SaaS-based Expense Management Market to Reach $12.7 Bn, Globally, by 2031 at 13.4% CAGR: Allied Market Research
Rise in usage of smart phones and app-based services and surge in usage of SaaS-based expense management solutions among different industry verticals drive the growth of the global SaaS-based expense management market.
PORTLAND, Ore., July 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "SaaS-based Expense Management Market by Component (Solution, Services), by Type (Travel and Expense Management, Telecom Expense management), by Enterprise Size (Large Enterprise, Small and Medium Scale enterprise), by Industry Vertical (Manufacturing, Media and Entertainment, Healthcare, Travel and Tourism, Energy and Utility, IT and Telecom, Retail and E-commerce, BFSI, Government and Public Sector, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global SaaS-based expense management industry generated $3.7 billion in 2021, and is estimated to reach $12.7 billion by 2031, witnessing a CAGR of 13.4% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Rise in usage of smart phones and app-based services and surge in usage of SaaS-based expense management solutions among different industry verticals drive the growth of the global SaaS-based expense management market. However, lack of proper security measures for preventing data breach over the cloud platform and high initial investments for implementing SaaS-based applications restrain the market growth. On the other hand, trend of business outsourcing in the global economy and the adoption of SaaS technology in various sectors create new opportunities in the coming years.
Download Report Sample (307 Pages PDF with Insights) at:
Covid-19 Scenario
- There has been an increase in adoption of work-from-home culture due to lockdown imposed by governments. Many companies have been trying to execute key processes, surge reporting operations from multiple locations, operate complex systems, and communicate with teammates efficiently. These factors led to rise in adoption of SaaS-based expense management services.
- Advanced technologies such as artificial intelligence (AI), internet of Things (IoT), machine learning (ML), cloud computing, and analytics were implemented across various industries such as healthcare, BFSI, and IT & telecom to carry out contactless operations. This factor i generated huge demand for SaaS-based software or services. This, in turn, impacted the SaaS-based expense management market positively.
Get detailed COVID-19 impact analysis on the SaaS-based expense management market:
The solution segment to maintain its lead position during the forecast period
Based on component, the solution segment held the highest market share in 2021, contributing to nearly two-thirds of the global SaaS-based expense management market, and is expected to maintain its lead position during the forecast period. This is due to the adoption of SaaS-based expense management solutions to streamline the business process, eliminate the manual process, and reduce the time & costs. However, the services segment is estimated to manifest the largest CAGR of 15.5% from 2022 to 2031, owing to rise in adoption to maximize the value of existing installation and minimize the deployment cost & risks.
The IT and telecom segment to continue its leadership status throughout the forecast period
Based on industry vertical, the IT and telecom segment accounted for the highest market share in 2021, accounting for more than one-fifth of the global SaaS-based expense management industry, and is expected to continue its leadership status throughout the forecast period. This is due to adoption of SaaS-based software to eliminate inefficiencies in business activities and requirement of deploying and managing infrastructure of the IT &telecom industry. However, the healthcare segment is projected to witness the highest CAGR of 19.8% from 2022 to 2031, owing to enhanced end-to-end security with patient data, cost benefits, and improved connectivity benefits along with increase in digitalization and enhanced graphical user interaction.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/4443
North America generated the highest market share in 2021
Based on region, North America contributed the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global SaaS-based expense management market. This is attributed to increase in usage of SaaS-based expense management in banking & finance, manufacturing, and healthcare sectors to improve businesses and the customer experience in the region. However, Asia-Pacific is projected to portray the fastest CAGR of 16.6% during the forecast period. This is due to surge in penetration of smartphone or app-based SaaS-based expense management and high adoption of cloud-based technologies.
Leading Market Players
- BAE Systems
- Thales Group
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- Raytheon Company
- Elbit Systems Ltd.
- General Dynamics Corporation
- Rheinmetall AG
- Mercury Systems Inc.
- Harris Corporation
>> LIMITED-TIME OFFER << Buy Now & Get Exclusive Discount on this Premium Report -
Licence Type: Single User + Covid Impact
Licence Type: Five User License
Licence Type: Enterprise User License
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:
hthttps://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
https://www.alliedmarketresearch.com/avenueTrial
Similar Reports:
SaaS Market Share Expected to reach $702.19 Billion by 2030
SaaS-based SCM Market Expected to Reach $26.0 Billion by 2030
Payment Gateway Market Expected to Reach $98.2 Billion by 2030
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
Share this article