Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- Money is considered the lifeblood for the functioning and diversification of business activities. Thus, the need to monitor expenses becomes a prerequisite for success in the market. The market is on track to achieve income worth USD 6,599.2 million while evolving with a CAGR of 12.4 % in the course of the forecast period from 2018 to 2025. The convenience offered in terms of the approving, submitting, and processing employee expense reports is a key factor motivating the growth of the expense management software market globally.
The capability of expense management software market related to the centralization of expense-related data in enterprises is expected to inspire the growth of the market. The developments in network technologies such as 3G and 4G/LTE is anticipated to bolster the growth of expense management software globally. The curbing of enterprise related expenses in a time-efficient and systematic manner is estimated to increase the progress of the market in the forecast period. Moreover, the growing implementation of mobile-based applications and smartphones is anticipated to create a favorable impetus for market development in the forecast period. As the prices of smartphones have become more leveled, the use of expense management software market is estimated to gather momentum in the coming years.
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Market Segmentation
The segmental overview of the expense management software market consists of segments done on the basis of type, region, and end-user. Based on the type, the expense management software market is segmented into mobile terminal, PC terminal, and others. The PC terminal is predicted to touch the valuation of USD 4,348.3 million by the conclusion of 2025 with a remarkable CAGR of 10.8% in the forecast period. On the basis of end users, the expense management software market is segmented into midsized businesses, small businesses, and large businesses. The large enterprise segment is expected to attain a majority share of the market in the forecast period. The large business segment is expected to develop with a CAGR of 11.6% while grossing USD 4,193.0 million in the forecast period. The expense management software market on the basis of geography comprises of United States, Japan, China, Southeast Asia, and India.
Increasing Organizational Efficiency To Play A Major Role In Expense Management Software Market Progress
The regional assessment of the Expense Management Software Market covers geographies such as United States, Japan, China, Southeast Asia, and India. The US is expected to emerge as a top contributor in the expense management software market in the forecast period with the highest market stake and is expected to continue its hold on its position in the forecast period. The market for expense management software is anticipated to achieve earnings valued at USD 2,510.3 million by the conclusion of the forecast period while progressing with a 12.0% CAGR in the forecast period. Moreover, India is sure to continue its fast-paced growth with the highest CAGR. Conversely, the European region is expected to retain second place in the expense management software market globally in terms of the market portion through the forecast period.
Key Players
The central competitors shaping the expense management software market globally are Workday Inc. (U.S.), SAP IBM Corporation (U.S.), Zoho Corporation Pvt. Ltd (India), Concur (U.S.), Intuit Inc. (U.S.), Sodexo (France), Xero Limited (New Zealand), Expensify (U.S.), Infor Inc. (U.S.), Insperity (U.S.), Oracle (U.S.), Coupa Software Inc. (U.S.), and others.
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Key Updates
Apr 2019 An expense management startup, Fyle, has secured a $4.2 million Series A round of funding. The round has been headed by Tiger Global Management. The startup has earlier procured $1.5 million. The previous investors who pitched in again consist of Beenext, Pravega Ventures, and Freshworks. The company has also doubled its strength to 40 employees in the past year.
Mar 2019 AppZen, a supplier of expense management auditing software, is spreading out into audits of supplier invoices and contract compliance by means of artificial intelligence. The California-based company, recently said its system would be capable of audit invoices in real time before they are disbursed to spot compliance issues, inaccurate rates, and possible fraud. It will also employ AI to screen supplier contract terms to apply compliance across the total accounts payable process.
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