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The Expense Management Market size was valued at USD 7.16 billion in 2023 and is expected to grow to USD 16 billion by 2032 and grow at a CAGR of 9.4% over the forecast period of 2024-2032.
Employee-initiated business expenses are submitted, reported, reimbursed, and audited as part of the expense management process. The receipt-to-reimbursement process is streamlined by Telecom Expense Management (TEM) software. The program classifies cost-saving opportunities, assesses total spending, and regulates excessive spending. Additionally, a software program or application known as an expense manager or expense tracker helps in maintaining an accurate record of money coming in and going out. Identifying total telecom expenditures, nevertheless, requires a method for managing and maintaining track of many cellular, invoice, and data services.
It also includes reporting, business information, and analytics that can be used to motivate both operational and strategic action. Additionally, cloud-based TEM reduces, eliminates, and tracks waste to help with telecom expense management. Additionally, it includes licenses for cloud services, mobile data and voice, Unified Communication As A Service (UCaaS) licenses, and connectivity for the Internet of Things (IoT).
Drivers
Increasing the centralization of information about business expenses
More people are changing their lifestyles.
The international economy has undergone continual changes as a result of technological advancements that enable businesses and individuals to operate and execute successfully. However, conventional methods for identifying and resolving problems with spending management are dispersed across a number of media, including email and employee hard drives. Using a comprehensive, centralized system enables automation, multidimensional analysis, staff interactions, file attachments, workflow, audit trails, and records of all activity conducted to identify and address concerns.
Thanks to the consolidation of all expense-related data and expense management software, employees of an organization may review, monitor, and submit expense reports while they are on the go. Additionally, it corrects data entry errors, carefully examines the expense report, and provides insightful data regarding the cost management software. The centralization of company expense-related data is thus one of the key drivers of market growth over the study period.
Restrains
Poor vendor performance and a lack of interoperability are preventing the growth of the market.
Opportunities
Integration of predictive analytics is on the rise
Predictive analytics is used to anticipate cross-sell possibilities and customer reactions. Predictive models can improve operations by assisting firms in locating, retaining, and growing their most profitable customers. Predictive algorithms are also often used in business to forecast inventory and manage resources. Early process irregularity identification and process optimization are the most often employed applications for expense management. Future opportunities and risks can be found by a company with the aid of predictive analytics. Predictive analytics has improved how financial staff members in an organization assess, handle, and keep track of spending data a result.
Challenges
Challenges preventing the expansion of the cost management software market include issues related to privacy and security.
- Growth of Internet Services Pandemic is Likely to Drive Market Growth
Due to remote working circumstances, the COVID-19 pandemic resulted in a huge increase in demand for Internet services on the global market. Increased demand for online video streaming, downloading, and video conferencing as a result of more people working from home resulted in more network traffic and data usage.
Businesses are upgrading communication tools with more flexible converged IT systems. Enterprises rely on specialized TEM partners that provide full lifecycle assistance, from procurement to invoicing, inventory, and vendor management, to manage these fixed and mobile complex networks. Therefore, the market is likely to grow as work-from-home policies and internet usage become more prevalent.
The war has caused economic instability in the region, leading to fluctuations in currency exchange rates and increased costs for businesses operating in the affected areas. This has resulted in a greater need for efficient and effective expense management solutions to help businesses control their expenses and maintain profitability.
Furthermore, the conflict has also led to changes in travel policies and restrictions, making it more challenging for businesses to manage their travel expenses. As a result, many companies are turning to technology-based solutions, such as expense management software, to streamline their processes and reduce costs. Detailed information is provided in the final report.
North America is predicted to lead the worldwide market over the forecast period. The expenditure management software market is expanding as a result of increased demand for mobile applications, rising usage of portable equipment in many businesses, and technical advancements. Additionally, expanding use of mobile devices and rising interest in cloud-based services both support market expansion.
In the Asia Pacific region, significant growth is anticipated during the forecast period. The region's expansion is the result of rising mobile device usage, rising support for personal device regulations, and expanding IT and communications industries. Due to the growing adoption of hybrid IT API design, the telecom industry has seen a substantial transformation, with the majority of companies migrating their corporate infrastructure to the cloud.
In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.
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Key Players:
The Major players of the market are Avotus, Vodafone Group Plc, Valicom, Habble Srl, VoicePlus, Tangoe, Calero-MDSL, Cass Information Systems, Inc., Tellennium, Brightfin, and others in a final report.
