About Expense Management Software
Expense Management Software allows users to submit, track, process, and reimburse employee expenses. It is also used to invoice billable hours and/or reimbursable project expenses. There are three main users of expense management software such as employees, administrators, and bookkeepers, or accountants. Expense management software is integrated with time tracking software, payroll software or accounting software, workforce management software, and travel management software.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented by market-leading players, those are highly focusing on the production technologies, improving efficiency and service life. There are numerous market growth opportunities are in the market, which is captured by tracking the ongoing process initiatives and other business growth strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Expense Management Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Workday Inc. (United States), SAP Concur (United States), IBM Corporation (United States), Intuit Inc. (United States), Zoho Corporation Pvt. Ltd (India), Sodexo (France), Expensify (United States), Infor Inc. (United States), Insperity (United States), Xero Limited (New Zealand), Oracle (United States), Coupa Software Inc. (United States) and Certify, Inc (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Expense Management Software market by Type (PC Terminal, Mobile Terminal and Others), Application (Small Businesses, Midsized Businesses and Large Businesses) and Region.
On the basis of geography, the market of Expense Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Model, the sub-segment i.e. On-Premises will boost the Expense Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Development in Technology Such as Emergence of Automation and Machine Learning
Market Growth Drivers:
Increasing Demand for Centralization Of Enterprise Expense-Related Data and Rising Adoption Of Mobile Applications To Monitor Expenses
Challenges:
Lack of Awareness
Restraints:
Interoperability and Security Concerns
Opportunities:
Rising Demand for Visibility into Expenditure and Integration With Predictive Analytics
Market Leaders and their expansionary development strategies
In September 2023, Velocity, A Managed Solutions Company (Velocity), a technology solution and services provider of voice, wi-fi and data networking and connectivity for multi-location enterprises across diverse industries, today announced its launch of the Global Expense Management (GEM) platform. This strategic move marks an important milestone in Velocity's mission to provide comprehensive solutions for businesses seeking to streamline their expense management processes.
In Feb 2022, Emburse announces the launch of Abacus Reach to streamline the process for non-employee expense reimbursement. Reach allows organizations to easily provide non-employee travelers with a mobile app-based solution which makes it simple to verify policy compliance, and capture and submit travel expenses in real time.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analyst and Strategic Business Planners, Expense Management Software Providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.