Pune, India, January 25, 2023 (GLOBE NEWSWIRE) — GLOBAL Travel and expense management software market size The market is projected to grow from USD 3.19 billion in 2023 to USD 7.91 billion by 2030, at a CAGR of 13.9% during the forecast period.
The information is presented by Fortune Business Insights in a report titled “Travel and Expense Management Software Market Forecast 2023-2030.”
Development of major industries
October 2022 – Infor Inc. scaled up its infrastructure facility in India by establishing a research and development facility in Hyderabad. The facility employs his 3,700 employees and utilizes digital technologies such as data analytics, data structuring, artificial intelligence and cloud IoT to provide features and capabilities to the client’s business. This expansion has also expanded its market reach and commercial potential in the Asia-Pacific region.
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Report scope and segmentation
| report coverage | detail |
| Forecast period | 2023-2030 |
| Forecast period 2023-2030 CAGR | 13.9% |
| 2030 value projections | US$7.91 billion |
| base year | 2022 |
| Travel and Expense Management Software Market Size in 2022 | US$2.84 billion |
| historical data of | 2019-2021 |
| page number | 150 |
| Target segment | deployment, enterprise, industry, |
| Travel and Expense Management Software Market Growth Drivers | The need for trouble-free dues and reimbursement drives the demand for travel and expense management software |
| Rising Rate of Cybercrime Endangers Data Confidentiality and Transaction Security |
important point
- Travel and expense management software market thrives, expected to reach USD 7.91 billion by 2030
- Implementations allow commuters to understand transaction details, inform vendor negotiations, and influence traveler behavior.
- The combined TEM software solution promotes transparency in travel expense data that aids in the leakage of expenses such as exceptional allotments, out-of-policy expenses.
- The rapid adoption of TEM software and the growing number of start-ups and medium-sized companies are fueling the growth of the market.
- North America Travel and Expense Management Software Market Size to be USD 1.16 Billion in 2022
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driving factor
- Applying artificial intelligence (AI) and machine learning to corporate travel to drive market growth
- Using AI and machine learning in travel and cost management software can improve the employee travel experience by coordinating business travel, ensuring efficient transportation, tracking expenses, and translating languages. can.
- Machine learning analyzes traveler data such as personal information, credit card information, company information and itinerary to ensure the data is accurate, reducing pressure on travelers for safety and privacy. .
Regional Insight
North America holds the largest share, supported by US post-pandemic recovery rate
In 2022, North America dominated the market with a market value of USD 1.16 billion. In the aftermath of the pandemic, the US among other countries experienced her 27% recovery in 2021.
Europe holds the second largest market share for travel and expense management software as business travel opportunities in the region grow. Moreover, it is recommended to display good growth rates during the forecast period.
Asia-Pacific is projected to have the highest CAGR during the forecast period, owing to increasing adoption of cloud followed by digital transformation. His two countries expected to capture the largest market share over the forecast period are China and India.
segment
Remote Access and Virtual Reservations Driving Cloud Demand
By deployment, the market is split between on-premises and cloud. Cloud-based deployment is to control a larger market share and expand at the highest he CAGR during the forecast period, according to the research findings.
Economical Pricing and Convenience Drive Rapid Growth in SME Adoption Globally
Based on company type, the market is segmented into large enterprises and small and medium enterprises.
Our findings indicate that SMEs should exhibit slightly higher growth during the forecast period, with a higher CAGR compared to the large enterprise segment.
Certain requirements for corporate cards to facilitate software adoption in the BFSI industry
Based on industry, the market is segmented into BFSI, education, healthcare, IT and telecom, manufacturing, retail and e-commerce, and others.
The BFSI sector will continue to dominate in terms of market share for the estimated period.
Our research examined the geographic dimensions into five regions including North America, South America, Europe, Middle East and Africa, and Asia Pacific. These regions are further divided into several dominant countries.
competitive environment
Important business-related announcements by key players impacting market dynamics
Basic travel and expense management software companies often make important announcements regarding some business moves, which have a positive or negative impact on the market. Players acquire companies, launch new products, enter into partnership agreements, sign contracts with government agencies, and more.
List of major players mentioned in the report:
- SAP Conker. (we)
- Workday Inc. (Sweden)
- Coupa Software Inc. (US)
- Bathware (Finland)
- Expensify Inc. (USA)
- DATA BASICS Inc. (United States)
- TripActions Inc. (USA)
- Infor (USA)
- Enverse (U.S.A.)
- Zoho Corporation Pvt. Ltd. (India)
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Main table of contents:
- prologue
- Definition, by segment
- Survey method/approach
- data source
- executive summary
- market dynamics
- macro and microeconomic indicators
- Drivers, Constraints, Opportunities and Trends
- Impact of COVID-19
- competitive landscape
- Business strategies adopted by key players
- Integrated 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 Estimation and Forecast by Segment 2019-2030
- Main findings
- By Deployment (USD)
- By company type (USD)
- Small and Medium Enterprises (SMEs)
- large company
- Industry (USD)
- BFSIMore
- health care
- IT & Telecom
- education
- manufacturing industry
- Retail and e-commerce
- Others (Logistics, Hospitality, Others)
- By Region (USD)
- North America
- South America
- Europe
- Middle East and Africa
- Asia Pacific
- North America Travel and Expense Management Software Market Size Estimation and Forecast, By Segment, 2018-2029
- Main findings
- By Deployment (USD)
- By company type (USD)
- Small and Medium Enterprises (SMEs)
- large company
- Industry (USD)
- BFSIMore
- health care
- IT & Telecom
- education
- manufacturing industry
- Retail and e-commerce
- Others (Logistics, Hospitality, Others)
- By Country (USD)
- South America Travel and Expense Management Software Market Size Estimation and Forecast, By Segment, 2018-2029
- Main findings
- By Deployment (USD)
- By company type (USD)
- Small and Medium Enterprises (SMEs)
- large company
- Industry (USD)
- BFSIMore
- health care
- IT & Telecom
- education
- manufacturing industry
- Retail and e-commerce
- Others (Logistics, Hospitality, Others)
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
TOC continues…!
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Expense Management Market Size, Share, Revenue and Growth Rate to 2029
Frequently Asked Questions:
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, at a CAGR of 13.9% during the forecast period.
What is the size of the North American travel and expense management software market?
The North American market is expected to reach USD 1.16 billion in 2022 and capture the majority of the market share in the coming years.
about us:
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