New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global SaaS-based Expense Management Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization size, By Type, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06315054/?utm_source=GNW
Additionally, it is affordable, eliminates errors, and offers analytics tools for a greater understanding of the financial health of the organization. SaaS-based expenditure management software also gives users and enterprises visibility into areas that require improvement, such as more effective expense management & enhanced business processes.
The old approach of gathering spending information involved printing duplicates of the paper, including receipts, & forwarding reports to managers who either approved them or returned them to the individual for revision. With the advent of automated expense management software, the procedure has become quick & easy. The software shares the report for approval when the employee submits it. Following approval, the report-based reimbursement amount is automatically credited to the payroll. The software automatically transmits the report to a different approver if the manager is out of the office. The cost and time associated with managing these operations are decreased with the use of expense management software.
Increased use of mobile devices & app-based services, as well as rising adoption of SaaS-based expense management solutions across industrial sectors, are factors influencing the SaaS-Based Expense Management market. Also, the growing trend of business outsourcing in the economy and the uptake of SaaS technology across a number of industry verticals have an impact on the market expansion.
All businesses must keep tabs on their whole cost of operations, which includes managing spending. For repayment of out-of-pocket expenses, employees are required to submit expense reports. To help ensure that the business can deduct all necessary expenses, managers must approve such expenses for reimbursement, monitor how much is spent on T&E (travel and expense), and document everything for tax purposes.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on enterprises all across the world. The lockdown imposed by many governments has positively impacted the growth of SaaS-based expenditure management systems. Due to an increase in the culture of working from home around the world, the market is anticipated to expand quickly following the pandemic. After COVID-19, businesses are focused on cutting-edge technology to undertake contactless operations across industries like BFSI, healthcare, IT & telecom, and AI (artificial intelligence), ML (machine learning), IoT (internet of things), and analytics.
Market Growth Factors
Increase In The Use Of Mobile Apps & Smartphones
SaaS is a new technology that enables businesses to access & store data online. Some of the important features of SaaS technology are flexibility, scalability, reliability, & agility. Also, SaaS somewhat lowers a company’s IT infrastructure costs, which is the major element in the rising use of SaaS-based expense management solutions by businesses and the subsequent expansion of the market. Businesses are investing increasingly in mobile SaaS as well as app-based solutions as smartphones are becoming an essential part of people’s lives that allow for simple access to information whenever & wherever.
Quick and economical
When it comes to processing expenses, the adage "time is money" could not have been more true. While expense management doesn’t produce income, it is a necessary task for every company to perform in order to stay on track. Accurate, simple to use, as well as straightforward is how to describe cloud-based expense management software. The difficult job has already been completed on the backend. Users only need to enter the relevant data & numbers at this point. Cost control is ensured by using an automated cloud-based expense management system because there is very little potential for human error.
Market Restraining Factors
Chances of fraud & non-compliance rising.
Employees are capable of forging expenses & receipts and submitting them to the finance department without detection. The corporation might be paying more than necessary as a result. However, users can be sure that expenses can be recorded in real-time as well as easily verified with an effective expense management system, particularly automated ones. In order to properly monitor every step of the spending process, the companies also improve transparency.
Component Outlook
Based on the component, the SaaS-based Expense Management market is segmented into solution & services. In 2021, the services segment acquired a substantial revenue share in the SaaS-based expense management market. Adoption of SaaS-based expense management services simplifies software implementation, increases the value of a current installation by optimizing it, and reduces deployment costs & risks, due to this, the demand for such services is increasing resulting in market growth.
Vertical Outlook
On the basis of vertical, the SaaS-based expense management market is categorized into telecom & IT, BFSI, manufacturing, retail & e-commerce, government & public sector, healthcare & life sciences, media & entertainment, energy & utilities, travel & tourism, and others. The healthcare segment procured a significant revenue share in the SaaS-based expense management market in 2021. Because of the better end-to-end security with regard to patient data, cost advantages, & greater connection benefits that it provides to users, SaaS-based expense management is becoming more and more popular in the healthcare sector.
Type Outlook
By type, the SaaS based expense management market is bifurcated into travel & expense management and telecom expense management. The travel & expense management segment led the SaaS-based expense management market with the highest revenue share in 2021. To organize financial processes and improve an enterprise’s overall operational efficiency, businesses are implementing SaaS-based travel and expense management solutions.
Organization size Outlook
Based on enterprise size, the SaaS based expense management market is divided into large enterprises & small & medium-scale enterprise. The small & medium enterprise segment acquired a significant revenue share in the SaaS based expense management in 2021. This is due to the growing adoption of cloud-based SaaS-based expense management in SMEs because of cheaper costs and easier maintenance. Additionally, it offers adaptability and scalability to improve business operations, driving the growth of the SaaS-Based Expense Management market.
Regional Outlook
Region-wise, the SaaS-based Expense Management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2021, North America region led the solar charge controller market. Due to the increased adoption of SaaS-based expense management in the banking and finance, manufacturing, & healthcare industries to enhance operations and customer experiences, this region is expecting high demand for SaaS based expense management.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, IBM Corporation, SAP SE, Apptricity Corporation, Insperity, Inc., SutiSoft Inc., Emburse, Inc. (Certify), Infor, Inc. (Koch Industries), and Zoho Corporation Pvt. ltd.
