According to our latest study on "Travel and Expense Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Deployment, Enterprise Size, and Industry," the market is projected to grow from US$ 3,320.02 million in 2022 to US$ 5,276.56 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2022 to 2028.
Hassle-Free Claims and Reimbursements Fuel Travel and Expenditure Management Software Market Growth
The expense reimbursement cycle can be a time-consuming and laborious task for both employees and finance teams due to the detailed procedures involved in travel and expense management. To streamline this process and save time and money, many organizations are turning to travel and expense management software. This software allows for the monitoring and analysis of a large amount of expense data on a single platform. Additionally, the software simplifies the task of handling receipts, which can be a burden for employees and finance teams alike. By tracking all employee receipts and providing a user-friendly platform for generating expense reports, the software makes it easier for employees to submit their expense reports for reimbursement. The software also helps manage travel bookings and itineraries for employees, providing a more organized approach to managing data. With consolidated data on all expenses made by employees, the software assists in managing budgets and ensuring policy compliance. As a result, the travel and expense management software market is experiencing growth.
Amidst the COVID-19 pandemic, the United States suffered the most significant impact in North America, leading to a nationwide lockdown in 2020. This caused a shift to work-from-home policies for businesses and organizations, resulting in a decline in business travel and negatively impacting the travel and expense management software market. Even with the relaxation of restrictions, business travel did not see a significant increase in the first quarter of 2021 due to concerns over contracting the virus. However, by the second quarter, business travel started to rebound, driving growth in the travel and expense management software market. Despite the pandemic's short-term effects, overall sales in business travel for 2021 remained steady due to increasing demand for a mobile workforce among regional companies.
Key Findings of Study:
The market for travel and expense management software has been categorized into four segments based on deployment, enterprise size, industry, and geography. The two deployment segments are on-premises and cloud, while the enterprise size segments are small and medium enterprises (SMEs) and large enterprises. The industry segment includes BFSI, IT & telecom, manufacturing, healthcare, government & defense, transport & logistics, retail, and others. Geographically, the market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The APAC region comprises both developing economies such as China, India, Vietnam, and Indonesia, and developed economies such as Australia and Japan. These countries in the APAC region are adopting various technologies to manage their travel and expenses efficiently.
The market demand for cloud-based travel and expense management software is surpassing that of on-premises software due to its lower deployment costs and more robust network infrastructure in developed countries. Vendors of cloud-based software are implementing advanced security measures to mitigate the risk of cyber-attacks, thereby driving the growth of the travel and expense management software market. The adoption of cloud technology is increasing globally because of its flexible and scalable nature, which helps enterprises save time and money while improving their skillsets. The pay-as-you-go model of cloud deployment allows enterprises to pay for only what they need, thereby ensuring cost control and reducing the chances of human errors. The absence of capital costs and regular data backup are additional advantages of cloud-based software. With cloud-based travel and expense management software, enterprises can connect with their customers, partners, and other businesses remotely, while also enabling finance teams and mobile workforces to collaborate from various locations. Moreover, the receipt management feature allows for easy access to expense details from a centralized storage space. These factors collectively drive the growth of the travel and expense management software market in the cloud segment.
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