Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global SaaS-based Expense Management Market size is expected to reach $6.6 billion by 2028, rising at a market growth of 11.2% CAGR during the forecast period.
The Solution segment is leading the Global SaaS-based Expense Management Market by Component in 2021 thereby, achieving a market value of $4.4 billion by 2028. This can be attributed to the fact that the use of SaaS-based expenditure management solutions streamlines company processes, gets rid of manual processes, and saves time, and expenses, all of which contribute to the market's expansion in this segment.
The Manufacturing segment has shown growth rate of 12.1% during (2022 - 2028). Manufacturers need a platform that can adapt as they grow in order to introduce new product lines, bring new plants online, and acquire new businesses. This is because they have several business units operating across the world. In order to support their constantly changing operations, manufacturers must have access to a mobile expense & invoicing management system while they travel the world in search of new suppliers & clients.
The Large Enterprises segment acquired maximum revenue share in the Global SaaS-based Expense Management Market by Organization size in 2021 thereby, achieving a market value of $4.3 billion by 2028. Due to increased operational complexity and the demand for simple processes, which has resulted in fierce industry competitiveness, large businesses are increasingly adopting SaaS-based expanse management platforms. Furthermore, this balancing act becomes increasingly challenging for large organizations.
The Telecom Expense management segment is showcasing CAGR of 13.1% during (2022 - 2028). As more people are using mobile devices, the telecom industry is expanding quickly. The business now has a variety of options. Additionally, SaaS-based telecom expense management solutions play a crucial role in preventing inefficiencies in business operations and the need for establishing and managing telecom enterprise infrastructure. These benefits fuel the expansion of this market.
The North America market dominated the Global SaaS-based Expense Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.6 billion by 2028. The Europe market is exhibiting a CAGR of 10.5% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 12.3% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation, IBM Corporation, SAP SE, Apptricity Corporation, Insperity, Inc., SutiSoft Inc., Emburse, Inc. (Certify), Infor, Inc. (Koch Industries), and Zoho Corporation Pvt. ltd.
By Organization size
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