Global Expense Management Market Report and Forecast 2024-2032

Global Expense Management Market Outlook

The global expense management market size attained a value of USD 7.40 billion in 2023. The market is further expected to grow at a CAGR of 8.6% between 2024 and 2032, to reach a value of USD 15.55 billion by 2032.

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Key Trends in the Market

Expense management is a thorough process which consists of policies and systems designed to deal with the expenses incurred by employees of an enterprise during work-related tasks. The expenses initiated by an employee can be related to travel, meals, or work purchases, among others, and are typically reimbursed by the enterprise, due to which streamlined management and tracking is required. Expense management can be facilitated in the form of hard documents, spreadsheets, or digital modes, such as software.

• Rising adoption of expense management solutions and services across various industry verticals is driving the market growth. Increasing digitalisation across sectors such as manufacturing, healthcare, and BFSI, among others, is adding to the expense management market value by surging the demand for digital tracking of expenses.

• Increasing number of investments and international expansion plans of major market players are the crucial trends in market. As per expense management market research, addition of advanced features in cloud-based software systems, for more efficient management of expense reports, are expected to aid the market growth.

• Based on the expense management market forecast, the increasing prevalence of work trips and in-person meetings is likely to lead to a rapid rise in expenses incurred by employees. Particularly among large enterprises with higher number of employees and travel requirements, the demand is rising for expense management.

• In geographical terms, North America expense management market size is expected to witness an expansion in the coming years, as more enterprises offer advantageous reimbursement policies to their employees. As the scope of reimbursement claims expands, a greater number of enterprises are investing in expense management.

Market Analysis

Based on type, the market is bifurcated into telecom/mobile expense management and cloud expense management. The expense management market segmentation based on enterprise type is large enterprises and small and medium enterprises. By industry vertical, the market is segmented into BFSI, manufacturing, IT & telecom, healthcare, and hospitality, among others. The regional markets for expense management are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global expense management market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Vodafone Group Plc

• Tangoe

• MobiChord GmbH (Brightfin)

• Tellennium, Inc.

• Valicom Corp

• Avotus Corporation

• Telesoft, LLC (Calero)

• Cass Information Systems, Inc.

• TeamSystem SpA

• VoicePlus Group

• Others

Market Share by Type

The cloud expense management segment, based on type, accounts for a healthy share of the expense management market. Cloud-based expense management software helps enterprises manage their employee expenses efficiently by providing speed and cost-effectiveness, seamless collaboration, reduced risk of errors, and real-time remote access for greater convenience. The rapid transition from traditional expense documentation to digital expense documentation is likely to heighten the adoption of cloud-based expense management software in the forecast period. As per the expense management market report, cloud expense management provides greater accuracy which reduces the burden on the workforce, helping them to focus on other organisation operations, thereby, enhancing productivity. Therefore, the increasing awareness about cloud expense management mode is further fuelling the segment and overall expense management market growth.

Market Share by Enterprise Type

Based on enterprise type, the large enterprise segment accounts for a significant portion of the expense management market share. Expense management makes the process of verifying, paying, and recording expense claims more transparent and organized which improves the reliability of monitoring and management of expenses. In addition, global operations of large enterprises lead to a greater investment in business trips, utilities, international tours, and rental and ownership of business vehicles and advanced telecom devices, among others, resulting in greater expenses incurred by employees. Over the forecast period, further national and global expansion of large enterprises is expected to augment the expense management market size.

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Competitive Landscape

Vodafone Group Plc is a multinational telecommunications company which provides mobile and fixed network services, internet services, IoT connectivity services, and broadband services, among others. It is one of the largest wireless phone network providers and is dedicated towards creating an interconnected digital society. The company was founded in 1984 and is headquartered in Berkshire, United Kingdom.

Tangoe is a leading software company which provides services related to expense management, mobility, and cloud-based software solutions that aim at aiding its customers in cutting costs, optimising efficiencies, and increasing revenue across businesses. Other services offered by this company include advisory services, bill payment, unified endpoint management, and help desk, among others. Tangoe was established in 2000 and is based out of Indiana in the United States.

MobiChord GmbH (Brightfin) is a subscription-based software provider of expense management technologies and solutions, aiding employees in preserving and generating budgets, as well as enhancing their productivity. Headquartered in Utah, United States, the company also provides solutions related to the management of mobile, voice and data, and cloud assets, catering to a wide range of customers.

Other market players include Tellennium, Inc., Valicom Corp, Avotus Corporation, Telesoft, LLC (Calero), Cass Information Systems, Inc., TeamSystem SpA, and VoicePlus Group, among others.

Key Highlights of the Report