The travel and expense management software market is projected to grow at a CAGR of 12.2%, with estimated market size of USD 7.2 billion in 2021 to USD 14.4 billion by 2028.
Chicago, Nov. 21, 2022 (GLOBE NEWSWIRE) — The report “Travel and Expense Management Software Market by Deployment Model (On-Premise, Cloud), Organization Size (Medium Enterprise, Large Enterprise), Industry (Defense, Government, Others) – Global Forecast to 2028” states that, The travel and expense management software market is projected to grow from USD 7.2 billion in 2021 and is projected to reach USD 14.4 billion by 2028; it is expected to grow at a CAGR of 12.2% from 2022 to 2028.
The main drivers of market growth are the rising demand for the travel and tourism industry, the need to improve business process management efficiency, and the growing organizational shift toward travel & expense management solutions for easy access to budget plans via connected devices. Additionally, the demand for complicated, multi-hierarchical organizational structures and the widespread use of mobile devices have driven the travel and expense management software market. Several hurdles exist for the travel and expense management software sector, including a lack of skilled expense and control over the product. Furthermore, the prospect of user identity being compromised when using travel and expense management software is of the utmost importance. However, the market for travel and expense management software has seen a lot of expense due to border access to travel portals and the increasing adoption of the technology by small and mid-sized businesses.
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- In 2022, to provide its clients with the advantages of the business’ integrated time and expense management system, DATABASICS Inc. teamed up with ERP consulting company Alta Vista Technology.
- In 2021, a fully integrated system that may revolutionize the traveler’s experience and provide real-time travel expenditure optimization was introduced by Coupa Software Inc. as Coupa Travel and Expense. The solution has a more user-friendly design and can produce insights using A.I. about a traveler’s prescriptions, the potential for savings, and industry benchmarks.
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Travel and Expense Management Software Market Dynamics: Drivers, Restraints, Opportunities
Drivers: Rising demand for mobile devices
Restraints: Concerns about data breach
Opportunities: The increasing elderly population
|Forecast Period 2021 to 2028 CAGR||12.2%|
|2028 Value Projection||14.4 billion|
|Market Size in 2021||7.2 billion|
|Historical Data for||2018 – 2021|
|No. of Pages||350|
|Segments covered||By Deployment Model, By Organization Size, By Industry|
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List Of Key Players in Travel and Expense Management Software Market:
- Webexpenses Pty Ltd Inc.
- Concur Technologies Inc.
- Empxtrack Inc(Saigun Technologies Pvt. Ltd)
- Expensify Inc.
- SutiSoft Inc.
- GBT Travel Services U.K. Limited
- Oversight Systems Inc.
- Emburse Inc.
- Zoho Corporation Pvt. Ltd.
- TravelPerk S.L.U
- Coupa Software Inc
Rising demand for mobile devices
Due to the great demand and low cost of smartphones, their use has increased globally, which has led to an increase in multi-platform software. This software was created to function on several devices while synching the user’s data. Numerous businesses provide smartphone applications with information about users, their history, tickets, and offers in the global travel and expense management software market. The same businesses provide websites or online services with identical features. Many businesses are also looking into mobile app technology, system integrations, and real-time solutions to help staff complete tasks more quickly and effectively in light of the development of mobile computing, the cloud, and the ability to connect to business systems worldwide.
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Segmentation of Global Travel and Expense Management Software Market
Global Travel and Expense Management Software Market – By Deployment Model
Global Travel and Expense Management Software Market – By Organization Size
- Medium Enterprise
- Large Enterprise
Global Travel and Expense Management Software Market – By Industry
Cloud category of the travel and expense management software market to record the highest CAGR from 2022 to 2028
The cloud category is expected to account for the highest CAGR of the travel and expense management software market from 2022 to 2028. This is mostly attributable to the widespread adoption of cloud-based travel management software, which allows customers to access programs remotely from several devices and enhances customer relations by implementing innovative and creative solutions. Due to the considerable market expansion in the incorporation of digital technologies in cloud-based management software, there is also a significant deployment of such marketing analytics on the international market.
The large enterprise category in the travel and expense management software market is expected to be the fastest-growing segment during the forecast period
The large enterprise category will dominate the market during the forecast period. Due to an increase in employee business travel, many large-scale enterprises have adopted software, which is the cause of this high share. However, the medium-sized businesses segment is anticipated to expand at a faster rate over the forecast period as these companies look to adopt travel and expense management software and automate their manual processes to improve ROI. The software also provides an automated way to maintain ledgers, assisting organizations in eschewing traditional account management methods.
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Asia Pacific is anticipated to grow at a significant rate in travel and expense management software market share from 2022 to 2028
Asia Pacific is the fastest-growing travel and expense management software market region. The existence of numerous small and medium-sized businesses in the area and their growing preference for travel and expense management software are credited with the growth in the area. The demand for the software is also anticipated to expand as business travel picks up in nations like China, India, and Hong Kong, among others. Additionally, regional firms like Zoho Corporation Pvt. Ltd., Expensify Inc., and VA Tech Ventures Pvt. Ltd. offers travel and expense management software for small and medium-sized businesses in Asia Pacific, contributing to the expansion of this market.
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