Travel Expense Management Software Market
Report ID: SQSG45E2029
Travel Expense Management Software Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On-Premise), By Organization Size(SMES, Large Enterprises), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45E2029 |
Region:
Global |
Published Date: July, 2001
Pages:
157
|Tables:
61
|Figures:
75
Travel Expense Management Software Market Insights
Travel Expense Management Software Market size was valued at USD 3.26 billion in 2019 and is poised to grow from USD 3.6 billion in 2023 to USD 8.7 billion by 2031, growing at a CAGR of 10.3% in the forecast period (2024-2031).
Numerous companies have been growing internationally, which has led to an increase in the number of employees traveling outside of their home countries as well as in travel-related costs. Enterprises find it challenging to audit the travel and expense report in such circumstances because there is a risk of fraud and non-compliance with corporate policies. The need for tracking and managing expenses has led to an increase in the adoption of travel and expense management software in various industries.
Employees can create expense reports more easily with the help of travel and expense management software, and they can submit those reports to management for approval of reimbursements. The software also aids in managing employee itineraries and travel reservations, offering a structured method of data management. To make the software easier for users to access, many vendors are integrating it with mobile applications. Additionally, this should make it easier for users to use the software while on the go. Therefore, a few additional factors that are anticipated to drive the travel and expense management software market include the software's accessibility and availability on smartphones.
US Travel Expense Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.
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Travel Expense Management Software Market Segmental Analysis
Global travel expense management software market is segmented based on the deployment, organization size, and region. Based on the deployment, the Travel Expense Management Software Market is segmented as cloud based, and on-premise. Based on organization size, the Travel Expense Management Software Market is segmented as SMES, and large enterprises. Based on region, Travel Expense Management Software Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Travel Expense Management Software Market Analysis by Deployment
Based on the deployment, the travel expense management software market is bifurcated into cloud based and on-premise. Cloud based dominated the global market with largest share. This high share is due to the widespread adoption of cloud computing by small and medium-sized businesses. The lack of technical knowledge and skilled workers, however, will make the cloud-based deployment type more difficult to implement. Similar issues with data privacy and security are anticipated to impede the segment's growth in the travel and expense management software market. The ability to access an application remotely from multiple devices is made simpler by cloud-based software. However, because of advantages like improved security and a lower total cost of ownership compared to cloud systems, the on-premise segment is anticipated to hold a sizable share. On-premise software deployment is time-consuming and expensive to set up the infrastructure for the first time. However, the cloud segment provides flexibility because it can be integrated with other company functions, which reduces administrative work and is expected to further boost demand for the cloud segment.
Travel Expense Management Software Market Analysis by Organization Size
Based on organization size, the travel expense management software market is segmented into SMEs, and Large Enterprises. The large enterprises category held the most market share. Due to an increase in employee business travel, a large number of large-scale organizations have adopted the software, which is the cause of this high share. The small and medium-sized businesses segment, however, is anticipated to expand at a faster rate over the course of the forecast period as these companies look to adopt travel and expense management software and automate their manual processes in order to improve ROI. The software also provides an automated way to maintain ledgers, assisting organizations in eschewing traditional methods of account management. The implementation of travel and expense management software aids in streamlining travel reservations, automating the creation of expense reports, accelerating reimbursements, and streamlining financial reporting. Given the volume of expense reports that must be handled, large organizations see the aforementioned factors as adding value. Software for managing travel and expenses assists businesses in the analysis of expense reports, which enables them to gain knowledge and create budgetary plans. The demand for the software is anticipated to rise among small and medium-sized businesses as a result of rising business travel and the requirement to produce accurate and effective expense reports.
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Travel Expense Management Software Market Regional Insights
North America is expected to control the travel expense management software market share. This is a result of business adoption and development of cloud technologies also the software's accessibility on mobile devices and the escalating adoption of technological advancements. Over the course of the forecast period, the market for travel and expense management software in Asia Pacific is anticipated to expand quickly. The presence of a sizable number of small and medium-sized businesses and their growing propensity for travel and expense management software are credited with the region's growth. In addition, it is anticipated that rising business travel to nations like China, India, and Hong Kong, among others, will increase demand for the software. The growth of the cloud infrastructure in these regions is also expected to increase demand for software in Latin America, the Middle East, Africa, and Asia Pacific. Additionally, the presence of regional firms like Zoho Corporation Pvt. Ltd., Expensify Inc., and VA Tech Ventures Pvt. Ltd., which offer travel and expense management software for small and medium-sized businesses in the Asia Pacific, has contributed to the expansion of this market. The travel and expense management software market in North America is also anticipated to be driven by the introduction of machine learning and predictive analytics.
