Global Accounting Expense Management Solutions Market Overview:
In accounting, an expense is the money spent, or costs spent, by a company in order to create revenue. Accounts expenses, in essence, are the cost of doing business; they are the total of all actions that, ideally, result in a profit. An expense management system is software that automates most of the employee cost reimbursement process. The software eliminates the need for paper, decreases the time spent managing spending, and reduces errors. When it comes to handling company expenditure claims, expense management software refers to the solution utilized by organizations to save expenses and improve efficiency. It also help in the reduction of expenses, the analysis of financial trends, and the effective management of policy compliance.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Integration With Advance Technologies Including Ai
Market Growth Drivers:
Increase The Utilization Of Accounting Expense Management Solution To Reduce Manual Work In Organization and Growing Demand For Accounting Expense Management Solution From End User
Challenges:
High Cost Associated To Software Licenses
Restraints:
Lack Of Trained Professionals and Technical Complexity In Operating The Software
Opportunities:
Rise In Number Of Banking And Insurance Sectors and Increase In Launching Of Number Of Accounting Expenses Management Application
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Oracle Corporation (United States), Apptricity Corp. (United States), Basware (Finland), Expensify (United States), Chrome River Technologies (United States), Infor (United States), Coupa Software (United States), Journyx (United States), Ariett (United States), Certify (United States) and Harvest (United States). Additionally, following companies can also be profiled that are part of our coverage like Xero (New Zealand) and Trippeo Technologies (Canada). Analyst at AMA Research see United States Players to retain maximum share of Global Accounting Expense Management Solutions market by 2028. Considering Market by End User, the sub-segment i.e. Banks will boost the Accounting Expense Management Solutions market.
Latest Market Insights:
In June 2023, IBM announced its acquisition of software provider Apptio for a staggering USD4.6 billion. This strategic move aims to assist enterprises in optimizing their IT expenditure, with a specific focus on managing cloud costs. By leveraging Apptio's solutions, IBM aims to support businesses as they navigate through challenging macroeconomic conditions.
In March 2023, PwC unveiled a global partnership with AI startup Harvey, marking a significant collaboration in the field of artificial intelligence. This partnership grants PwC's Legal Business Solutions professionals exclusive access to the groundbreaking AI platform, setting them apart from other leading firms in the industry.
What Can be Explored with the Accounting Expense Management Solutions Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Accounting Expense Management Solutions Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Accounting Expense Management Solutions
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Accounting Expense Management Solutions market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Accounting Expense Management Solutions market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Accounting Expense Management Solutions Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.