The global SaaS-based expense management market is anticipated to grow at a considerable CAGR of 10.5% during the forecast period. SaaS provides more benefits over traditional software licensing models since the company does not invest in new hardware. Additionally, it is suggested that SaaS is convenient to update, implement, and contains a variety of applications including auditing functions, email services, and customer relationship management (CRM). Expense management software as a service (SaaS) automates all aspects of expense management, including expense analysis, expense reporting, travel booking, employee reimbursement, and other. 

The growth of the global SaaS-based expense management market is largely driven by the increasing number of technical developments in different industries around the globe and the overall digital revolution. Digital economic development is one of the key factors motivating big giants to invest aggressively in digital innovation and shift their conventional business models to automated ones, to seize value-producing opportunities and keep ahead of their competitors. The prominent factors that are expected to fuel the demand for SaaS-based expense management software in the coming years are the growing number of internet users and the overall rise in research and development activities in the field of information and communication technology.

Nevertheless, a study by Fithri, Utomo, & Nugraha (2020) argued data security and speed of delivery are the pitfalls of the implementation of SaaS. Data is stored on external servers; hence, organizations must ensure the security of data. Additionally, slow internet connection is another drawback of SaaS as it reduces performance due to distances from internal networks. Influencing the growth of the SaaS-based expense management market during the forecast period.

Due to the widespread COVID-19 pandemic, online service demands are favoured much more than before. This situation has changed the way that traditional business operates, and it allows organizations to reconsider new strategies to operate the business to suit the current situation. The Kepios analysis shows that more than 4 billion internet users are active online in April 2021; hence, it is important to increase the capacity of online business via the implementation and adaptation of cloud platforms.

Segmental Outlook 

The global SaaS-based expense management market is segmented based on the product type and end-user. Based on the product type, the market is segmented into web-based expense management and cloud-based expense management. Among these types, the cloud-based expense management segment is expected to grow fastest during the forecast period as it is suitable for all sectors, reduce cost-spending, store data in the cloud, and provide business value. Based on the end-user, the market is sub-segmented into small & medium businesses and large businesses. These segments can be customized as per the requested research requirements.

Regional Outlooks

The global SaaS-based expense management market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  The market can also be analyzed for a particular region or country level as per the requirement. 

Global SaaS-Based Expense Management Market Growth by Region, 2022-2028

The North American Region Holds the Major Share in the Global SaaS-Based Expense Management Market

The North American region holds the major share in the global SaaS-based expense management market. The US and Canada are the major economies contributing significantly to the market growth. The SaaS adoption is more prevalent in the North American BFSI, manufacturing, and retail sectors as compared to other verticals. North America is moving towards digitalization of almost every vertical in the region which further increases the adoption of SaaS cloud services. SaaS-Based with AI, and ML is changing customer services in North America. The area is predicted to develop further, creating path-breaking innovations in the cloud services market. 

Market Players Outlook

The major companies serving the global SaaS-based expense management market include IBM Corp., Oracle Corp., SAP SE, Apptricity Corp., Microsoft Corp., and Infor Global Solutions, Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2021, Infobird Co., Ltd., a SaaS provider of AI-powered, or customer engagement solutions in China, announced the successful implementation of its Intelligent Quality Inspection SaaS, a new product in AI, with one of the leading Fintech companies in China. With the help of Infobird's Intelligent Quality Inspection SaaS, the customer service center's service platform has realized intelligent management and operation and sets the foundation for a further upgrade of its customer service. Since its launch, Infobird's Intelligent Quality Inspection has been used in Finance, E-commerce, Retail, and other industries. This solution is essential for many industries, especially the financial industry which has very high compliance and service requirements for customers and sales centers.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global SaaS-based expense management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.