Overview and Scope
Travel management software is a specialized software designed to streamline and automate various aspects of travel planning and management for businesses or individuals. This software integrates features such as itinerary planning, booking flights, hotels, and rental cars, and managing and tracking travel expenses. Travel management software aims to simplify organizing business trips or vacations, saving time and ensuring efficiency.
Sizing and Forecast
The travel management software market size has grown rapidly in recent years. It will grow from $8.42 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to a rise in international visits, a rising number of large-scale organizations, a focus on traveler safety and duty of care, the growth of the travel industry, and demand for cost optimization.
The travel management software market size is expected to see rapid growth in the next few years. It will grow to $14.13 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to growing demand for mobile-friendly travel management, a focus on user experience, increasing smartphones and mobile devices, the growing development of cloud infrastructure, and increased demand for contactless travel solutions. Major trends in the forecast period include predictive analytics for travel planning, blockchain for secure transactions and identity verification, augmented reality (AR) for travel planning, advanced algorithms and machine learning, expense management software, cloud computing, and artificial intelligence.
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Segmentation & Regional Insights
The travel management software market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment: On-Premise, On-Cloud
3) By Application: Internet, Mobile Applications, Computer System
4) By Industry: Manufacturing, Aerospace And Defense, Transportation, Retail And Logistics, Healthcare, Other Industries
North America was the largest region in the travel 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 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 rise in tourism is expected to propel the growth of the travel management software market going forward. Tourism refers to the activity of people traveling to and staying in places outside their usual environment for leisure, recreation, or business purposes. Tourism is driven by rising disposable incomes, improved access to travel information, better transportation, and a growing desire for unique experiences. Travel management software is essential in the tourism industry for efficiently organizing, booking, and managing various aspects of tours, including itinerary planning, reservations, and customer communication. For instance, in August 2022, according to the World Travel and Tourism Council, a UK-based organization that represents the travel and tourism industry, the travel and tourism sector experienced substantial growth in 2022, with a contribution of 7.6% to global GDP, an increase of 22%, and domestic visitor spending demonstrated significant growth, with a remarkable increase of 20.4% in 2022. Moreover, the travel and tourism sector’s gross domestic product (GDP) is projected to achieve an average annual growth rate of 5.8% from 2022 to 2032. Therefore, the rise in tourism is driving the growth of the travel management software market.
Key Industry Players
Major companies operating in the travel 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 management software market report table of contents includes:
1. Executive Summary
2. Travel Management Software Market Characteristics
3. Travel Management Software Market Trends And Strategies
4. Travel Management Software Market – Macro Economic Scenario
5. Global Travel Management Software Market Size and Growth
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32. Global Travel Management Software Market Competitive Benchmarking
33. Global Travel Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Travel Management Software Market
35. Travel Management Software Market Future Outlook and Potential Analysis
36. Appendix
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