LOS ANGELES & PORTLAND, Maine--(BUSINESS WIRE)--Emburse, a global leader in expense management and accounts payable automation solutions, was positioned as the fastest-growing provider of expense management software in the latest market share report from leading technology analyst, IDC (Worldwide Travel and Expense Management Software Market Shares, 2020: Travel Down But New Opportunities Emerge July 2021, IDC #US47980421).
IDC’s calculations showed that Emburse increased its expense software revenues at almost twice the rate of the second-fastest growing provider in 2020. In a year when overall industry revenue dropped by almost nine percent, Emburse was able to grow its market share by 27% over the previous year.
“There’s no doubt that 2020 was an incredibly challenging year for any organization that is associated with business travel. But thanks to Emburse’s resilience, constant innovation, and commitment to our 16,000 worldwide customers, we not only held steady, but also generated double-digit revenue growth during the year,” said Eric Friedrichsen, CEO of Emburse. “The past 18 months showed that vendors who can both provide a superior customer experience and deliver products that help them optimize their spend can thrive even in the most challenging environments. Emburse’s ability to do so is a testament to our more than 800 employees and their dedication.”
“Despite the overall market shrinking by 8.9% as a result of the COVID-driven slowdown in business travel, Emburse managed to maintain solid growth in 2020,” said Kevin Permenter, research director at IDC. “This momentum was due, in part, to the investments that Emburse made into its technology throughout the year, as well as devoting resources into growing its ecosystem. This growth and continued investment positions Emburse well to maintain growth as business travel rebounds in late 2021 and beyond.”
Click here to download a copy of IDC’s report, Worldwide Travel and Expense Management Software Market Shares, 2020: Travel Down But New Opportunities Emerge.
About Emburse
Emburse humanizes work by empowering business travelers, finance professionals, and CFOs to eliminate manual, time-consuming tasks so they can focus on what matters most.
Emburse offers a growing portfolio of award-winning expense and AP automation solutions, including Emburse Abacus, Emburse Captio, Emburse Certify, Emburse Chrome River, Emburse Cards, Emburse Nexonia, Emburse SpringAhead and Emburse Tallie. Its innovative offerings are tailored to meet the unique needs of specific industries, company sizes, and geographies, and are trusted by more than 9 million users in more than 120 countries. Over 16,000 customers, from start-ups to global enterprises, including Bosch, Grant Thornton, Telefónica, Lufthansa Systems, and Toyota rely on Emburse to eliminate manual processes, make faster, smarter decisions, and help make users’ lives - and their businesses - better.
Emburse is recognized as a leader in expense management* and accounts payable automation** by analyst firm IDC, and has received multiple awards for its high levels of customer satisfaction.
For more information on Emburse, visit emburse.com, call 877-EMBURSE, or follow the organization’s social channels at @emburse.
*IDC MarketScape: Worldwide SaaS and Cloud-Enabled Enterprise Travel and Expense Management Applications 2019 Vendor Assessment, December 2019, IDC #US45354719
**IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation Applications for Enterprise 2020–2021 Vendor Assessment, December 2020, IDC #US47032520
