & telecom to carry out contactless operations. This factor i generated huge demand for SaaS-based software or services. This, in turn, impacted the SaaS-based expense management market positively.
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