Strategies Deployed in SaaS-based Expense Management Market
Jun-2022: Oracle launched Oracle Food and Beverage Payment Cloud Service, a new payment processing service, which would enable restaurants to avoid excessive costs. This service would allow restaurants in the United States to accept contactless payment options, including debit/credit cards & Apple Pay, Google Pay, and Samsung Pay, without hidden fees & unpredictable costs.
Apr-2022: IBM partnered with Skyscend, a ’cloud-native’ set of technology solutions. This partnership aimed to enable Skyscend to combine IBM’s cutting-edge technologies with the company’s Pay B2B SaaS fintech platform to service the worldwide marketplace. The secure & patent pending SaaS solution would integrate into any ERP or Spend Management solution.
Jan-2022: SAP SE came into partnership with Icertis, a software company providing contract management software to enterprise businesses using a software-as-a-service model. Through this partnership, the companies focused on enhanced contract management to help companies raise efficiency, minimize risk & realize the full intent of their agreements. The partnership included a financial investment from SAP in Icertis, which would lead to a joint product road map & deeper technological integration to deliver enterprise-wide value, including faster negotiations, greater compliance & AI-powered business insights, and automation.
Oct-2021: SAP SE teamed up with Qualtrics, an American experience management company. Under this collaboration, the companies introduced Concur Experience Optimizer, the latest solution that would enable companies to enhance employee experiences & confidently adapt travel & expense programs for the future of work.
Sep-2021: SAP SE entered into a partnership with Amazon Business, an American multinational technology company that focuses on e-commerce, cloud computing, digital streaming, and AI. The partnership aimed to allow employees to tap into hundreds of millions of items on Amazon Business directly from within SAP Ariba solutions & assist with compliance with corporate purchasing policies. With this partnership & technology integration, Amazon Business becomes a source of supply for Spot Buy, a capability within SAP Ariba solutions for users to buy items from trusted suppliers. This new integration would utilize a real-time search API so users of guided purchasing can search for items & receive results from Amazon Business, along with other online stores, e-commerce providers & direct sellers, directly within the SAP Ariba solution.
Sep-2021: Oracle introduced Oracle Payroll Core, a new payroll solution and part of Oracle Fusion Cloud Human Capital Management (HCM). Through this launch, the company aimed to help organizations, starting with Intergovernmental & Nongovernmental organizations (IGOs and NGOs), navigate complex pay rules & policies to efficiently pay any employee, anywhere, in any currency. Oracle Payroll Core is a flexible payroll management solution that allows organizations to easily configure payroll to meet local as well as international pay rules in a single system. It enables organizations to meet exceptional business requirements not addressed with traditional payroll solutions.
Jul-2019: Certify took over Emburse, a startup that provides virtual & physical commercial cards. Under the acquisition, the Emburse would join Certify/Chrome River’s present portfolio of spend management solutions from Abacus, Nexonia, Tallie, and Captio. Emburse would first be integrated into the Abacus expense management platform. In addition, adding Emburse to Abacus would allow the next major step in real-time expense reporting innovation via providing policy insight in advance of the purchase.
Mar-2019: Oracle released Oracle Enterprise Resource Planning (ERP) Cloud & Oracle Enterprise Performance Management (EPM) Cloud. This launch is aimed at expanding the company’s artificial intelligence capabilities. The new machine learning-based innovations include an expense reporting assistant, project management digital assistant, advanced financial controls & project-driven supply chain management.
Sep-2018: Certify acquired Captio, a leading expense provider in Europe. The acquisition aimed to enable Certify to offer its expense management products for large, midsize, and SMB customers throughout Europe & specifically in Spain, Portugal, France, and Italy, where Captio has a strong consumer base and a growing presence.
Aug-2018: Zoho partnered with Uber, American mobility as a service provider. Under the partnership, Zoho would automatically import Uber for Business trip receipts into Zoho Expense, its expense reporting & tracking software. With the direct integration between the Uber & Zoho apps, business travelers are no longer required to manually forward Uber receipts to Zoho Expense. Instead, Uber users worldwide would be able to select Zoho Expense from the Uber app, and their receipts would be automatically added to Zoho Expense reports to streamline tracking & reimbursement.
Scope of the Study
Market Segments covered in the Report:
By Component
• Solution
• Services
By Vertical
• Telecom & IT
• BFSI
• Manufacturing
• Retail & Ecommerce
• Government & Public Sector
• Healthcare & Life Sciences
• Media & Entertainment
• Energy & Utilities
• Travel & Tourism
• Others
By Organization size
• Large Enterprises
• SMEs
By Type
• Travel & Expense Management
• Telecom Expense management
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Oracle Corporation
• IBM Corporation
• SAP SE
• Apptricity Corporation
• Insperity, Inc.
• SutiSoft Inc.
• Emburse, Inc. (Certify)
• Infor, Inc. (Koch Industries)
• Zoho Corporation Pvt. ltd.
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