Network Control, a provider of managed mobility and telecom expense management software and services, was purchased by Calero-MDSL in August 2022. The corporation hopes to boost its technology and services through this acquisition in order to hasten the expansion of its enterprise.
In June 2022, Tangoe introduced Tangoe One, a collection of bundles built on their cutting-edge TEM platform. With the use of this platform, medium-sized businesses can manage, streamline, and maximize their mobile, telecom, and cloud expenses and assets from a single location.
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.16 Billion |
| Market Size by 2031 | US$ 16 Billion |
| CAGR | CAGR of 14.70% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Cloud Expense Management and Telecom/Mobile Expense Management) • By Industry (Manufacturing, Healthcare, Hospitality, BFSI, IT & Telecom, and Others) • By Enterprise Type (Large Enterprises and Small & Medium Enterprises) |
| Regional Analysis/Coverage |
North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Avotus, Vodafone Group Plc, Valicom, Habble Srl, VoicePlus, Tangoe, Calero-MDSL, Cass Information Systems, Inc., Tellennium, Brightfin, and others in a final report. |
| Key Drivers | • Increasing the centralization of information about business expenses • More people are changing their lifestyles. |
| Market Opportunities | • Integration of predictive analytics is on the rise |
Ans: The market is expected to grow to USD 14.70 billion by the forecast period of 2031.
Ans. The CAGR of the Expense Management Market for the forecast period 2024-2031 is 9.4%.
Ans. The major worldwide key players in the Expense Management Market are Avotus, Vodafone Group Plc, Valicom, Habble Srl, VoicePlus, Tangoe, Calero-MDSL, Cass Information Systems, Inc., Tellennium, Brightfin and others in final report.
Ans: USD 7.16 billion in 2023 is the market share of the Expense Management Market.
Ans. The forecast period for the Expense Management Market is 2024-2031.
Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Expense Management Market Segmentation, by Type
8.1 Cloud Expense Management
8.2 Telecom/Mobile Expense Management
9. Expense Management Market Segmentation, by Industry
9.1 Manufacturing
9.2 Healthcare
9.3 Hospitality
9.4 BFSI
9.5 IT & Telecom
9.6 Others
10. Expense Management Market Segmentation, by Enterprise Type
10.1 Large Enterprises
10.2 Small & Medium Enterprises
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Expense Management Market by Country
11.2.2 North America Expense Management Market by Type
11.2.3 North America Expense Management Market by Industry
11.2.4 North America Expense Management Market by Enterprise Type
11.2.5 USA
11.2.5.1 USA Expense Management Market by Type
11.2.5.2 USA Expense Management Market by Industry
11.2.5.3 USA Expense Management Market by Enterprise Type
11.2. Canada
11.2.6.1 Canada Expense Management Market by Type
11.2.6.2 Canada Expense Management Market by Industry
11.2.6.3 Canada Expense Management Market by Enterprise Type
11.2.7 Mexico
11.2.7.1 Mexico Expense Management Market by Type
11.2.7.2 Mexico Expense Management Market by Industry
11.2.7.3 Mexico Expense Management Market by Enterprise Type
11.3 Europe
11.3.1 Europe Expense Management Market by Country
11.3.2 Europe Expense Management Market by Type
11.3.3 Europe Expense Management Market by Industry
11.3.4 Europe Expense Management Market by Enterprise Type
11.3.5 Germany
11.3.5.1 Germany Expense Management Market by Type
11.3.5.2 Germany Expense Management Market by Industry
11.3.5.3 Germany Expense Management Market by Enterprise Type
11.3.6 UK
11.3.6.1 UK Expense Management Market by Type
11.3.6.2 UK Expense Management Market by Industry
11.3.6.3 UK Expense Management Market by Enterprise Type
11.3.7 France
11.3.7.1 France Expense Management Market by Type
11.3.7.2 France Expense Management Market by Industry
11.3.7.3 France Expense Management Market by Enterprise Type
11.3.8 Italy
11.3.8.1 Italy Expense Management Market by Type
11.3.8.2 Italy Expense Management Market by Industry
11.3.8.3 Italy Expense Management Market by Enterprise Type
11.3.9 Spain
11.3.9.1 Spain Expense Management Market by Type
11.3.9.2 Spain Expense Management Market by Industry
11.3.9.3 Spain Expense Management Market by Enterprise Type
11.3.10 The Netherlands
11.3.10.1 Netherlands Expense Management Market by Type
11.3.10.2 Netherlands Expense Management Market by Industry
11.3.10.3 Netherlands Expense Management Market by Enterprise Type
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Expense Management Market by Type
