The Executive Guide to the Expense Platform Surge

Introduction

Expense management software has shifted from a back-office processing tool to a strategic enabler for CFOs and finance leaders. In a market where financial visibility, real-time analytics, and policy compliance drive operational agility, selecting the right platform is no longer just about features, it’s about market fit, scalability, and long-term adoption.

Across Origin expense management software–focused expert surveys, operators consistently highlighted three themes: rapid post-pandemic growth, a fragmented go-to-market structure, and a lowered barrier to entry due to cloud adoption. For investors and corporate strategy teams, validating these dynamics is essential before deploying capital in this sector.

Quick Summary Table

Key Focus Areas

Post-COVID Growth Momentum

While COVID-19 temporarily slowed the expense management market due to halted corporate travel, expert Origin insights report that demand has rebounded sharply. One operator noted:

‍

“The expense market has slowed during COVID due to reduced business travel. Post-COVID, the market has been growing approximately 30–40% YoY.”

‍

Other providers, such as Webexpenses, have maintained ~30% YoY growth for over five years, and broader industry estimates place the past five years’ growth at 25–50% annually, with potential for ~30% in the coming years. For diligence teams, the challenge is determining whether these rates represent sustainable demand or a temporary catch-up effect from pandemic-era underinvestment.

Fragmentation as a Competitive Reality

Market structure shows a dual-speed model: a few global vendors dominate the technology layer, while local implementers own customer relationships. An expert described the dynamic as follows:

‍

“There are a few global players, and then there are a lot of local players… In Germany and the Netherlands, there are a lot of people implementing and selling it out to the end customers.”

‍

This creates a layered go-to-market structure:

• Global vendors supply core platforms and updates.
• Regional partners handle implementation, localization, compliance adaptation, and user training.

For investors, this means evaluating both vendor reach and partner execution. Poor alignment between the two can limit adoption, slow revenue capture, or increase churn risk.

Entry Barriers Are Lower, But Success Is Not Guaranteed

Cloud-native architectures and API-driven integrations have removed many of the historical obstacles to entering the expense software market. As one expert explained:

‍

“Historically, it was very difficult because everything was built inside a proprietary environment. But now… it is easier to get into that market. Some competitors… are not built inside the solution, they sit outside and integrate quite well.”

‍

However, experts caution that technical feasibility does not equal market success. In a crowded, competitive field, winning share requires:

• A differentiated value proposition beyond standard expense tracking
• A targeted sales and marketing strategy that matches buyer priorities
• Ecosystem partnerships to accelerate adoption

What Experts Say vs. Market Assumptions

• Growth rates remain strong post-COVID, but sustainability should be verified against multi-year adoption curves.
• Channel fragmentation means global traction often depends on localized execution rather than platform superiority.
• Lower barriers to entry increase competition, making GTM execution and brand positioning critical.

How Calls Are Used in Diligence

Private Equity Teams use calls to:

• Test vendor claims about growth trajectories and customer acquisition channels
• Map channel partner dependencies in fragmented regions
• Validate whether post-pandemic momentum is sustaining or flattening

Corporate Strategy Leaders use expert-led insights to:

• Evaluate the scalability of a vendor’s partner network
• Inform product roadmap alignment with regional compliance and workflow needs

Most Insightful Roles include:

• CFOs & Finance Directors (budgetary and integration priorities)
• Regional Implementation Partners (local adoption friction)
• Product Managers (competitive differentiation and feature roadmaps)

Common Questions Investors Ask

What are the prevailing fragmentation trends in the market?

‍A few global platforms dominate, but local implementers in markets like Germany, the Netherlands, and South Europe drive most customer-facing adoption.

Are there barriers to entry for new players?

Technology is no longer the primary hurdle, sales execution and market positioning are.

What early red flags signal future adoption risk?

• Overreliance on a single regional distributor
• Weak integration ecosystem
• Lack of localized compliance features

What Investors Learn from Origin

Origin Insights bridges the gap between market forecasts and operational reality. In expense management, that means knowing where growth is real, where it’s partner-driven, and where entry is easiest, but retention is hardest. For investors, operator insight is the difference between buying into sustainable growth and buying into a post-pandemic spike.

Conclusion: What This Means for Investors

Expense management software is no longer a tactical necessity, it’s a strategic enabler for financial visibility, compliance, and decision-making. For diligence teams, the focus should be on:

• Validating growth rates against multi-year operator data
• Assessing channel dependency and the strength of local implementation networks
• Testing market differentiation beyond baseline feature sets

In a market where entry is easier than ever, execution and positioning, not technology alone, will determine the winners.

Sources and External Signals (Non-Origin)

Fortune Business Insights. (2024). Expense Management Software Market Size, Share & Trends Forecast 2025–2032.

The Business Research Company. (2024). Global Expense Management Software Market Report.

Market Report Analytics. (2024). Expense Management Industry Growth Outlook.

IMARC Group. (2024). Travel & Expense Management Software Market Forecast 2025–2032.

About the Author

Cecile Novion

Managing Director, Origin Insights

‍Cécile Novion leads the Private Equity and Origin Insights division at Dialectica, where she focuses on building decisive information advantages for top-tier private equity firms throughout their deal sourcing and due diligence workflows. Her strategic insight is shaped by senior leadership roles at global consulting firm BCG and mobility leader Beat.

Beyond her work at Dialectica, Cécile is a Board Member at La French Tech Bogota and is a passionate advocate for technology, entrepreneurship, and the empowerment of women in their personal and professional lives.

Connect with Cécile on LinkedIn.