Expense Management Market Size Worth USD 12.05 billion by 2029 | Report by Fortune Business Insights
According to Fortune Business Insights, the Expense Management Market size is projected to reach USD 12.05 billion by 2029, at a CAGR of 9.2% during the forecast period, 2022-2029
Pune, India, Jan. 09, 2023 (GLOBE NEWSWIRE) — The global expense management market size 2023 was valued at USD 6.04 billion in 2021 and USD 6.51 billion in 2022. The market is expected to reach USD 12.05 billion by 2029 with a CAGR of 9.2% during the forecast period. Rising demand for cost-effective telecommunication services is expected to propel the market course in a growing direction. The rising adoption of mobile devices and technological advancements in Telecom Expense Management (TEM) is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Expense Management Market Forecast, 2023-2029.”
Key Industry Development
October 2022- Sakon announced its engagement in a strategic partnership with TRG Screen, a provider of subscription-based enterprise management solutions. With this partnership, both organizations would unleash new set of opportunities for customers to reorganize their expense and vendor management needs.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.2% |
| 2029 Value Projection | USD 12.05 Billion |
| Base Year | 2021 |
| Expense Management Market Size in 2021 | USD 6.04 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Type, Enterprise Type, Industry, and Geography |
| Expense Management Market Growth Drivers | Rising Demand for Mobile Applications to Propel Market Progress |
Increasing Adoption of Work-from-Home Culture During Pandemic Pushed Market Growth
With the outbreak of the COVID-19 pandemic, the demand and growth in internet services were witnessed due to remote working conditions. The rise in individuals working from home has led to increased demand for online video streaming, downloading, and video conferencing, leading to increased network traffic and data usage. Thus, an increase in work-from-home policies and reliance on internet services boosted the market growth.
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Drivers and Restraints
Rising Demand for Mobile Applications to Propel Market Progress
Rising demand for mobile applications and technological innovations is anticipated to drive the expense management market growth. The rising penetration of mobile devices and the popularity of cloud-based services are expected to drive market growth. Cloud-based technologies have increased the adoption rate of video conferencing among enterprises. There are improvements in telecom expenditure management such as the introduction of 5G networks and AI-driven automation technologies.
However, lack of inoperability and sometimes poor performance among vendors are expected to impede the market growth.
Segments
Telecom/Mobile to Dictate the Expense Management Market Due to Increasing Adoption of Smartphones
On the basis of type, the market is divided into telecom/mobile expense management and cloud expense management. The telecom/mobile expense management segment held the maximum market share owing to the rising adoption of mobile devices and smartphones.
Large Enterprises to Lead the Segment Due to Growth in Digital Engagement
Based on enterprise type, the market is categorized into large enterprises and small & medium enterprises. Large enterprises segment is expected to have a major part due to rapid growth in digital engagement, which is set to surge the demand for TEM.
Manufacturing to Lead the Segment Owing to Increasing Efficacy in Supply Chains
Based on industry, the market is divided into BFSI, manufacturing, IT & telecom, healthcare, hospitality, and others. Manufacturing segment is expected to have a major part due to improvements in the efficacy of supply chain operations and delivery of reliable customer experience.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Regional Insights
North America to Lead Market Share Owing to Increasing Adoption of Mobile Devices
North America is expected to lead the expense management market share due to increasing adoption of mobile devices and the growing popularity of cloud-based services. The region reached a valuation of USD 2.88 billion in 2021 due to increasing demand for mobile applications and technological developments.
Asia Pacific is set to have a fast CAGR due to increased mobile device usage, popularity of personal device legislation, and the burgeoning IT and communications sectors.
Europe is set to have steady growth due to the need for greater flexibility, control, and understanding of an ever-growing telecom environment.
Competitive Landscape
Reinvention of Existing Products by Key Players to Progress Market Course
Key players have been enhancing the features of the existing products. The players operating in the market are launching new products and reinventing their existing products to expand their business. Innovations and new product launches will attract a vast customer base, thus improving revenue. In May 2022, Avotus Corporation, a provider of enterprise communications management introduced new feature update to ReflectR, an innovative reporting and analytics solution for UC&C (Unified Communications and Collaboration) platforms.
List of Key Players Covered in Expense Management Market Report:
- Vodafone Group Plc (U.K.)
- Tangoe (U.S.)
- Brightfin (U.S.)
- Tellennium (U.S.)
- Valicom (U.S.)
- Avotus (Canada)
- Calero-MDSL (U.S.)
- Cass Information Systems, Inc. (U.S.)
- Habble Srl (Italy)
- VoicePlus (Australia)
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Major Table of Contents:
- Global Expense Management Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Telecom/Mobile Expense Management
- Cloud Expense Management
- SaaS/UCaaS
- IaaS
- PaaS
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Industry (USD)
- BFSI
- Manufacturing
- IT & Telecom
- Healthcare
- Hospitality
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Expense Management Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Telecom/Mobile Expense Management
- Cloud Expense Management
- SaaS/UCaaS
- IaaS
- PaaS
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Industry (USD)
- BFSI
- Manufacturing
- IT & Telecom
- Healthcare
- Hospitality
- Others
- By Country (USD)
- United States
- Canada
- Mexico
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