Overview and Scope
Travel and expense management software refers to a category of applications designed to streamline and automate the process of managing business travel expenses. These software solutions are used to streamline and automate the processes associated with managing employee travel expenses.
Sizing and Forecast
The travel and expense management software market size has grown rapidly in recent years. It will grow from $3.04 billion in 2023 to $3.40 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to increased globalization, a rise in digital transformation, the rise of remote and distributed workforces, a focus on compliance and risk management, and a rise in international visits.
The travel and expense management software market size is expected to see rapid growth in the next few years. It will grow to $5.30 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to an increase in terrorist activities, growth of experiential travel, increasing online travel agencies, increasing online booking platforms, and increasing safety concerns. Major trends in the forecast period include cloud computing, mobile expense management, artificial intelligence (AI), data analytics, enterprise resource planning, accounting software, real-time expense tracking, AI-powered automation, and predictive analytics.
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Segmentation & Regional Insights
The travel and expense management software market covered in this report is segmented –
1) By Deployment Type: Cloud-Based, On-Premises
2) By Solution Type: Expense Management, Travel Management, Integrated Travel And Expense Management
3) By Organization Size: Small And Medium-sized Enterprises (SMEs), Large Enterprises
4) By Verticals: Transportation And Logistics, Government And Defense, Energy And Utilities, Healthcare, Retail, Information Technology And Telecommunications, Manufacturing, Other Verticals
North America was the largest region in the travel and expense 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 and expense management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing corporate travel activities are expected to propel the growth of the travel and expense management software market going forward. Corporate travel activities encompass the arrangements and logistics involved in business-related trips undertaken by company employees. Corporate travel activities arise because of several factors, including globalization, market expansion, and investment in talent development. Travel and expense management software is used to enhance efficiency, transparency, and control in managing corporate travel activities, enabling businesses to optimize travel expenses, enforce policy compliance, and improve the overall travel experience for employees. For instance, in August 2023, according to the Global Business Travel Association (GBTA), a US-based not-for-profit industry organization, global business travel spending rose 47% to $1.03 trillion in 2022, with strong gains continuing and 32% growth expected in 2023, reaching $1.4 trillion. It is expected to grow to nearly $1.8 trillion by 2027. Therefore, growing corporate travel activities are driving the growth of the travel and expense management software market.
Key Industry Players
Major companies operating in the travel and expense 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
The travel and expense management software market report table of contents includes:
1. Executive Summary
2. Travel And Expense Management Software Market Characteristics
3. Travel And Expense Management Software Market Trends And Strategies
4. Travel And Expense Management Software Market – Macro Economic Scenario
5. Global Travel And Expense Management Software Market Size and Growth
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32. Global Travel And Expense Management Software Market Competitive Benchmarking
33. Global Travel And Expense Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Travel And Expense Management Software Market
35. Travel And Expense Management Software Market Future Outlook and Potential Analysis
36. Appendix
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