Global Expense Management Software Market Analysis
The global Expense Management Software Market size is predicted to touch USD 6,599.2 million at a 12.4% CAGR between 2019- 2025 states the recent Market Research Future (MRFR) analysis. An expense management software tool helps enterprises in streamlining and automating processes for delivering expense report management. It has multiple advantages such as reimbursing expenses reports along with its growing perks, employee expense reports processing, and reduction in efforts and time for hassle-free submission and approval. Mobile terminal, PC terminal, and others are the different types of expense management software that has wide applications in large businesses, mid-sized businesses, and small businesses.
Key players profiled in the global expense management software market report include Coupa Software Inc. (U.S.), Oracle (U.S.), Xero Limited (New Zealand), Insperity (U.S.), Infor Inc. (U.S.), Expensify (U.S.), Sodexo (France), Zoho Corporation Pvt. Ltd (India), Intuit Inc. (U.S.), IBM Corporation (U.S.), SAP Concur (U.S.), and Workday Inc. (U.S.).
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This software aids employees to manage as well as report their business expenditure. Besides, the expense management software is used via finance teams for managing travel requests, expense reports, and reimbursements. The software will help to streamline each facet of expense management for minimizing the perils related to traditional expense management. The automated expense management software, along with eliminating the hidden costs and risks included in expense reporting, also at the same time eases the process in its entirety. Above all, it reduces unnecessary manual work both for employees & finance teams.
Various factors are propelling the global expense management software market share. As per the current MRFR report, such factors include an increase in consumers’ disposable income that has resulted in the huge adoption of smartphones & adoption of expense management software, reduction in smartphone prices, the emergence of 5G that is crucial for constantly growing adoption of smartphones, and constant developments in network technologies like 4G/LTE, and 3G.
On the contrary, security concerns & lack of interoperability are factors that may limit the global expense management software market growth over the forecast period. Also, the COVID-19 impact is also hampering the market growth.
The MRFR provides an inclusive segmental analysis of the global expense management software industry based on end user and type.
By type, the global expense management software market is segmented into mobile terminal, PC terminal, and others. Of these, the PC terminal segment will lead the market over the forecast period. Meanwhile, the mobile terminal segment is predicted to touch USD 2,250.8 million by 2025.
By end user, the global expense management software is segmented into large businesses, mid-sized businesses, and small businesses. Of these, the large businesses segment will dominate the market over the forecast period. It is likely to touch USD 4,193.0 million at an 11.6% CAGR by 2025.
North America will dominate the expense management software market over the forecast period. The US holds the utmost share in the market, which is predicted to touch USD 2,510.3 million at a 12.0% CAGR by 2025.
The global expense management software market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing demand for expense management software and a rise in per capita income are adding to the global expense management market growth in the region. It is predicted to touch USD 593.3 million at a 14.1% CAGR by 2025.
The global expense management market in Europe is predicted to have healthy growth over the forecast period. It is likely to touch USD 1,615.5 million at an 11.0% CAGR by 2025.
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