The travel 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 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 management software market size has grown rapidly in recent years. It will grow from $8.42 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to a rise in international visits, a rising number of large-scale organizations, a focus on traveler safety and duty of care, the growth of the travel industry, and demand for cost optimization.
The travel management software market size is expected to see rapid growth in the next few years. It will grow to $14.13 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to growing demand for mobile-friendly travel management, a focus on user experience, increasing smartphones and mobile devices, the growing development of cloud infrastructure, and increased demand for contactless travel solutions. Major trends in the forecast period include predictive analytics for travel planning, blockchain for secure transactions and identity verification, augmented reality (AR) for travel planning, advanced algorithms and machine learning, expense management software, cloud computing, and artificial intelligence.
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Scope Of Travel 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 Management Software Market Overview
Market Drivers -The rise in tourism is expected to propel the growth of the travel management software market going forward. Tourism refers to the activity of people traveling to and staying in places outside their usual environment for leisure, recreation, or business purposes. Tourism is driven by rising disposable incomes, improved access to travel information, better transportation, and a growing desire for unique experiences. Travel management software is essential in the tourism industry for efficiently organizing, booking, and managing various aspects of tours, including itinerary planning, reservations, and customer communication. For instance, in August 2022, according to the World Travel and Tourism Council, a UK-based organization that represents the travel and tourism industry, the travel and tourism sector experienced substantial growth in 2022, with a contribution of 7.6% to global GDP, an increase of 22%, and domestic visitor spending demonstrated significant growth, with a remarkable increase of 20.4% in 2022. Moreover, the travel and tourism sector’s gross domestic product (GDP) is projected to achieve an average annual growth rate of 5.8% from 2022 to 2032. Therefore, the rise in tourism is driving the growth of the travel management software market.
Market Trends – Major companies operating in the travel management software market are focused on developing innovative solutions, such as AI-enabled travel spend management, to enhance efficiency, streamline processes, and provide personalized experiences for travelers. AI-enabled travel spend management streamlines expense tracking, enhances cost analysis, and optimizes budget allocation, improving efficiency and decision-making in corporate travel management. For instance, in August 2023, Mesh Payments, a US-based travel and expense management solutions company, introduced a comprehensive travel management solution catering to the needs of global enterprises. This innovative system incorporates AI-enabled spend management, seamless global visibility, compliance features, and multi-currency corporate cards. It addresses the growing demand for digital travel solutions in the era of remote work, facilitating streamlined expense tracking and policy compliance. Mesh Travel Management simplifies the complexities associated with travel and expense management, offering flexible integration options and robust reporting functionalities for enhanced operational efficiency.
The travel management software market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment: On-Premise, On-Cloud
3) By Application: Internet, Mobile Applications, Computer System
4) By Industry: Manufacturing, Aerospace And Defense, Transportation, Retail And Logistics, Healthcare, Other Industries
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Regional Insights – North America was the largest region in the travel 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 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 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 Summary
2. Travel Management Software Market Characteristics
3. Travel Management Software Market Trends And Strategies
4. Travel Management Software Market – Macro Economic Scenario
5. Global Travel Management Software Market Size and Growth
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32. Global Travel Management Software Market Competitive Benchmarking
33. Global Travel Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Travel Management Software Market
35. Travel Management Software Market Future Outlook and Potential Analysis
36. Appendix
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