15-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “North America Expense Tracking Software Market By Deployment(Cloud-Based and On-Premise), By Application (Small Businesses, Large Businesses, and Medium Businesses), By Vertical(Higher Education, Retail & Restaurant, Healthcare & Life Sciences, Legal Services, Non-Profits, Financial Services, and Oil, Mine, & Gas), and By Country (U.S. and Rest of North America): Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the demand for North America expense tracking software market was valued at approximately USD 1,051 million in 2018 and is expected to reach a value of around USD 1,731 million by 2027, at a CAGR of around 8.7 % between 2019 and 2027.
Expense tracking software offers expenses and invoice management solutions that work with enterprise resource planning, accounting systems, and human resources for creating a single & connected process for handling the expenditure of the firm. The software assists the end-users to submit, process, compensate and track the spending of employees. In addition to this, the software helps the staff to input the costs for approval via a desktop, mobile application, and browser. Later, the authorities track the expense reports and coin company policies for expenditure & travel. Moreover, they set up approval routings and produce reports for particular ventures or company departments.
Browse the full “North America Expense Tracking Software Market By Deployment(Cloud-Based and On-Premise), By Application (Small Businesses, Large Businesses, and Medium Businesses), By Vertical(Higher Education, Retail & Restaurant, Healthcare & Life Sciences, Legal Services, Non-Profits, Financial Services, and Oil, Mine, & Gas), and By Country (U.S. and Rest of North America) : Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” Report at https://www.fnfresearch.com/north-america-expense-tracking-software-market-by-deploymentcloud-150
Massive demand for SaaS-based expense management software to steer the market trends
Many of the firms are hosting the expense tracking software solution on data centers by switching to cloud-based SaaS model as it helps in lessening the work on IT staff. Moreover, the SaaS model helps the external service providers to offer maintenance & support services to their users. In addition to this, small, medium, and large-sized firms are deploying SaaS-based expense management software due to its cost-efficiency and its accessibility from any distant location. Moreover, SaaS-based expense management software helps the firms in accessing data & services from far-away locations through web-browser without the deployment of application software.
Furthermore, the expense tracking software aids in streamlining expense reports and raises the employee output. In addition to this, the software proficiently regulates the claim process for the staff of the firm by providing exact information and minimizing human errors. It also helps in speeding up the process of reimbursement. Nonetheless, high maintenance costs and implementation costs will inhibit the growth of the market over the forecast period.
In addition to this, growing acceptance of expense tracking software by small sized and medium-sized firms is expected to steer the growth of the North America expense tracking software industry during the forecast timeline.
Cloud-based segment to dominate the deployment landscape by 2027
The growth of the segment is due to beneficial features of the cloud-based computing such as its ability to enhance the capacity, functionalities, and other new services for the firms without committing to high infrastructural costs.
Large businesses segment to contribute majorly towards the overall market revenue by 2027
The growth of the segment is due to the ability of the expense tracking software to aid large businesses with inbuilt tools and mobile applications to streamline the processing of expenses of the firms along with minimizing the timespan of the processes.
The U.S. to contribute a major revenue share towards the North American market by 2027
The growth of the market in the region is due to the humungous presence of established players in the region.
Some of the leading players in the global market include
Abacus Labs, Inc., Shoeboxed, Inc., Serko, Certify, Inc., Chrome River Technologies, Inc., Journyx, Concur Technologies, Inc., Deductr, Inc., DivvyPay, Inc., ExpensePath, Inc., Expensify, Inc., GlobalPoint Technologies, Inc., Silverware Software, Tidal Pool Software, Zoho Corporation Pvt. Ltd., and TAXBOT, LLC.
This report segments the North America expense tracking software market as follows:
North America Expense Tracking Software Market: By Deployment Segment Analysis
North America Expense Tracking Software Market: By Application Segment Analysis
- Small Businesses
- Large Businesses
- Medium Businesses
North America Expense Tracking Software Market: By Vertical Type Segment Analysis
- Higher Education
- Retail & Restaurant
- Healthcare & Life Sciences
- Legal Services
- Financial Services
- Oil, Mine, & Gas
North America Expense Tracking Software Market: By Country Segment Analysis
- North America
- The U.S.
- Rest of North America
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