Description
Expense Management Software Market Forecast till 2027
Market Overview
The expense management software is a financial tool that helps businesses automate and simplify the process of managing and approving employee expenses. This leads to time and effort savings and enables better control over expenses. Both small and large enterprises are embracing this software to increase efficiency and streamline their expense reporting process.
The software also offers increased visibility into expenses, boosting the growth of enterprises. The expense management software market is expected to grow in the coming years, driven by factors such as the growing use of mobile apps for expense monitoring and centralization of expense data in businesses.
Segment Overview
The expense management software market has been classified on the basis of vertical, type, end user, and region.
The expense management software market has been divided into PC terminal and mobile terminal types. However, the adoption of cloud-based implementation may face challenges due to lack of skilled professionals and limited technology awareness. Concerns about data theft and security are also expected to hinder the growth of the travel and expense management software industry.
On-premise systems are anticipated to maintain a significant share due to increased security and lower total cost of ownership, despite the convenience offered by cloud-based systems.
By end-user, the market is segmented into small businesses, medium-sized businesses, and large enterprises.
By industry, the global market has been classified into transportation & logistics, IT & telecom, government & public sector, manufacturing, BFSI, retail & e-commerce, energy & utilities, and others.
Regional Analysis
India is the second most populous country after China, and has seen significant advancements in its business processes and technology adoption. Small and medium-sized enterprises play a significant role in the expense management software market. The country has become a popular destination for outsourcing IT and manufacturing services by western companies. The government’s digitization initiatives have also boosted the adoption of digital software solutions across businesses. The SaaS model has been a driving force in the Indian market and is expected to provide promising investment opportunities for market players.
Major Players
The key players of the global expense management software market include Workday Inc. (US), Intuit Inc. (US), Zoho Corporation Pvt. Ltd. (India), Coupa Software Inc. (US), Sodexo (France), Oracle (US), Insperity (US), Infor Inc. (US), IBM Corporation (US), SAP Concur (US), Xero Limited (New Zealand), and Expensify (US).
COVID 19 Impacts
COVID-19, which started in Wuhan, China in early 2020, has now affected more than 150 million people globally and is still on the rise. Lockdowns and restrictions such as travel barriers, closed shops and markets, and remote work have been implemented across major economies, along with guidelines from governments aimed at controlling the spread of the virus.
However, the number of cases has still increased. The pandemic has impacted business and transformed the way it is conducted in the future. Despite negative effects, the situation has created positive change by forcing organizations to quickly adopt and modernize technology, making digitalization a necessity. This shift has allowed companies to reorganize around their customers, leading to more connected and profitable operations.
The pandemic has also accelerated demand for cloud-based solutions, particularly in industries where remote work is necessary. The adoption of cloud-based expense management software can benefit businesses of any size, as it is cost-effective, reduces the chance of error, and provides advanced analytics for better financial understanding. As a result, market players are expected to see increased profitability during the projected period.
Market players have seen a rise in revenue during the COVID-19 pandemic and are forecasted to continue to gain profitability. Cloud-hosted expense management software is not only easily accessible but also smart, offering businesses and users insight into areas for improvement such as expense management and optimizing business processes.
