Expense Management Software Market

 Market Research Future Insights

The worldwide Expense management software market size is anticipated to grow from USD 3,215.8 million in 2019 to USD 10.56 Billion by 2030, developing at a compound annual growth rate (CAGR) of 12.8% in the course of the forecast period 2022- 2030. 

 Expense management software is one of the financial management software tools that help businesses in automating and streamlining the process of expense report management and approval. It substantially reduces the time and effort required to submit, approve, and process employee expense reports and reimburse the expenses. As a result, small and medium-sized businesses and big enterprises are adopting expense management software to grow organizational performance through controlling expenses and automating the procedure of expense reporting.

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In addition, expense management software provides expense visibility, which enhances the rise of establishments. Hence, expense management software is projected to show higher growth possibilities for the duration of the forecast period. Some of the factors riding the expense management software market include the increasing adoption of mobile applications to monitor expenses and the centralization of expense-associated data in businesses.

 Regional Analysis

The worldwide marketplace for expense management software has witnessed considerable rise over the forecast period because of the growth in the adoption of mobile applications to monitor expenses.

 By region, the expense management software market has been segmented into the United States, Europe, China, Japan, Southeast Asia, and India. the United States dominated the expense management software market in 2019 with a value of USD 1,247.9 million and is anticipated to attain USD 2,779.5million through 2027 at a CAGR of 11.3%. However, the market in India is predicted to register the highest CAGR of 12.7% during the forecast period, 2021–2027.

 India is the largest populous country, after China. The country has converted its business processes to an advanced level. The country has proven a major transformation in businesses in terms of the adoption of technologies. Small and medium-sized establishments have constantly contributed to the expense management software market.

The country has become favourable outsourcing destination for western countries’ corporations in terms of IT and manufacturing. Moreover, government digitization initiatives additionally have augmented the adoption of digital software solutions throughout businesses. The Software as a Service model has been a key contributor to the Indian market and is expected to provide lucrative investment opportunities for the market players.

 There are several domestic, regional, and worldwide players operating in the expense management software market who constantly strive to benefit a substantial share of the overall market.

 Market Segmentation

 The worldwide expense management software market has been segmented based on type, end-user, vertical, and region.

By Type

 PC Terminal

• Mobile Terminal

 By End User

 Small Business

• Midsized Business
• Large Enterprises

 By Vertical

• BFSI
• IT Telecom
• Retail E-Commerce
• Transportation Logistics
• Manufacturing
• Government Public Sector
• Energy Utilities
• Others

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 Key Players

The key players of the global cost control software market consist of Sodexo (France), Xero Limited (New Zealand), Zoho Corporation Pvt. Ltd. (India), IBM Corporation (US), Oracle (US), SAP Concur (US), Intuit Inc. (US), Coupa Software Inc. (US), Insperity (US), Infor Inc. (US), Workday Inc. (US), and Expensify (US).

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