Pune,India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The global Travel and Expense Management Software Market Size was valued at USD 2.84 billion in 2022. The market is projected to grow from USD 3.19 billion in 2023 to USD 7.91 billion by 2030, exhibiting a CAGR of 13.9% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Travel and Expense Management Software Market Forecast 2023-2030.”
Key Industry Development
October 2022 – By establishing a research and development facility in Hyderabad, Infor Inc. increased the size of its infrastructural facilities in India. In order to deliver features and functions for client businesses, this facility employs 3,700 people and makes use of digital technologies like data analytics, data structuration, artificial intelligence, and cloud IoT. Their market reach and commercial possibilities in the Asia Pacific region were also increased by this expansion.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.9% |
| 2030 Value Projection | USD 7.91 Billion |
| Base Year | 2022 |
| Travel and Expense Management Software Market Size in 2022 | USD 2.84 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Deployment, Enterprise, Industry, |
| Travel and Expense Management Software Market Growth Drivers | Need for Trouble-free Dues and Reimbursements is Increasing the Demand for Travel and Expense Management Software |
| Increasing Rate of Cybercrimes Puts Data Confidentiality and Security of Transactions in Danger |
Key Takeaways
- Travel and Expense Management Software Market is expected to flourish & reach USD 7.91 Billion in 2030
- Implementation allows commuters to understand transaction details, inform about vendor negotiation, and influence traveller behavior.
- A combined TEM software solution facilitates transparency on travel expenditure data that assists cost leakage such as exception allocation, out-of-policy expenses
- The rapid adoption of TEM software and an increasing number of start-ups and medium-sized enterprises are fueling the growth of the market.
- Travel and Expense Management Software Market Size in North America was USD 1.16 Billion 2022
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Driving Factors
- Application of Artificial Intelligence (AI) and Machine Learning in Corporate Travel to Drive Market Growth
- The use of AI and machine learning in travel and cost management software helps to enhance the corporate travel experience for employees by tailoring trips, ensuring efficient transportation, keeping track of expenses, and doing language translations.
- By analyzing traveler data such as personal information, credit card information, company information, and itineraries, and making sure the data is accurate, machine learning decreases the pressure on travelers in regards to safety and privacy.
Regional Insights
North America to Hold Largest Share Backed by Post-Pandemic Recovery Rate Displayed by U.S.
In 2022, North America controlled the market, with USD 1.16 billion market value. In the aftermath of the pandemic, the U.S., among other nations, experienced a 27% recovery in 2021.
Due to the region's expanding business travel opportunities, Europe holds the second-largest travel and expense management software market share. Additionally, it is advised to display a good growth rate during the course of the predicted period.
Due to rising cloud adoption and subsequent digital transformation, the Asia Pacific region is predicted to have the highest CAGR during the forecast period. The two countries expected to earn the largest market share throughout the projection period are China and India.
Segments
Remote Access and Virtual Booking to Fuel Cloud Demand
By deployment, the market is divided into on-premise and cloud. Cloud-based deployment controls the greater market share and as per our findings, it is to expand at the highest CAGR during the forecast period.
Global Surge of Adoption Rate in SMEs owing to Economical Pricing and Convenience
Based on enterprise type, the market is classified into large enterprise and small and medium enterprise.
Our findings suggest SMEs should exhibit marginally higher growth during the forecast period, accounting to higher CAGR as compared to large enterprise segment.
Constant Requirement of Corporate Cards to fuel the Software Adoption in BFSI Industry
Based on industry, the market is sectioned into BFSI, education, healthcare, IT & telecom, manufacturing, retail and e-commerce, and others.
BFSI sector is to stay dominant in terms of market share during the estimated time frame.
In our research, we have reviewed the geographical aspect into five regions, including North America, South America, Europe, the Middle East & Africa, and Asia Pacific. These regions are further categorized into several dominating countries.
Competitive Landscape
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental travel and expense management software companies often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
List of Key Players Mentioned in the Report:
- SAP Concur. (U.S.)
- Workday Inc. (Sweden)
- Coupa Software Inc. (U.S.)
- Basware Corporation (Finland)
- Expensify Inc. (U.S.)
- DATABASICS Inc. (U.S.)
- TripActions Inc. (U.S.)
- Infor Inc. (U.S.)
- Emburse Inc. (U.S.)
- Zoho Corporation Pvt. Ltd. (India)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Travel and Expense Management Software Key Players Market Share Insights and Analysis, 2022
- Global Travel and Expense Management Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premises
- By Enterprise Type (USD)
- Small and Mid-sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- Healthcare
- IT & Telecom
- Education
- Manufacturing
- Retail and E-Commerce
- Others (Logistics, Hospitality and others)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Travel and Expense Management Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premises
- By Enterprise Type (USD)
- Small and Mid-sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- Healthcare
- IT & Telecom
- Education
- Manufacturing
- Retail and E-Commerce
- Others (Logistics, Hospitality and others)
- By Country (USD)
- U.S.
- Canada
- Mexico
- South America Travel and Expense Management Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premises
- By Enterprise Type (USD)
- Small and Mid-sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- Healthcare
- IT & Telecom
- Education
- Manufacturing
- Retail and E-Commerce
- Others (Logistics, Hospitality and others)
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
TOC Continued…!
Related Report:
Business Spend Management (BSM) Software Market Size, Share, Industry Report, 2023-2029
Travel Retail Market Revenue Growth Forecast to 2029
Expense Management Market Size, Share, Revenue And Growth Rate Till 2029
FAQ:
How big is the Travel and Expense Management Software Market?
The market is projected to grow from USD 3.19 billion in 2023 to USD 7.91 billion by 2030, exhibiting a CAGR of 13.9% during the forecast period.
How big is Travel and Expense Management Software Market In North America?
The market in North America stood at USD 1.16 Billion in 2022 and is expected to gain a huge portion of the market share in the coming years.
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