TABLE OF CONTENT
1 EXECUTIVE SUMMARY 11
2 MARKET INTRODUCTION 13
2.1 DEFINITION 13
2.2 SCOPE OF THE STUDY 13
2.3 LIST OF ASSUMPTIONS 14
2.4 MARKET STRUCTURE 14
3 MARKET INSIGHTS 15
4 MARKET DYNAMICS 16
4.1 OVERVIEW 16
4.2 DRIVERS 16
4.2.1 CENTRALIZATION OF ENTERPRISE EXPENSE-RELATED DATA 16
4.2.2 INCREASE IN THE ADOPTION OF MOBILE APPLICATIONS TO MONITOR EXPENSES 17
4.3 RESTRAINT 18
4.3.1 LACK OF INTEROPERABILITY AND SECURITY CONCERNS 18
4.4 OPPORTUNITY 18
4.4.1 INTEGRATION WITH PREDICTIVE ANALYTICS 18
4.5 IMPACT OF COVID-19 ON THE MARKET 19
4.5.1 INTRODUCTION 19
4.5.2 TRANSFORMATION OF BUSINESSES 19
4.5.3 GROWING ADOPTION OF CLOUD-BASED MODEL 19
4.5.4 INCREASE IN THE REVENUE OF EXPENSE MANAGEMENT SOFTWARE & SERVICES VENDORS 20
5 MARKET FACTOR ANALYSIS 21
5.1 VALUE CHAIN ANALYSIS 21
5.1.1 DESIGNERS & PROGRAMMERS 21
5.1.2 SOLUTION DEVELOPERS 21
5.1.3 SYSTEM INTEGRATORS 22
5.1.4 END USER 22
5.2 PORTER’S FIVE FORCES MODEL 22
5.2.1 THREAT OF NEW ENTRANTS 23
5.2.2 BARGAINING POWER OF SUPPLIERS 23
5.2.3 THREAT OF SUBSTITUTES 23
5.2.4 BARGAINING POWER OF BUYERS 23
5.2.5 INTENSITY OF RIVALRY 23
6 GLOBAL EXPENSE MANAGEMENT SOFTWARE MARKET, BY TYPE 24
6.1 OVERVIEW 24
6.2 PC TERMINAL 24
6.3 MOBILE TERMINAL 24
7 GLOBAL EXPENSE MANAGEMENT SOFTWARE MARKET, BY END USER 26
7.1 OVERVIEW 26
7.2 SMALL BUSINESS 26
7.3 MIDSIZED BUSINESS 26
7.4 LARGE ENTERPRISES 26
8 GLOBAL EXPENSE MANAGEMENT SOFTWARE MARKET, BY VERTICAL 28
8.1 OVERVIEW 28
8.2 BFSI 28
8.3 IT & TELECOM 28
8.4 RETAIL & E-COMMERCE 28
8.5 TRANSPORTATION & LOGISTICS 28
8.6 MANUFACTURING 29
8.7 GOVERNMENT & PUBLIC SECTOR 29
8.8 ENERGY & UTILITIES 29
8.9 OTHERS 29
9 GLOBAL EXPENSE MANAGEMENT SOFTWARE MARKET, BY REGION 31
9.1 OVERVIEW 31
9.2 US 32
9.3 EUROPE 35
9.4 CHINA 38
9.5 JAPAN 41
9.6 INDIA 44
9.7 SOUTHEAST ASIA 47
10 COMPETITIVE LANDSCAPE 50
10.1 COMPETITIVE SCENARIO 50
10.2 KEY DEVELOPMENTS 53
11 COMPANY PROFILES 54
11.1 IBM CORPORATION 54
11.1.1 COMPANY PROFILE 54
11.1.2 BUSINESS OVERVIEW 54
11.1.3 FINANCIAL OVERVIEW 55
11.1.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 55
11.2 ORACLE CORPORATION 56
11.2.1 COMPANY PROFILE 56
11.2.2 BUSINESS OVERVIEW 56
11.2.3 FINANCIAL OVERVIEW 57
11.2.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 57
11.3 SAP SE (SAP CONCUR) 58
11.3.1 COMPANY PROFILE 58
11.3.2 BUSINESS OVERVIEW 58
11.3.3 FINANCIAL OVERVIEW 59
11.3.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 59
11.4 SODEXO 60
11.4.1 COMPANY PROFILE 60
11.4.2 BUSINESS OVERVIEW 60
11.4.3 FINANCIAL OVERVIEW 61
11.4.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 61
11.5 INTUIT INC. 62
11.5.1 COMPANY PROFILE 62
11.5.2 BUSINESS OVERVIEW 62
11.5.3 FINANCIAL OVERVIEW 63
11.5.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 63
11.6 INSPERITY 64
11.6.1 COMPANY PROFILE 64
11.6.2 BUSINESS OVERVIEW 64
