The Travel and Expense Management Software Market size was valued at USD 3.1 billion in 2023 and is expected to grow to USD 9.9 billion by 2032 and grow at a CAGR of 13.7% over the forecast period of 2024-2032.
Software for managing travel and expenses provides employees with an easier way to create cost reports and submit them to management for approval of reimbursements. The software also assists in organizing staff travel arrangements and creating travel schedules, offering a structured method of data management. To ensure user convenience, a number of suppliers are combining the software with mobile applications. This should make it easier for users to utilize the software remotely while on the go. Therefore, accessibility and availability of the software on smartphones are two additional factors that are anticipated to drive the travel and expense management software market.
Get more information on Travel and Expense Management Software Market - Request Sample Report
Employers can save manual labor and time-consuming activities by using the travel and spending management software, which helps to prevent errors. By connecting the travel and expense management software with enterprise resource planning (ERP), human capital management (HCM), and customer relationship management (CRM) systems, management gains a comprehensive understanding of all spending. Thus, the software gives management a consolidated view of all employee expenses, aiding in budget management and promoting policy compliance.
Drivers
Demand for Travel and Expense Management Software is Growing Due to the Need for Trouble-Free Dues and Reimbursements
One of the most expensive expenses for any business is travel, making it an essential area to control. Every business wants a well-organized system for tracking expenses and a reimbursement procedure that handles travel charges independently of employees and finance managers. One software application or booking platform allows employees to order tickets together, doing away with the hassle of following down emails and receipts. Enterprises can prevent unnecessary travel spending by showing policy-compliant, curated options for hotels and flights on travel and expense management software. On these platforms, they can create intricate policy streams as opposed to charges of implementation being fixed.
Restrains
Growing Number of Cybercrimes Endangers Transaction Security and Data Confidentiality
The travel and cost management software stores information such as employee name, mail ID, company credit card information, business-related actions, transaction details, and other financial histories. As a result, it becomes a key issue for companies as they exercise greater caution when making their choice of a travel and expenditure management software system.
Opportunities
An increase in digitization in the government and defense sectors
More Partnerships and Acquisitions by Market Participants
Challenges
Perpetual Risk of Data Breach.
The Travel and Expense Software Industry Is Fragmenting.
The absence of qualified labor and oversight of the software in the travel and expenditure management business
Global Travel Bans and Pandemic to Stem Market Growth
Numerous supply chain networks and business trips were significantly impacted by the COVID-19 pandemic. In the midst of the pandemic, several important businesses were gradually implementing new standards, such as working from home, which expanded the use of e-commerce, online streaming services, and cloud computing, among other things. In the beginning, business travel was a significant problem because of strict laws and the early adoption of work-from-home options. This had a detrimental effect on the adoption and use of TEM software, which marginally slowed the market's expansion.
Digital transformation is being implemented by businesses, which benefits company growth. Additionally, the growing demand for software applications to integrate and streamline business models would enable users to quickly develop better strategies to support a unified workforce and minimize paper trail and usage.
The Travel and Expense Management Software Market is segmented into three types on the basis of by Organization Size, by Deployment Type, and by Industry Vertical.
By Organization Size:
Small and Medium Enterprises
Large Enterprises
By Deployment Type:
Cloud
On-Premise
By Industry Vertical:
BFSI
It and Telecom
Manufacturing
Public Sector
Healthcare
Retail
Others
North America is dominating the industry. This is due to the development and use of cloud computing by enterprises. The Asia Pacific market for travel and spending management software is expected to grow quickly throughout the period of forecasting. The rise in the region is attributed to the presence of many small and medium-sized firms there as well as their growing desire for travel and expense management software. In addition, as business travel increases in countries like China, India, and Hong Kong, among others, it is projected that demand for the program would rise.
Due to the region's expanding business travel opportunities, Europe also holds the largest market share. Additionally, it is advised to display a healthy growth rate over the course of the forecast period. To diversify their product offerings and adopt modern technology, the regional industries are innovating in the areas of IT and telecom, retail, and e-commerce. For instance, TripActions introduced LIQUID, an all-in-one travel and expense management system with corporate card integration, in Europe This led to geographic expansion and promoted commercial expansion.
