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The global SaaS-based expense management industry generated $3.7 billion in 2021 and is estimated to reach $12.7 billion by 2031, witnessing a CAGR of 13.4% from 2022 to 2031. Factors such as the development of industrial-grade digital technology and an upsurge in the need for improved supply chain visibility drive the market growth. The rise in usage of smart phones and app-based services and surge in usage of SaaS-based expense management solutions among different industry verticals drive the growth of the global SaaS-based expense management market. However, lack of proper security measures for preventing data breach over the cloud platform and high initial investments for implementing SaaS-based applications restrain the market growth.