11.6.3 FINANCIAL OVERVIEW 65
11.6.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 65
11.7 INFOR 66
11.7.1 COMPANY PROFILE 66
11.7.2 BUSINESS OVERVIEW 66
11.7.3 FINANCIAL OVERVIEW 66
11.7.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 66
11.8 WORKDAY INC 67
11.8.1 COMPANY PROFILE 67
11.8.2 BUSINESS OVERVIEW 67
11.8.3 FINANCIAL OVERVIEW 68
11.8.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 68
11.9 XERO LIMITED 69
11.9.1 COMPANY PROFILE 69
11.9.2 BUSINESS OVERVIEW 69
11.9.3 FINANCIAL OVERVIEW 70
11.9.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 70
11.10 COUPA SOFTWARE INC 71
11.10.1 COMPANY PROFILE 71
11.10.2 BUSINESS OVERVIEW 71
11.10.3 FINANCIAL OVERVIEW 72
11.10.4 PRODUCTS/SERVICES/SOLUTIONS OFFERED 72
11.10.5 KEY DEVELOPMENT 73
11.11 ZOHO CORPORATION PVT LTD 74
11.11.1 COMPANY PROFILE 74
11.11.2 BUSINESS OVERVIEW 74
11.11.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 74
11.12 EXPENSIFY INC. 75
11.12.1 COMPANY PROFILE 75
11.12.2 BUSINESS OVERVIEW 75
11.12.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 75
11.13 CERTIFY INC. 76
11.13.1 COMPANY PROFILE 76
11.13.2 BUSINESS OVERVIEW 76
11.13.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 76
11.14 GUSTO 77
11.14.1 COMPANY PROFILE 77
11.14.2 BUSINESS OVERVIEW 77
11.14.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 77
11.15 RECEIPT BANK 78
11.15.1 COMPANY PROFILE 78
11.15.2 BUSINESS OVERVIEW 78
11.15.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 78
11.16 APPTRICITY CORPORATION 79
11.16.1 COMPANY PROFILE 79
11.16.2 BUSINESS OVERVIEW 79
11.16.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 79
11.17 PAYSIMPLE 80
11.17.1 COMPANY PROFILE 80
11.17.2 BUSINESS OVERVIEW 80
11.17.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 80
11.17.4 KEY DEVELOPMENT 81
11.18 NEXONIA 82
11.18.1 COMPANY PROFILE 82
11.18.2 MAIN BUSINESS/BUSINESS OVERVIEW 82
11.18.3 PRODUCT/SOLUTION OFFERED 82
11.19 EXPENSEPATH INC 83
11.19.1 COMPANY PROFILE 83
11.19.2 BUSINESS OVERVIEW 83
11.19.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 83
11.20 GLOBALPOINT TECHNOLOGIES INC 84
11.20.1 COMPANY PROFILE 84
11.20.2 BUSINESS OVERVIEW 84
11.20.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 84
11.21 SUMTOTAL SYSTEMS LLC 85
11.21.1 COMPANY PROFILE 85
11.21.2 BUSINESS OVERVIEW 85
11.21.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 85
11.22 REPLICON 86
11.22.1 COMPANY PROFILE 86
11.22.2 BUSINESS OVERVIEW 86
11.22.3 PRODUCT/ SOLUTIONS/ SOFTWARE OFFERED 86
11.23 YOURPEOPLE INC.(ZENEFITS) 87
11.23.1 COMPANY OVERVIEW 87
11.23.2 MAIN BUSINESS/BUSINESS OVERVIEW 87
11.23.3 PRODUCT/ SOFTWARE/SOLUTION OFFERED 87
11.24 TORQUS 88
11.24.1 COMPANY OVERVIEW 88
11.24.2 MAIN BUSINESS/BUSINESS OVERVIEW 88
11.24.3 PRODUCTS/SERVICES/SOLUTIONS OFFERED 88
Reviews
There are no reviews yet.