In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.
Need any customization research/data on Travel and Expense Management Software Market - Enquiry Now
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Key Players are Chrome River Technologies, SAP Concur., Basware Corporation, Data-Basics, Inc., Workday Inc., Coupa Software Inc., Avidxchange, TripActions Inc., Zoho Corporation Pvt. Ltd., Infor Inc., Expensify Inc, Emburse Inc. 8common Limited and others in the final report.
In order to empower students of the younger generation by enhancing travel experiences, service learning, cultural immersion, and leadership, TripActions joined Global Glimpse in October 2022. By recycling computers and displays, they also contributed money for scholarships.
By establishing a research and development facility in Hyderabad in October 2022, Infor Inc. expanded the scale of its Indian infrastructure facilities. This facility, which employs 3,700 people, uses digital technologies like data analytics, data structuration, artificial intelligence, and cloud IoT to deliver features and capabilities for client organizations. Additionally, this growth broadened their customer base and opened up new business options in the Asia Pacific region.
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.1 Bn |
| Market Size by 2032 | US$ 9.9 Bn |
| CAGR | CAGR of 13.7 From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Organization Size (Small and Medium Enterprises, Large Enterprises) • By Deployment Type (Cloud, On-Premise) • By Industry Vertical (BFSI, It and Telecom, Manufacturing, Public Sector, Healthcare, Retail, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Chrome River Technologies, SAP Concur., Basware Corporation, Data-Basics, Inc., Workday Inc., Coupa Software Inc., Avidxchange, TripActions Inc., Zoho Corporation Pvt. Ltd., Infor Inc., Expensify Inc, Emburse Inc. 8common Limited |
| Key Drivers | • Demand for Travel and Expense Management Software is Growing Due to the Need for Trouble-Free Dues and Reimbursements |
| Market Opportunities | • An increase in digitization in the government and defense sectors • More Partnerships and Acquisitions by Market Participants |
The CAGR of the Travel and Expense Management Software Market for the forecast period 2024-2031 is 13.7%.
The market is expected to grow to USD 9.9 billion by the forecast period of 2032.
The major worldwide key players in the Travel and Expense Management Software Market are Chrome River Technologies, SAP Concur., Basware Corporation, Data-Basics, Inc., Workday Inc., Coupa Software Inc., Avidxchange, TripActions Inc., Zoho Corporation Pvt. Ltd., and others in the final report.
USD 3.1 billion in 2023 is the market share of the Travel and Expense Management Software Market.
The forecast period for the Travel and Expense Management Software Market is 2024-2032.
Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Travel and Expense Management Software Market Segmentation, by Organization Size
8.1 Small and Medium Enterprises
8.2 Large Enterprises
9.Travel and Expense Management Software Market Segmentation, by Deployment Type
9.1 Cloud
9.2 On-Premise
10. Travel and Expense Management Software Market Segmentation, by Industry Vertical
10.1 BFSI
10.2 It and Telecom
10.3 Manufacturing
10.4 Public Sector
10.5 Healthcare
10.6 Retail
10.7 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Travel and Expense Management Software Market by Country
11.2.2 North America Travel and Expense Management Software Market by Organization Size
11.2.3 North America Travel and Expense Management Software Market by Deployment Type
11.2.4 North America Travel and Expense Management Software Market by Industry Vertical
11.2.5 USA
11.2.5.1 USA Travel and Expense Management Software Market by Organization Size
11.2.5.2 USA Travel and Expense Management Software Market by Deployment Type
11.2.5.3 USA Travel and Expense Management Software Market by Industry Vertical
11.2. Canada
11.2.6.1 Canada Travel and Expense Management Software Market by Organization Size
11.2.6.2 Canada Travel and Expense Management Software Market by Deployment Type
11.2.6.3 Canada Travel and Expense Management Software Market by Industry Vertical
11.2.7 Mexico
11.2.7.1 Mexico Travel and Expense Management Software Market by Organization Size
11.2.7.2 Mexico Travel and Expense Management Software Market by Deployment Type
