The travel and expense software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Travel And Expense Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The travel and expense software market size has grown rapidly in recent years. It will grow from $2.71 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased globalization, rising digital transformation, the rise of remote and distributed workforces, a focus on compliance and risk management, a rise in international visits, and an and an increasing number of mobile users.
The travel and expense software market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to an increase in terrorist activities, the growth of experiential travel, increasing online travel agencies, increasing online booking platforms, increasing safety concerns, and increasing focus on digital transformation. 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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Scope Of Travel And Expense Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Travel And Expense Software Market Overview
Market Drivers –
Major Driver Impacting Market Growth
Market Trends –
Revolutionizing Expense Management With Card-Linked Automation Major companies operating in the travel and expense software market are focused on developing innovative solutions, such as automated expense reporting tools, to enhance overall financial visibility and compliance. An automated expense reporting tool efficiently manages and tracks travel and expense transactions, providing a seamless and user-friendly experience for employees and administrators alike. For instance, in June 2023, Navan Inc., a US-based corporate travel and expense management company, launched Navan Connect, an automated expense management tool. Navan Connect allows companies to link their existing corporate Visa and Mastercard cards to the Navan expense platform. They provide real-time visibility and control over corporate card spending, including the ability to apply company spending policies at the time of purchase. Navan’s expense management solution empowers finance teams to gain 360-degree control over travel and expense spend, enhancing business operations while ensuring full context in transactions without requiring a switch of corporate cards.
The travel and expense software market covered in this report is segmented –
1) By Type: Cloud Based, On Premise
2) By Deployment Model: Subscription, Licensing
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Transportation And Logistics, Government And Defense, Energy And Utilities, Healthcare, Retail, Information Technology (IT) And Telecommunications, Manufacturing, Hospitality, Other Applications
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Regional Insights –
North America was the largest region in the travel and expense 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 software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the travel and expense software market are International Business Machines Corporation, Oracle Corporation, Expedia Group Inc, Workday Inc, Infor Inc., American Express Global Business Travel, SAP Concur, Zoho Corporation Pvt Ltd., Coupa Software Inc., Xero Limited., AvidXchange Inc., Emburse LLC, Basware Corporation, Expensify Inc., Navan Inc, Certify Inc, Rydoo, Chrome River Technologies, Inc., Deem Inc, Happay, Apptricity Corporation, Journyx Inc, Webexpenses Pty Ltd, DATABASICS Inc., AltexSoft, Oversight Systems Inc, 8Common Limited, SutiSoft Inc, InterplX Expense Management, Empxtrack Inc
Table of Contents
1. Executive Summary
2. Travel And Expense Software Market Characteristics
3. Travel And Expense Software Market Trends And Strategies
4. Travel And Expense Software Market – Macro Economic Scenario
5. Global Travel And Expense Software Market Size and Growth
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32. Global Travel And Expense Software Market Competitive Benchmarking
33. Global Travel And Expense Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Travel And Expense Software Market
35. Travel And Expense Software Market Future Outlook and Potential Analysis
36. Appendix
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