Travel And Expense Management Software Market
Travel and Expense Management Software Market Forecasts to 2028 - Global Analysis By Organization size (Small and medium scale enterprises and Large enterprises), Deployment (On-premise and Cloud based), Industry Vertical (IT & Telecom, Public Sector, Manufacturing, Retail, Healthcare and Aerospace & Defense) and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $8.2 BN |
|
Projected Year Value (2028) |
US $18.2 BN |
|
CAGR (2022 - 2028) |
14.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Travel and Expense Management Software Market is accounted for $8.2 billion in 2022 and is expected to reach $18.2 billion by 2028 growing at a CAGR of 14.2% during the forecast period. A complete method that can help you manage and keep track of your company travel spending is travel and expense management software. T&E management software is crucial for businesses that send employees on business trips, whether for trip planning, personnel management while travelling, or the generation of expense reports.
According to ITILITE, 70% of expenses are travel-related, and having separate tools for travel bookings, and expense reimbursements result in cost leakages, poor data visibility, and even leaves room for fraud and on top of all this, it provides a broken experience to employees and finance managers.
Market Dynamics:
Driver:
High adoption of mobile devices
Because of their high demand and low price, smartphones are becoming more and more common, which has led to an increase in multi-platform software. This programme is designed to operate on several devices while keeping user data updated. Different organisations in the global market for travel and expense management software provide smartphone applications with information about users, their history, tickets, and offers. The same businesses provide online services or websites with the same features. Furthermore, many businesses are looking for mobile app technology, system integrations, and real-time solutions to help staff complete tasks more quickly and efficiently in light of the advancement of mobile computing technology, the cloud, and the ability to connect to business systems around the world.
Restraint:
Constant threat of data breach
Employee names and information, corporate credit card details, transaction statements, business-related activities, and financial history are all stored in an expense management programme. As a result, it has become an important component of enterprises, and they are careful to select an expense management solution. Businesses around the world pay little attention to the security of travel and expense management software because it contains such sensitive business data. But to steal information from companies and travel and expense management software, hackers or cybercriminals utilise emailing, malware, social engineering, or related approaches. Therefore, it is anticipated that the market growth for travel and spending management software will be constrained by the ongoing issue of data breach.
Opportunity:
Increasing military travel internationally
Due to a variety of factors, including the presence of military outposts and postings, international exercises, and U.N. peacekeeping forces, military movement, either internal or within a country, is rising. The military is able to provide soldiers with a travel allowance (TA) because of the rising financing for military expenses in several countries across the world. Furthermore, SAAS for travel expense analysis and travel and expense management software being available on smartphones has allowed these programmes to be used in the military. Additionally, the bilateral relations between nations, which are changing constantly, enable their armed forces to participate in training exercises that build soldiers' self-assurance, experience, and solidarity. Moreover, the expansion of foreign military bases by other armies enables personnel to travel worldwide.
Threat:
Fragmentation in the travel and expense software industry
As it will be challenging to handle data and expenses on a different platform, the availability and use of many travel and expense management software programmes has an impact on the efficiency of the finance department. Furthermore, many businesses continue to use their current walled systems due to the fragmentation in the travel and expense software market and their concern over the cost of switching. Additionally, they can reduce expenditures by employing an integrated travel and expense management solution. As a result of the fact that distinct software clients offer different deals and most financial teams are unable to spot these frauds, this segregation also allows for many frauds to get away from auditors. Because the travel and expense management business is fragmented, finance professionals are restricted in their ability to control travel spending and are more likely to accidentally go over the budgeted amount.
Covid-19 Impact:
The COVID-19 outbreak's appearance has had a negative impact on market expansion. Travel restrictions have been put in place by various government agencies to stop the disease from spreading, which has slowed the market's expansion. Following China's relaxed anti-virus measures, the number of instances has increased throughout the country (US). China's "zero COVID" regulations had reduced the country's infection rate, but they also hindered economic progress and fueled public discontent.
