The global SaaS-based expense management market is predicted to amount USD 3470 million by 2025, according to a report available on Radiant Insights, Inc. Growing requirement for advanced to monitor and control expenses in organizations is anticipated to propel demand for SaaS based expense management. SaaS-based expense management is estimated to offer deployment of expense management systems as web-based subscription service. This system can help in monitoring and controlling expense reports. This, in turn, can streamline business processes and prevent any possible human error or fraud. In addition, it can also increase visibility across entire reimbursement claim process, reduce travel costs, and improve efficiency of enterprises. The SaaS-based system is expected to be operated by third party organization as opposed to installation and maintenance of on-site business system.
Growing adoption of SaaS-based expense management solutions to have better expense visibility is expected to fuel growth of market. Rising need to reduce expenses and operational costs in organizations can influence market growth over next few years. Increasing use of advanced communication channels by enterprises for connecting with employees and clients can surge demand for SaaS based expense management solutions. Difficulty in manual monitoring of telecom networks in large as well as small & medium sized enterprises can influence growth of market. High demand to reduce cost of processing expense report and shorten reimbursement cycles can stimulate growth of market over the forecast period (2018 to 2025).
However, presence of in-house expense management systems coupled with rising concerns regarding data security among organizations can restrain market growth during the forecast period. Increasing access to expense management portals using mobile applications coupled with growing need for more visibility into expenditure can create numerous opportunities for market during the forecast period.
To cater to rising demand for SaaS-based expense management solutions, most companies are likely to focus on R&D activities to develop advanced solutions. For instance, Fyle Technologies recently announced launch of India’s first expense management application named Fyle Lite. This application is expected to be designed exclusively for employees to make expense reporting intuitive, simple, and effortless. The company’s unique machine learning powered data extraction technology can extract expense data from multiple recipients such as paper and electronic through single click. Employees can easily create their expense sheet in PDF, excel as well as CSV format and send it to their managers and accounts team for approval or reimbursement.
The SaaS-based expense management market can be segregated on the basis of type, application, and region. Based on type, the market can be categorized into telecom expense management, travel expense management, and others. Based on application, the market can be classified into large business, small & medium business, and others.
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Regional segmentation includes Europe, United States, India, Japan, China, and Southeast Asia. United States is expected to dominate the market and account for largest market share.
In India, the market is expected to witness significant growth during the forecast period attributed to rising adoption of SaaS based expense solutions.
In China, the SaaS-based expense management market is anticipated to grow well attributed to increasing travel costs in the region. Affected by traditional concept, most small and medium companies are not likely to use expense management software. However, rising awareness regarding benefits of the software can augment market growth in the region.
Some of the leading companies offering SaaS-based expense management are IBM, Oracle Corporation, SumTotal Systems, Expensify, and Nexonia.
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