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Travel Expense Management Software Market Dynamics
Travel Expense Management Software Market Driver
- The need for tracking and managing expenses over the anticipated period has resulted in a significant increase in the adoption of travel and expense management software across industries. Additionally, the increase in business trips and tours has been sharply increasing. Because this management software assists in managing bookings and creating itineraries for employees, many businesses are heavily invested in managing the expense report through it. For instance, every day, almost 1.3 million people travel for work in the United States alone.
- The increasingly mobile workforce is one of the main factors fueling growth in the travel and expense management software market. Employees who travel to various physical locations for work purposes are referred to as mobile workforces. Mobile workforces are increasingly common among businesses in sectors like healthcare due to the increased adoption of technologies and improved connectivity among businesses. Mobile workforces include, for example, sales representatives, pharmaceutical representatives, and merchandisers. Travel and expense management software will assist businesses in streamlining business operations and making it simple for their mobile workforce to submit expenses as the number of mobile workforces rises. Therefore, the market will experience growth during the forecast period due to the workforce's increased mobility.
Travel Expense Management Software Market Restraint
- The lack of control over the travel and expense management software and the absence of competent personnel are the two biggest difficulties faced by the market. One of the main issues with the usage of travel and spending management software is the risk of user identity being compromised.
- A significant obstacle for the travel and expense management software market during the forecast period will be the escalating threat from open-source travel and expense management solutions. The market for global travel and expense management software is seriously threatened by open-source travel and expense management solutions. Due to the fact that these solutions are available for free download and are compatible with all platforms, they are becoming more and more popular in emerging markets like China and India. Software for managing expenses that is available as a service (SaaS) is less expensive than equivalent products that must be installed on a user's computer. Still, some businesses are unable to invest in either of these options. Reduced upfront costs and high flexibility are two benefits of using open-source travel and expense management software.
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Travel Expense Management Software Market Competitive Landscape
The global travel expense management software market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Players in the Global Travel Expense Management Software Market
- Concur Technologies Inc.
- SAP SE
- Certify Inc.
- Expensify Inc.
- Chrome River Technologies Inc.
- Apptricity Corp
- Basware Corp.
- Infor Inc.
- Nexonia Inc.
- Paychex Inc.
- Fraedom Holdings Limited
- Abacus Labs Inc.
- Rydoo
- Zoho Corporation
- Xpenditure
- Fyle Technologies
- Happay
- Fingage
- TravelBank
- BCD Travel
Travel Expense Management Software Market Recent Developments
- In Aug 2022, US multinational technology company Oracle Corporation is to acquire electronic health records firm Cerner Corporation in a transaction valued at $28.3bn.
- In June 2022, Climate technology company Chooose partnered with SAP Concur to launch its new Climate App, which automates measurement and reporting of carbon emissions.
Travel Expense Management Software Key Market Trends
- A trend in the travel and expense management software market that is anticipated to have a positive effect in the upcoming years is the use of artificial intelligence (AI). By verifying the legitimacy of the expense claims made by employees, AI in travel and expense software can minimise or even completely eliminate fraud. The growing number of annual travel and expense reports that employees submit is one of the main issues businesses face because it makes it challenging for the finance departments to thoroughly audit these reports. AI can be used by businesses to automate policy checks, create audit trails, and flag non-compliant employees. AI assists in the analysis of questionable expenditures in terms of policy violations, obviating the need for manual intervention. By retrieving digital receipts from emails or extracting the necessary data from a receipt's image, AI is used in travel and expense software to assist employees. Employees can thus save time by not having to enter all the necessary data, increasing productivity and lowering expense fraud.
Travel Expense Management Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global travel expense management software market analysis, in terms of deployment, the market share that belongs to cloud based is the largest. This high share is due to the widespread adoption of cloud computing by small and medium-sized businesses. In terms of organization site, the large enterprises category held the most market share. Due to an increase in employee business travel, a large number of large-scale organizations have adopted the software, which is the cause of this high share.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.26 billion |
| Market size value in 2031 | USD 8.7 billion |
| Growth Rate | 10.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Travel Expense Management Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Travel Expense Management Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Travel Expense Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Travel Expense Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Travel Expense Management Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Travel Expense Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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