Market Research Future published a research report on “Expense Management Software Industry Research Report - Global Forecast to 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.
Market Overview
The global Expense Management Software Industry is expected to exhibit rapid growth at a CAGR of 12.4% over the forecast period from 2018 to 2025, according to the latest research report published by Market Research Future (MRFR). The report provides a detailed analysis of the global expense management software market, including an assessment of the market’s leading players, major drivers and restraints, and dominant segments. The global Expense Management Software Industry is expected to reach a valuation of USD 6,599.2 million by the end of the forecast period.
Expense management software has emerged as a major need in the corporate sector in recent years due to the growing demand to automate the clerical parts of human resource management and increase the human interaction from the HR department. Expense management has always been one of the most important part of any corporate organization, as the entire operation can be depicted in terms of the flow of money in and out of the organization and even minor fluctuations in one part of the organization can result in unpredicted expenditures in entirely different parts. The human angle in expense management also left a risk of embezzlement and theft, as human employees were in charge of the process of managing and monitoring expenses.
All this has changed due to the adoption of expense management software. Expense management software programs can collate all of the organization’s financial activities in one central unit, making it easier for the management to monitor and analyze the cash flow. The use of software in place of humans also drastically reduces the risk of mistakes, as software programs offer unerring accuracy. Expense management software can also be conjoined to other arms of the organization, such as employee performance monitoring and attendance monitoring, allowing the management to access any parameter of an employee at the click of a button.
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However, the problem of interoperability across different platforms and the threat of cybercrime through the expense management software have held back the expense management software market in recent years. Thus, the development of all-inclusive HR suites that are equipped with the latest-in-the-line security services is likely to be a favored tactic for players in the global Expense Management Software Industry over the forecast period.
Key Players
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.
Segments:
The global expense management software market is segmented on the basis of type, end use, and region.
By type, the global expense management software market is segmented into PC terminals and mobile terminals. The demand for mobile terminals is likely to grow over the forecast period, as mobile-based systems are more convenient to corporate users. The growing demand for premium smartphones is likely to be a major driver for mobile-based expense management software in the coming years.
Regional Analysis
North America is likely to dominate the global expense management software market over the forecast period due to the growing demand for HR software in the region and the growing acceptance of digital aids in the corporate sector. The widespread smartphone ownership and widespread availability of advanced telecom infrastructure in North America are also a major driver for the expense management software market in the region.
Europe holds the second largest share in the global expense management software market and is likely to hold on to an important position in the global market over the forecast period.
Emerging economies in Asia Pacific, such as India and China, are likely to emerge as major players in the global expense management software market over the forecast period due to the belated drive to update the telecom infrastructure in these countries, which has made these solutions practical.
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TABLE OF CONTENTS
1 Executive Summary
2 Market Introduction
2.1 Definition
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
5.1 Overview
5.2 Drivers
5.2.1 Centralization Of Enterprise Expense-Related Data
5.2.2 Increase In The Adoption Of Mobile Applications To Monitor Expenses
5.3 Restraint
Continued…
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