The global travel and expense management software market was valued USD 2.84 Billion in 2022 and is anticipated to reach USD 9.16 Billion by 2031, expanding at a CAGR of 13.9% during 2023 – 2031. The growth of the market is attributed to the increasing number of employees traveling abroad that is rising fraud practices among them.
Travel and expense management software provides fast, efficient, and flexible travel and expense management by letting the enterprises analyze and manage their employees’ existing expense data and transform it into accurate insights to make appropriate decisions for business operations. The complex corporate expenses process of the enterprises is simplified by the automation tool integrated in travel and expense management software.
The software allows access to travel and expense portal though mobile applications, which has increased the demand for travel and expense software to manage employees’ expenses. It provides the organization management with a combined view of all expenses made by employees that helps them to manage budgets and avoids non-compliance of policies among employees.
The travel and expense management software allows employees to generate expense reports and submit the report to the organization. It also helps to manage travel bookings and make itineraries for an employee, which provides an organized way to manage the data.
Travel and Expense Management Software Market Drivers, Restraints, Trends, and Opportunities
- The integration of the software with mobile application and easy access to the software are the factor driving the market growth for the travel and expense management software market.
- The travel and expense management software helps to monitor and analyze a large amount of expense data on a single platform. This saves a lot of time and money, thereby eliminating the use of paper and manual and tedious tasks. Thus, such benefits are expected to spur the market growth during the forecast period.
- The emergence of COVID-19 outbreak has adversely affected the market growth. Various government bodies have imposed restriction on travelling to control the spread of the disease, which has hampered the growth of the market.
- Increasing use of artificial intelligence (AI) and data analytics is expected to boost the market growth. It simplifies the process and improves efficiency to manage expenses.
Scope of the Travel and Expense Management Software Market Report
The report on the global travel and expense management software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Travel and Expense Management Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Deployment Types (Cloud-based and On-premise), Organization Sizes (SMEs and Large Enterprises)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Concur Technologies, Zoho Corporation Pvt. Ltd., Sodexo (Rydoo), Certify Inc., Chrome River Technologies Inc., Coupa Software Inc., and Infor
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Global Travel and Expense Management Software Market Segment Insights
Cloud-based segment expected to account for a considerable market share.
Based on deployment types, the market is segmented into cloud-based and on-premise. The cloud-based segment is expected to account for a market share of more than 75% during the forecast period. Increasing adoption of cloud-based IT infrastructure in SMEs is driving the segment growth.
Cloud-based software allows easy access to applications on various devices remotely. On the other hand, the cloud-based segment is expected to face challenges owing to the absence of skilled professionals and technical awareness regarding the deployment of cloud-based platform.
The on-premise segment is expected to expand at an impressive growth rate during the forecast period owing to low cost of ownership and enhanced security as compared to the cloud system, which are some of the factors driving the segment growth. The on-premise software deployment requires a lot of time and high initial cost for development of infrastructure can restrain the segment growth in the coming years.
Large enterprises segment anticipated to account for a significant market share
On the basis of organization sizes, the market is bifurcated into SMEs and large enterprises. The large enterprises segment is anticipated to account for a market share of more than 55% during the forecast period. Increasing number of business trips related to business is rising the adoption of these software in large enterprises.
The SMES segment is expected to grow at a rapid pace owing to the growing adoption of this software to automate the manual processes. Rising demand for software that can generate accurate and efficient expense reports is driving the segment growth.
North America expected to acquire a large market share
In terms of regions the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to acquire a large market share in terms of revenue.
Growing adoption of cloud-based technology in this region is driving the regional market growth. Additionally, the presence of a large number of SMEs and their growing inclination toward travel and expense management software is driving the growth of the market in the region. Moreover, the introduction of machine learning and predictive analytics is anticipated to drive the travel and expense management software market in North America.
The market in Europe is expected to expand at a high CAGR owing to the rising introduction of advanced technologies. Rising development of the cloud-based infrastructure is further driving the market growth in the region.
Segments
The travel and expense management software market has been segmented on the basis of
Deployment Types
Organization Sizes
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Concur Technologies
- Zoho Corporation Pvt. Ltd.
- Sodexo (Rydoo)
- Certify Inc.
- Chrome River Technologies Inc.
- Coupa Software Inc.
- Infor
Competitive Landscape
Some of the key players in the global travel and expense management software are Concur Technologies, Zoho Corporation Pvt. Ltd., Sodexo (Rydoo), Certify Inc., Chrome River Technologies Inc., Coupa Software Inc., and Infor.
Companies are focusing on product development to increase their market share. For instance, in January 2019, Concur Technologies announced the launch of Optical Character Recognition (OCR) that is based on machine learning, which extracts data from the image of the receipt and converts into text. Additionally, they introduced AI operated chat bots in the software.
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