According to our latest study on "Travel and Expense Management Software Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Deployment Mode, Organization Size, and Industry,” the travel and expense management software market size was valued at US$ 3.95 billion in 2023 and is expected to reach US$ 12.26 billion by 2031; it is estimated to record a CAGR of 15.2% from 2023 to 2031.
The travel and expense management software market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the travel and expense management software market share in 2023, followed by Europe and APAC, respectively. North America is experiencing high digital transformation. Digital transformation across North America refers to the widespread integration of digital technologies into various sectors, such as government, business, healthcare, manufacturing, and education. Companies across the region are partnering with automation and expense management solutions providers. For example, in September 2024, DocuPhase, a provider of financial automation solutions, announced a preferred relationship with Centre, a software business that modernizes travel and spending management. DocuPhase and Center will combine their expertise in automation and expenditure management to provide a more comprehensive range of services to satisfy the changing needs of their customers, addressing a significant gap in integrated AP payment and expense solutions. Also, the IT and telecom sector across the region is growing. The Universal Broadband Fund is a US$ 3.225 billion investment by the Government of Canada to help provide high-speed Internet access to 98% of Canadians by 2026 and achieve the national target of 100% high-speed Internet access by 2030. Travel and expense management software is especially important in areas such as information technology (IT) and telecommunications (telecom), where business travel and staff spending are widespread. These sectors frequently require travel for customer meetings, project management, installations, and support services. Thus, effective expense management is crucial for operational efficiency and cost control.
Key Findings of Travel and Expense Management Software Market Study:
The travel and expense management software market is segmented on the basis of deployment mode, organization size, and industry. In terms of deployment mode, the market is segregated into on-premise and cloud. The cloud segment held the largest travel and expense management software market share in 2023. Cloud has gained popularity worldwide as it offers flexibility for enterprises, reduces processing time, and saves time and money to improve skill and scalability. Cloud deployment mode allows enterprises to pay as per their requirements. Cloud-based travel and expense management software ensures cost control and helps reduce human errors. Also, it does not require capital costs and takes regular data backup. Owing to all these factors, the demand for cloud-based software is increasing. Moreover, the software allows enterprises to connect with customers, partners, and other businesses remotely. Cloud-based travel and expense management software allows finance teams and mobile workforce to collaborate from multiple locations. The receipt management feature encourages enterprises to access expense details from a centralized storage space. Several companies offer cloud-based travel and expense management software. For example, Infor Inc. provides Infor Expense Management, a powerful cloud-based software that manages travel and expenses.
Basware Corporation, Coupa Software Inc, DATABASICS Inc., Kissflow Inc, Navan, Inc., Expensify, Inc., Infor Inc, GB Business Global, Oracle Corp, SAP SE, Zoho Corp Pvt Ltd, Global Business Travel Group Inc, VA Tech Ventures Private Limited ("Happay"), VV Finly Technology Pvt Ltd, Oversight, Inc., TravelPerk S.L.U., Zaggle Prepaid Ocean Services Limited, Fyle Technologies Private Limited, Emburse, Inc., and Ellucian Company LLC. are among the key players profiled in the travel and expense management software market report. Several other major players were studied and analyzed during the travel and expense management software market analysis to get a holistic view of the market and its ecosystem. The travel and expense management software market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current travel and expense management software market trends and their foreseeable impact during the forecast period.
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