11.2.7.3 Mexico Travel and Expense Management Software Market by Industry Vertical
11.3 Europe
11.3.1 Europe Travel and Expense Management Software Market by Country
11.3.2 Europe Travel and Expense Management Software Market by Organization Size
11.3.3 Europe Travel and Expense Management Software Market by Deployment Type
11.3.4 Europe Travel and Expense Management Software Market by Industry Vertical
11.3.5 Germany
11.3.5.1 Germany Travel and Expense Management Software Market by Organization Size
11.3.5.2 Germany Travel and Expense Management Software Market by Deployment Type
11.3.5.3 Germany Travel and Expense Management Software Market by Industry Vertical
11.3.6 UK
11.3.6.1 UK Travel and Expense Management Software Market by Organization Size
11.3.6.2 UK Travel and Expense Management Software Market by Deployment Type
11.3.6.3 UK Travel and Expense Management Software Market by Industry Vertical
11.3.7 France
11.3.7.1 France Travel and Expense Management Software Market by Organization Size
11.3.7.2 France Travel and Expense Management Software Market by Deployment Type
11.3.7.3 France Travel and Expense Management Software Market by Industry Vertical
11.3.8 Italy
11.3.8.1 Italy Travel and Expense Management Software Market by Organization Size
11.3.8.2 Italy Travel and Expense Management Software Market by Deployment Type
11.3.8.3 Italy Travel and Expense Management Software Market by Industry Vertical
11.3.9 Spain
11.3.9.1 Spain Travel and Expense Management Software Market by Organization Size
11.3.9.2 Spain Travel and Expense Management Software Market by Deployment Type
11.3.9.3 Spain Travel and Expense Management Software Market by Industry Vertical
11.3.10 The Netherlands
11.3.10.1 Netherlands Travel and Expense Management Software Market by Organization Size
11.3.10.2 Netherlands Travel and Expense Management Software Market by Deployment Type
11.3.10.3 Netherlands Travel and Expense Management Software Market by Industry Vertical
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Travel and Expense Management Software Market by Organization Size
11.3.11.2 Rest of Europe Travel and Expense Management Software Market by Deployment Type
11.3.11.3 Rest of Europe Travel and Expense Management Software Market by Industry Vertical
11.4 Asia-Pacific
11.4.1 Asia Pacific Travel and Expense Management Software Market by Country
11.4.2 Asia Pacific Travel and Expense Management Software Market by Organization Size
11.4.3 Asia Pacific Travel and Expense Management Software Market by Deployment Type
11.4.4Asia Pacific Travel and Expense Management Software Market by Industry Vertical
11.4.5 japan
11.4.5.1 Japan Travel and Expense Management Software Market by Organization Size
11.4.5.2 Japan Travel and Expense Management Software Market by Deployment Type
11.4.5.3 Japan Travel and Expense Management Software Market by Industry Vertical
11.4.6 South Korea
11.4.6.1 South Korea Travel and Expense Management Software Market by Organization Size
11.4.6.2 South Korea Travel and Expense Management Software Market by Deployment Type
11.4.6.3 South Korea Travel and Expense Management Software Market by Industry Vertical
11.4.7 China
11.4.7.1 China Travel and Expense Management Software Market by Organization Size
11.4.7.2 China Travel and Expense Management Software Market by Deployment Type
11.4.7.3 China Travel and Expense Management Software Market by Industry Vertical
11.4.8 India
11.4.8.1 India Travel and Expense Management Software Market by Organization Size
11.4.8.2 India Travel and Expense Management Software Market by Deployment Type
11.4.8.3 India Travel and Expense Management Software Market by Industry Vertical
11.4.9 Australia
11.4.9.1 Australia Travel and Expense Management Software Market by Organization Size
11.4.9.2 Australia Travel and Expense Management Software Market by Deployment Type
11.4.9.3 Australia Travel and Expense Management Software Market by Industry Vertical
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Travel and Expense Management Software Market by Organization Size
11.4.10.2 APAC Travel and Expense Management Software Market by Deployment Type
11.4.10.3 APAC Travel and Expense Management Software Market by Industry Vertical
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Travel and Expense Management Software Market by Country
11.5.2 The Middle East & Africa Travel and Expense Management Software Market by Organization Size
