Global Expense Management Software Market Analysis
Market Research Future (MRFR), in its latest the T&E Management Software Market 2021 states long and short term effect of COVID-19 on the expense management software industry. The expense management software market size across different regions are likely to be largely influence due to coronavirus pandemic. MRFR studied for growth prospects of the expense management software market across the forecast period 2018-2025. In 2018, the expense management software market valued at USD 2,349.1 Mn. By the end of the review period, the expense management software market global market can value at USD 6,599.2 Mn by 2025 at 12.4% CAGR in the forecast period.
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Expense management software tools aid enterprises to streamline and automate process to deliver expense report management across the assessment period. Advantages, such as significant reduction in time and efforts for effortless submission, approval, and employee expense reports processing, with reimbursing expenses reports and their growing advantages can boost the expansion of the world expense management software market.
On the downside, the lack of security concerns and interoperability can deter the growth pace of the market across the review period. The broader expense portals access by using mobile applications, along with the rise in demand for visibility towards expenditure are creating numerous opportunities for the market to expand at a tremendous pace in the years to come.
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.).
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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