What Fueled The Previous Growth In The SaaS-based Expense Management Market?
The saas-based expense management market has seen considerable growth due to a variety of factors.
• The SaaS-based expense management market has seen rapid growth in recent years. It is forecasted to expand from $5.6 billion in 2024 to $6.55 billion in 2025, growing at a CAGR of 16.9%.
This is due to the rise in cloud technology adoption, the growth of remote work trends, increased business travel, demand for real-time reporting, and a stronger emphasis on employee experience.
What Is The Expected Growth In The SaaS-based Expense Management Market Size Evolve over the Forecast Period?
The saas-based expense management market is expected to maintain its strong growth trajectory in upcoming years.
• The SaaS-based expense management market is set to grow rapidly, reaching $12.05 billion by 2029 at a CAGR of 16.5%.
Growth is driven by the increasing adoption of AI, mobile expense management, focus on data security, and subscription models. Trends include AI, mobile-first solutions, technological advancements, and cloud-based services.
What Main Forces Are Fueling Expansion In The SaaS-based Expense Management Market?
The SaaS-based expense management market is projected to see growth due to the anticipated expansion of business travel. Business travel encompasses any travel undertaken by employees or representatives of a company for professional reasons, which can include meetings, client visits, conferences, training sessions, sales pitches or other work-related activities. SaaS Expense Management systems aid in adhering to company expense policies by identifying non-adherent expenditures and delivering immediate notifications and alerts to both employees and managers. Consequently, this guarantees that expenses incurred in business travel are in line with company regulations and budgets. As an example, in July 2024, the Global Business Travel Association, a top-tier US-based business travel and meetings organization, predicted global spending on business travel would increase by 11.1% in 2024. This comes after significant year-over-year growth rates of 30% to 47% in 2022 and 2023. Subsequent gradual moderation in growth is expected, leading to a compound annual growth rate of 6.95% from 2025 to 2028. Thus, this growth in business travel is fuelling the expansion of the SaaS-based expense management market.
What Are The Primary Segments In The Global SaaS-based Expense Management Market?
The SaaS-based expense management market covered in this report is segmented –
1) By Type: Travel And Expense Management, Telecom Expense Management
2) By Component: Solution, Services
3) By Deployment: On Cloud, On Premise
4) By Enterprise Size: Large Enterprise, Small And Medium Scale Enterprise
5) By Industry Vertical: Manufacturing, Media And Entertainment, Healthcare, Travel And Tourism, Energy And Utility, Information Technology And Telecommunication, Retail And E-commerce, Banking, Financial Services And Insurance (BFSI), Government And Public Sector, Other Industry Verticals
Subsegments:
1) By Travel And Expense Management: Corporate Travel Expense Management, Employee Reimbursement Management
2) By Telecom Expense Management: Mobile Expense Management, Fixed Line Expense Management
Pre-Book The SaaS-based Expense Management Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Reshaping The Future Of The SaaS-based Expense Management Market?
Major firms in the SaaS-based expense management market are placing emphasis on rolling out smart and innovative solutions like DIY expense automation platforms, that aim to streamline the expense management procedures for various businesses. These platforms, essentially software solutions, make it possible for businesses and individuals to automate their expense management and reporting processes, reducing the need for extensive tech-savvy skills or outside help. For instance, in June 2023, a software firm from India known as Zaggle Prepaid Ocean Services Pvt. Ltd., introduced XPNS, a service platform that is based on a DIY approach for automating employee expenses. This is intended to cut down the expenses related to processing expenses, improve financial planning related to cash flow, and generate financial savings for companies. The user-friendliness of XPNS helps in making the entire process of managing expenditure, from filing to payment, more streamlined. It allows companies to switch from entirely manual to fully automated expense workflows within a short span of less than 30 minutes, thus, reducing time and costs associated with expense management by as much as 75%.
Who Are the Key Players In The SaaS-based Expense Management Market?
Major companies operating in the SaaS-based expense management market are:
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Insperity Inc.
• Paychex Inc.
• Infor Global Solutions Inc.
• Zoho Corporation Pvt. Ltd.
• Paylocity Corporation
• Coupa Software Inc.
• Xero Limited
• Paycor Inc.
• Emburse Inc.
• Abacus Labs Inc.
• Expensify Inc.
• Divvy Payments Inc.
• Concur Technologies Inc.
• Chrome River
• Rydoo NV
• Nexonia Inc.
• CyberShift Inc.
• Expensya SAS
• Apptricity Corporation
• SutiSoft Inc.
• Wave Financial Inc.
What Is The Most Dominant Region In The SaaS-based Expense Management Market?
North America was the largest region in the SaaS-based expense management market in 2023. The regions covered in the SaaS-based expense management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
