Travel and Expense Management Software Market

Travel and Expense Management Software Market by Deployment Types (Cloud-based and On-premise), Organization Sizes (SMEs and Large Enterprises), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021–2028

  • Report ID: ICT-SE-390
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 198
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The global travel and expense management software market is projected to expand at a CAGR of 11.4% during the forecast period, 2021 – 2028. 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 Market Key Takeaways


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.

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 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.
 

Attributes Details
Report Title Travel and Expense Management Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year 2020
Historic Data 2018–2019
Forecast Period 2021–2028
Segmentation Deployment Types (Cloud-based and On-premise), Organization Sizes (SMEs and Large Enterprises)
Regional Scope Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered Concur Technologies, Zoho Corporation Pvt. Ltd., Sodexo (Rydoo), Certify Inc., Chrome River Technologies Inc., Coupa Software Inc., and Infor

 

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.
 

Travel and Expense Management Software Market By Regions


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.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Travel and Expense Management Software Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Travel and Expense Management Software Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Travel and Expense Management Software Market - Supply Chain
  4.5. Global Travel and Expense Management Software Market Forecast
     4.5.1. Travel and Expense Management Software Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Travel and Expense Management Software Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Travel and Expense Management Software Market Absolute $ Opportunity
5. Global Travel and Expense Management Software Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Travel and Expense Management Software Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Travel and Expense Management Software Demand Share Forecast, 2019-2026
6. North America Travel and Expense Management Software Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Travel and Expense Management Software Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Travel and Expense Management Software Demand Share Forecast, 2019-2026
7. Latin America Travel and Expense Management Software Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Travel and Expense Management Software Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Travel and Expense Management Software Demand Share Forecast, 2019-2026
8. Europe Travel and Expense Management Software Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Travel and Expense Management Software Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Travel and Expense Management Software Demand Share Forecast, 2019-2026
9. Asia Pacific Travel and Expense Management Software Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Travel and Expense Management Software Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Travel and Expense Management Software Demand Share Forecast, 2019-2026
10. Middle East & Africa Travel and Expense Management Software Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Travel and Expense Management Software Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Travel and Expense Management Software Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Travel and Expense Management Software Market: Market Share Analysis
  11.2. Travel and Expense Management Software Distributors and Customers
  11.3. Travel and Expense Management Software Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Concur Technologies
     11.4.2. Zoho Corporation Pvt. Ltd.
     11.4.3. Sodexo (Rydoo)
     11.4.4. Certify Inc.
     11.4.5. Chrome River Technologies, Inc.
     11.4.6. Coupa Software Inc.

Segments Covered in the Report
The travel and expense management software market has been segmented on the basis of

Deployment Types

  • Cloud-based
  • On-premise

Organization Sizes

  • SMEs
  • Large Enterprises

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

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.
 

Travel and Expense Management Software Market By Key Players

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