The travel and expense management software global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Travel And Expense Management Software Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The travel and expense management software market size has grown rapidly in recent years. It will grow from $3.04 billion in 2023 to $3.40 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to increased globalization, a rise in digital transformation, the rise of remote and distributed workforces, a focus on compliance and risk management, and a rise in international visits.
The travel and expense management software market size is expected to see rapid growth in the next few years. It will grow to $5.30 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to an increase in terrorist activities, growth of experiential travel, increasing online travel agencies, increasing online booking platforms, and increasing safety concerns. Major trends in the forecast period include cloud computing, mobile expense management, artificial intelligence (AI), data analytics, enterprise resource planning, accounting software, real-time expense tracking, AI-powered automation, and predictive analytics.
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Scope Of Travel And Expense Management Software MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Travel And Expense Management Software Market Overview
Market Drivers -The growing corporate travel activities are expected to propel the growth of the travel and expense management software market going forward. Corporate travel activities encompass the arrangements and logistics involved in business-related trips undertaken by company employees. Corporate travel activities arise because of several factors, including globalization, market expansion, and investment in talent development. Travel and expense management software is used to enhance efficiency, transparency, and control in managing corporate travel activities, enabling businesses to optimize travel expenses, enforce policy compliance, and improve the overall travel experience for employees. For instance, in August 2023, according to the Global Business Travel Association (GBTA), a US-based not-for-profit industry organization, global business travel spending rose 47% to $1.03 trillion in 2022, with strong gains continuing and 32% growth expected in 2023, reaching $1.4 trillion. It is expected to grow to nearly $1.8 trillion by 2027. Therefore, growing corporate travel activities are driving the growth of the travel and expense management software market.
Market Trends – Major companies operating in the travel and expense management software market are focused on developing innovative technological solutions, such as fully integrated mobile applications, to streamline corporate travel and expense management for modern organizations. A ‘fully integrated mobile application’ for travel and expense management allows employees to conveniently and efficiently manage all aspects of their business expenses using their mobile devices while remaining tightly integrated with the company’s overall expense management processes and systems. For instance, in February 2022, Coupa Software Inc., a US-based AI-driven cloud-based spend management platform, launched Coupa Travel & Expense, a comprehensive platform that streamlines corporate travel management, enhances visibility and control over travel spend, and improves the overall travel experience for employees. This new solution aims to transform the traveler experience and deliver real-time travel spend optimization. The platform is designed to be user-centric, making it easy for employees to book great travel options on the web and mobile while simplifying the complexities of corporate travel.
The travel and expense management software market covered in this report is segmented –
1) By Deployment Type: Cloud-Based, On-Premises
2) By Solution Type: Expense Management, Travel Management, Integrated Travel And Expense Management
3) By Organization Size: Small And Medium-sized Enterprises (SMEs), Large Enterprises
4) By Verticals: Transportation And Logistics, Government And Defense, Energy And Utilities, Healthcare, Retail, Information Technology And Telecommunications, Manufacturing, Other Verticals
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Regional Insights – North America was the largest region in the travel and expense management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the travel and expense management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the travel and expense management software market are Oracle Corporation, Expedia Group Inc, Workday Inc, Sabre Corporation, American Express Global Business Travel, Travelport Worldwide Ltd, SAP Concur, Zoho Corporation Pvt Ltd., Coupa Software Inc., BCD Travel, Unit4, AvidXchange Inc., TravelPerk S.L.U, Emburse LLC, Basware Corporation, Expensify Inc., Navan Inc, Certify Inc, Rydoo, Chrome River Technologies Inc., Apptricity Corporation, Trawex Technologies Pvt Ltd, Webexpenses Pty Ltd, DATABASICS Inc., Oversight Systems Inc, 8Common Limited, DIB Travel, SutiSoft Inc, InterplX Expense Management, Empxtrack Inc
Table of Contents 1. Executive Summary2. Travel And Expense Management Software Market Report Structure3. Travel And Expense Management Software Market Trends And Strategies4. Travel And Expense Management Software Market – Macro Economic Scenario5. Travel And Expense Management Software Market Size And Growth…..27. Travel And Expense Management Software Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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