SaaS Spend Management Market to Reach $12.7 Billion Globally by 2031 at a CAGR of 13.4%: Allied Market Research
Rising usage of smart phones and app-based services and rising usage of SaaS-based expense management solutions among various industry verticals are driving the growth of the global market for SaaS-based expense management.
PORTLAND, Oregon., July 7, 2022 /PRNewswire/ — Allied Market Research released a report titled “SaaS Spend Management Market By Component (Solution, Services), By Type (Travel & Expense Management, Telecom Expense Management), By Company Size (Large Enterprise, Small & Medium Enterprise), By Vertical (Manufacturing, Media & Entertainment, Healthcare, Travel & 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 should reach $12.7 billion by 2031, with a CAGR of 13.4% from 2022 to 2031.
Drivers, constraints and opportunities
Rising usage of smart phones and app-based services and rising usage of SaaS-based expense management solutions among various industry verticals are driving the growth of the global market for SaaS-based expense management. However, lack of proper security measures to prevent data breaches on the cloud platform and high initial investments for implementing SaaS-based applications are restraining the market growth. On the other hand, the trend of business outsourcing in the global economy and the adoption of SaaS technology in various industries are creating new opportunities in the coming years.
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Sample Request – SaaS Expense Management Market By Component (Solution, Services), By Type (Travel & Expense Management, Telecom Expense Management), By Enterprise Size (Large Enterprise, Small & medium-sized business), by vertical (manufacturing, media and entertainment, healthcare, travel and tourism, energy and utilities, IT and telecommunications, retail and e-commerce, BFSI, government and public sector, other): analysis of Global Opportunities and Industry Forecast, 2021-2031
- There has been an increase in the adoption of the work-from-home culture due to the lockdown imposed by governments. Many companies have tried to execute key processes, augment reporting operations from multiple locations, operate complex systems, and communicate effectively with teammates. These factors have led to an increase in the adoption of SaaS expense management services.
- Advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Machine Learning (ML), cloud computing and analytics have been implemented in various sectors such as healthcare, BFSI, IT and telecommunications to perform contactless operations. This factor has generated a huge demand for SaaS-based software or services. This, in turn, has had a positive impact on the SaaS spend management market.
Get a detailed analysis of the impact of COVID-19 on the SaaS Spend Management Market:
Personalization Demand – SaaS-Based Expense Management Market By Component (Solution, Services), By Type (Travel & Expense Management, Telecom Expense Management), By Enterprise Size (Large Enterprise, Small & Medium Business), by Vertical (Manufacturing, Media & Entertainment, Healthcare, Travel & Tourism, Energy & Utilities, IT & Telecom, Retail & eCommerce, BFSI, Government & Public Sector, Others): Opportunity Analysis Global and Industry Forecast, 2021-2031
The solution segment to maintain its leading position during the forecast period
Based on components, the solutions segment held the highest market share in 2021, contributing nearly two-thirds of the global SaaS spend management market, and is expected to maintain its leading position over the course of the year. forecast period. This is due to the adoption of SaaS-based expense management solutions to streamline the business process, eliminate manual process, and reduce time and cost. However, the service segment is estimated to show the highest CAGR of 15.5% from 2022 to 2031, due to increasing adoption to maximize the value of the existing facility and minimize the cost and expense. deployment risks.
The IT and telecom segment will continue its leading status throughout the forecast period
Based on industry vertical, the IT and telecommunications segment accounted for the highest market share in 2021, accounting for more than one-fifth of the global market SaaS expense management industry, and is expected to maintain its leading status throughout the forecast period. This is due to the adoption of SaaS-based software to eliminate inefficiencies in business operations and the need to deploy and manage IT and telecommunications industry infrastructure. However, the healthcare segment is projected to witness the highest CAGR of 19.8% from 2022 to 2031, owing to improved end-to-end security with patient data, cost advantages and benefits. improved connectivity, as well as increased scanning and better graphical user interaction. .
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North America generated the highest market share in 2021
Based on the region, North America contributed the highest market share by revenue in 2021, accounting for nearly two-fifths of the global SaaS spend management market. This is attributed to the increase in the use of SaaS-based spend management in the banking and finance, manufacturing, and healthcare sectors to improve businesses and customer experience in the region. However, Asia Pacific is expected to show the fastest CAGR of 16.6% during the forecast period. This is due to the high penetration of SaaS expense management based on smartphones or apps and the high adoption of cloud-based technologies.
Main market players
- BAE systems
- Thales Group
- Northrop Grumman Company
- Lockheed Martin Company
- Raytheon Company
- Elbit Systems Ltd.
- General Dynamics Society
- Rheinmetall AG
- Mercury Systems Inc.
- Harris Company
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