The ‘Global Expense Management Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global expense management market, assessing the market on the basis of its segments like types, enterprise types, industry verticals, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Expense Management Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 6.8 Billion
• Forecast CAGR (2023-2028): 8.80%
• Forecast Market Size (2028): Nearly USD 11.1 Billion
A major factor driving the global expense management market is the implementation of spend analytics tools in businesses to enhance process management. Processes such as tracking business expenditures, storing payment details, transactions, and requests and approvals of spending can be streamlined through such tools, enhancing supply chain control. Moreover, spend analytics provides better clarity into business contracting and purchasing behaviours as well as valuable insight into real-time data.
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Cloud expense management systems occupy a significant market share due to their convenience of remote access, cost-effectiveness, and improved collaboration. Furthermore, they provide enhanced accuracy, reduce the chances of errors, and increase the overall efficiency of businesses. The organisational shift from traditional to digital documentation of expense records is also expected to augment the market growth in the coming years.
The rapid digitalisation of the sectors such as BFSI, hospitality, and healthcare, among others, is significantly driving the global expense management market growth. These sectors have adopted digital expense tracking and management systems to ease financial processes and optimise their expenses. Furthermore, such systems also collect expense data, oversee the workflow, reduce costs of procurement, and offer better control to end-users.
Expense Management Industry Definition and Major Segments
Expense management is a system which contains policies and protocols that deals with employee expenses in an organisation. Expenses such as meals, travel, or work-related purchases can be reimbursed by the enterprise through such systems. It also streamlines the tracking and collection of expense-related data.
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On the basis of type, the market is classified into:
• Telecom/Mobile Expense Management
• Cloud Expense Management
Based on enterprise type, the market is segmented into:
• Large Enterprises
• Small and Medium Enterprises
On the basis of industry vertical, the expense management market segmentation includes:
• IT and Telecom
Based on region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Expense Management Market Trends
A key trend propelling the growth of the market is the development of innovative cloud-based expense management services integrated with machine learning and artificial intelligence (AI) to enhance business processes. Such services facilitate procurement procedures and improve expense visibility and transparency across enterprises. They further improve productivity by cutting the cost related to manual or repetitive processes through automation, thereby improving business functionality.
Businesses are increasingly integrating advanced features such as cloud solutions and the Internet of Things (IoT) in expense management solutions to boost their overall productivity. Moreover, key players are also developing advanced expense management solutions that can enhance the visibility and control of transactions while improving flexibility.
Region-wise, North America holds a substantial share of the global expense management market owing to rising collaborations and mergers between key players. These efforts are expected to improve the procurement process, expand the capabilities of comprehensive expense management solutions, and offer customised services to clients across the world with improved geographical reach.
Key Market Players
The major players in the global expense management market report are:
- Vodafone Group Plc
- MobiChord GmbH (Brightfin)
- Tellennium, Inc.
- Valicom Corp
- Avotus Corporation
- Telesoft, LLC (Calero)
- Cass Information Systems, Inc.
- TeamSystem SpA
- VoicePlus Group
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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