11.3.11.2 Rest of Europe Expense Management Market by Industry
11.3.11.3 Rest of Europe Expense Management Market by Enterprise Type
11.4 Asia-Pacific
11.4.1 Asia Pacific Expense Management Market by Country
11.4.2 Asia Pacific Expense Management Market by Type
11.4.3 Asia Pacific Expense Management Market by Industry
11.4.4 Asia Pacific Expense Management Market by Enterprise Type
11.4.5 japan
11.4.5.1 Japan Expense Management Market by Type
11.4.5.2 Japan Expense Management Market by Industry
11.4.5.3 Japan Expense Management Market by Enterprise Type
11.4.6 South Korea
11.4.6.1 South Korea Expense Management Market by Type
11.4.6.2 South Korea Expense Management Market by Industry
11.4.6.3 South Korea Expense Management Market by Enterprise Type
11.4.7 China
11.4.7.1 China Expense Management Market by Type
11.4.7.2 China Expense Management Market by Industry
11.4.7.3 China Expense Management Market by Enterprise Type
11.4.8 India
11.4.8.1 India Expense Management Market by Type
11.4.8.2 India Expense Management Market by Industry
11.4.8.3 India Expense Management Market by Enterprise Type
11.4.9 Australia
11.4.9.1 Australia Expense Management Market by Type
11.4.9.2 Australia Expense Management Market by Industry
11.4.9.3 Australia Expense Management Market by Enterprise Type
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Expense Management Market by Type
11.4.10.2 APAC Expense Management Market by Industry
11.4.10.3 APAC Expense Management Market by Enterprise Type
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Expense Management Market by Country
11.5.2 The Middle East & Africa Expense Management Market by Type
11.5.3 The Middle East & Africa Expense Management Market by Industry
11.5.4 The Middle East & Africa Expense Management Market by Enterprise Type
11.5.6 Israel
11.5.6.1 Israel Expense Management Market by Type
11.5.6.2 Israel Expense Management Market by Industry
11.5.6.3 Israel Expense Management Market by Enterprise Type
11.5.7 UAE
11.5.7.1 UAE Expense Management Market by Type
11.5.7.2 UAE Expense Management Market by Industry
11.5.7.3 UAE Expense Management Market by Enterprise Type
11.5.8 South Africa
11.5.8.1 South Africa Expense Management Market by Type
11.5.8.2 South Africa Expense Management Market by Industry
11.5.8.3 South Africa Expense Management Market by Enterprise Type
11.5.9 Rest of Middle East & Africa
11.5.9.1 Rest of Middle East & Asia Expense Management Market by Type
11.5.9.2 Rest of Middle East & Asia Expense Management Market by Industry
11.5.9.3 Rest of Middle East & Asia Expense Management Market by Enterprise Type
11.6 Latin America
11.6.1 Latin America Expense Management Market by Country
11.6.2 Latin America Expense Management Market by Type
11.6.3 Latin America Expense Management Market by Industry
11.6.4 Latin America Expense Management Market by Enterprise Type
11.6.5 brazil
11.6.5.1 Brazil Expense Management Market by Type
11.6.5.2 Brazil Africa Expense Management Market by Industry
11.6.5.3 Brazil Expense Management Market by Enterprise Type
11.6.6 Argentina
11.6.6.1 Argentina Expense Management Market by Type
11.6.6.2 Argentina Expense Management Market by Industry
11.6.6.3 Argentina Expense Management Market by Enterprise Type
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Expense Management Market by Type
11.6.7.2 Rest of Latin America Expense Management Market by Industry
11.6.7.3 Rest of Latin America Expense Management Market by Enterprise Type
12. Company Profile
12.1 Avotus.
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Vodafone Group Plc.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Valicom
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Habble Srl.
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 VoicePlus
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Tangoe
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Calero-MDSL
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Cass Information Systems, Inc.
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Tellennium
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Brightfin.
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. Conclusion
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by Type
Cloud Expense Management
Telecom/Mobile Expense Management
by Industry
Manufacturing
Healthcare
Hospitality
BFSI
IT & Telecom
Others
by Enterprise Type
Large Enterprises
Small & Medium Enterprises
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
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Company Information
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