11.5.3 The Middle East & Africa Travel and Expense Management Software Market by Deployment Type
11.5.4The Middle East & Africa Travel and Expense Management Software Market by Industry Vertical
11.5.6 Israel
11.5.6.1 Israel Travel and Expense Management Software Market by Organization Size
11.5.6.2 Israel Travel and Expense Management Software Market by Deployment Type
11.5.6.3 Israel Travel and Expense Management Software Market by Industry Vertical
11.5.7 UAE
11.5.7.1 UAE Travel and Expense Management Software Market by Organization Size
11.5.7.2 UAE Travel and Expense Management Software Market by Deployment Type
11.5.7.3 UAE Travel and Expense Management Software Market by Industry Vertical
11.5.8 South Africa
11.5.8.1 South Africa Travel and Expense Management Software Market by Organization Size
11.5.8.2 South Africa Travel and Expense Management Software Market by Deployment Type
11.5.8.3 South Africa Travel and Expense Management Software Market by Industry Vertical
11.5.9 Rest of Middle East & Africa
11.5.9.1 Rest of Middle East & Asia Travel and Expense Management Software Market by Organization Size
11.5.9.2 Rest of Middle East & Asia Travel and Expense Management Software Market by Deployment Type
11.5.9.3 Rest of Middle East & Asia Travel and Expense Management Software Market by Industry Vertical
11.6 Latin America
11.6.1 Latin America Travel and Expense Management Software Market by Country
11.6.2 Latin America Travel and Expense Management Software Market by Organization Size
11.6.3 Latin America Travel and Expense Management Software Market by Deployment Type
11.6.4 Latin America Travel and Expense Management Software Market by Industry Vertical
11.6.5 brazil
11.6.5.1 Brazil Travel and Expense Management Software Market by Organization Size
11.6.5.2 Brazil Africa Travel and Expense Management Software Market by Deployment Type
11.6.5.3 Brazil Travel and Expense Management Software Market by Industry Vertical
11.6.6 Argentina
11.6.6.1 Argentina Travel and Expense Management Software Market by Organization Size
11.6.6.2 Argentina Travel and Expense Management Software Market by Deployment Type
11.6.6.3 Argentina Travel and Expense Management Software Market by Industry Vertical
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Travel and Expense Management Software Market by Organization Size
11.6.7.2 Rest of Latin America Travel and Expense Management Software Market by Deployment Type
11.6.7.3 Rest of Latin America Travel and Expense Management Software Market by Industry Vertical
12 Company Profile
12.1 Chrome River Technologies
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 SAP Concur.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Basware Corporation
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Data-Basics, Inc.
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Workday Inc.
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Coupa Software Inc.
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 TripActions Inc.
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Zoho Corporation Pvt. Ltd.
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Infor Inc.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Expensify Inc.
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Product Analytics Market Size was valued at USD 7.88 Billion in 2023, and is expected to reach USD 25.94 Billion by 2032, and grow at a CAGR of 14.89% over the forecast period 2024-2032.
The Smart Speaker Market was valued at USD 12.23 Billion in 2023 and is expected to reach USD 55.44 Billion by 2032, growing at a CAGR of 18.33% over the forecast period 2024-2032.
The Content Services Platforms Market, valued at USD 61.9 Bn in 2023, is projected to reach USD 228.2 Bn by 2032, growing at a 15.61% CAGR from 2024 to 2032.
The Intelligent Process Automation Market Size was valued at USD 13.80 Billion in 2023 and is expected to reach USD 47.02 Billion by 2032 and grow at a CAGR of 15.40% over the forecast period 2024-2032.
The Telecom equipment market size was estimated at USD 718.30 Billion in 2023 and is expected to reach USD 1033.03 Billion by 2032 at a CAGR of 4.12% during the forecast period of 2024-2032.
The Order Management Software Market size was valued at USD 2.0 billion in 2023, and is expected to reach USD 3.40 billion by 2032, at a CAGR of 6.1%. and is expected to grow significantly during the forecast period from 2024-2032.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
