What is the current size and annual growth rate of the travel management software market?
The travel management software market size has grown rapidly in recent years. It will grow from $9.32 billion in 2024 to $10.37 billion in 2025 at a compound annual growth rate (CAGR) of 11.2%. 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 $15.64 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. 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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Which major factors have contributed to the expansion of the travel management software market?
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.
How is the travel management software market segmented?
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
Subsegments:
1) By Solutions: Booking Management, Expense Management, Travel Policy Compliance, Trip Management, Reporting And Analytics, Payment Management, Mobile Travel Apps, Online Booking Tools (OBT)
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Managed Services
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Who are the top competitors in the travel management software market?
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
Which key trends are expected to influence the travel management software market in the coming years?
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.
Which regional trends are influencing the travel management software market, and which area dominates the industry?
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.
What Does The Travel Management Software Market Report 2025 Offer?
The travel management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Travel management software is a specialized software designed to streamline and automate various aspects of travel planning and management for businesses or individuals. This software integrates features such as itinerary planning, booking flights, hotels, and rental cars, and managing and tracking travel expenses. Travel management software aims to simplify organizing business trips or vacations, saving time and ensuring efficiency.
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