Coronavirus Impact on Expense Management Software Market Research Report: by Type (PC Terminal, Mobile Terminal), by End User (Small Businesses, Midsized Businesses, Large Businesses), and Region - Forecast till 2025
The Expense Management Software Market is projected to attain the valuation of USD 6,599.2 million by 2025. It was worth USD 2,349.1 million in 2017. It is slated to depict an exuberant CAGR of 12.4% during the forecast period (2018-2025). The Market Research Future (MRFR) report boasts of an elaborate segmental analysis that provides a comprehensive discussion of the drivers, offering an acute knowledge of the Coronavirus Impact on Expense Management Software Market.
The global market is largely driven by factors such as the continuous developments in network technologies such as 3G, 4G/LTE, as well as the emergence of 5G, which has led to the elevation in the adoption of smartphones and mobile-based applications. Moreover, the lowered prices of smartphones combined with the increased disposable income levels of consumers has resulted in its rapid adoption, positively influencing the growth of the global market. But the lack of interoperability is the primary reason for the issues encountered while maintaining consistency between various solutions provided by vendors, which results in issues associated with the security of the expense management software. With that said, broader access to expense portals using mobile applications coupled with the increase in demand for visibility into expenditure is bound to offer numerous opportunities for the Expense Management Software Market to grow at a tremendous pace in the coming years.
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In addition, there are various key trends affecting the market size as well, such as advent of automation and machine learning, expense and booking convergence, market consolidation, real-time expense and so on. An example of market consolidation is the collaboration between SAP Concur and Carzonrent in July 2018, which entailed improving the customer experience in urban mobility. In addition, the alliance enabled SAP Concur clients to avail high-quality expense management for corporate car rental reservations. With the market continuously evolving, the forthcoming years will be revealing many more positive factors that will be shaping the future of the expense management software landscape.
Region-wise, the expense management software market report covers growth opportunities and the latest trends across Europe, United States, Japan, China, Southeast Asia, and India. Among, the US will have the maximum share in the market over the forecast period. It is predicted to touch USD 2,510.3 million at a 12.0% CAGR. The expense management software market in North America is propelled by the growing adoption of mobile applications in enterprises and the presence of key players in the region such as Expense Path Inc., YourPeople Inc., SumTotal Systems LLC, SAP Concur, Replicon, IBM Corporation, and Oracle. As the solutions provided by these companies include differentiated products that improve the market experience, the expense management software market in this region will benefit to a large extent.
The expense management software market in India is predicted to touch USD 593.3 million at a 14.1% CAGR over the forecast period.
The expense management software market in Europe is predicted to have favorable growth over the forecast period. It is expected to touch USD 1,615.5 million at an 11.0% CAGR over the forecast period.
The MRFR report provides a wide segmental analysis of the expense management software market based on end user and type.
Based on type, the expense management software market is segmented into mobile terminal, PC terminal, and others. Of these, the PC terminal segment will have the largest share in the market over the forecast period. This will be followed by the mobile terminal segment. The demand for the PC terminal segment is owing to the growing need to improve employee efficiency and productivity that can be attained by decreasing the time used for creating, submitting, reviewing, and approving the expense report.
Based on end user, the expense management software market is segmented into large businesses, midsized businesses, and small businesses. Of these, the large enterprises segment is predicted to dominate the market over the forecast period. It is predicted to touch USD 4,193.0 million at an 11.6% CAGR. The expense management software helps large-sized businesses with inbuilt tools and mobile applications, which help to streamline organization expenditure processing and also reduce the time associated with it.
The prominent vendors in the global expense management software market include Workday Inc. (U.S.), SAP Concur (U.S.), IBM Corporation (U.S.), Intuit Inc. (U.S.), Zoho Corporation Pvt. Ltd (India), Sodexo (France), Expensify (U.S.), Infor Inc. (U.S.), Insperity (U.S.), Xero Limited (New Zealand), Oracle (U.S.), Coupa Software Inc. (U.S.) and others.
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TABLE OF CONTENTS
1 Executive Summary
2 Market Introduction
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Market Structure
3 Market Insights
4 Research Methodology
4.1 Research Process
4.2 Forecast Model
5 Market Dynamics
5.2.1 Centralization Of Enterprise Expense-Related Data
5.2.2 Increase In The Adoption Of Mobile Applications To Monitor Expenses
5.3.1 Lack Of Interoperability And Security Concerns
5.4.1 Integration With Predictive Analytics
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