The on-premise segment is expected to be the largest during the forecast period
Due to advantages including improved security and a lower total cost of ownership when compared to cloud systems, the on-premises segment is anticipated to hold the largest share during the forecast period. On-premises software deployment takes a long time and requires a significant initial outlay to set up the infrastructure.
The small and medium scale enterprises segment is expected to have the highest CAGR during the forecast period
As they look to embrace travel and expenditure management software and automate their manual operations for a better ROI, small and medium-sized businesses are predicted to grow at a highest CAGR during the projected period. Furthermore, the software also provides an automated approach to keep ledgers, assisting firms in discarding traditional methods of account management.
Region with largest share:
Due to the advancement and corporate adoption of cloud technologies, North America commanded the largest market share and is anticipated to continue to dominate the market over the projection period. Additionally, the availability of software on mobile devices and the increasing adoption of technological advancements are acknowledged for the increase in demand for software across North America. Moreover, the market for travel and expense management software in North America is also anticipated to be driven by the adoption of machine learning and predictive analytics.
Region with highest CAGR:
Over the course of the projection period, the Asia-Pacific market for travel and expense management software is anticipated to expand rapidly because of the prevalence of several small and medium-sized businesses and their growing preference for the technology. Additionally, the demand for the software is also anticipated to expand as business travel picks up in nations like China, India, and Hong Kong.
Key players in the market
Some of the key players in Travel and Expense Management Software market include Expensify Inc, Basware Corp, Emburse, Infor Inc., Apptricity Corp, DATABASICS Inc., IBM Corp, Oracle Corp, Zoho Corporation Pvt Ltd., SAP SE (Concur), Chrome River Technologies, Inc., Fraedom UK Limited, Coupa Software Inc, Insperity Payroll Services, LLC and Ariett Business Solutions, Inc
Key Developments:
In October 2022, to provide its clients with the advantages of the business' integrated time and expense management system, DATABASICS Inc. teamed up with ERP consulting company Alta Vista Technology.
In December 2019, Chrome River Technologies, Inc., was named a "Leader" in the IDC Market Scape, Worldwide SaaS and Cloud-Enabled Enterprise Travel and Expense Management Applications 2019 Vendor Assessment. Company is positioned as a Leader for large enterprise deployments which created a brand image globally.
Organization sizes Covered:
• Small and medium scale enterprises
• Large enterprises
Deployments Covered:
• On-premise
• Cloud based
Industry Verticals Covered:
• IT & Telecom
• Public Sector
• Manufacturing
• Retail
• Healthcare
• Aerospace & Defense
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Travel and Expense Management Software Market, By Organization size
5.1 Introduction
5.2 Small and medium scale enterprises
5.3 Large enterprises
6 Global Travel and Expense Management Software Market, By Deployment
6.1 Introduction
6.2 On-premise
6.3 Cloud based
7 Global Travel and Expense Management Software Market, By Industry Vertical
7.1 Introduction
7.2 IT & Telecom
7.3 Public Sector
7.4 Manufacturing
7.5 Retail
7.6 Healthcare
7.7 Aerospace & Defense
8 Global Travel and Expense Management Software Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Expensify Inc
10.2 Basware Corp
10.3 Emburse
10.4 Infor Inc.
10.5 Apptricity Corp
10.6 DATABASICS Inc.
10.7 IBM Corp
10.8 Oracle Corp
10.9 Zoho Corporation Pvt Ltd.
10.10 SAP SE (Concur)
10.11 Chrome River Technologies, Inc.
10.12 Fraedom UK Limited
10.13 Coupa Software Inc
10.14 Insperity Payroll Services, LLC
10.15 Ariett Business Solutions, Inc
List of Tables
1 Global Travel and Expense Management Software Market Outlook, By Region (2020-2028) ($MN)
2 Global Travel and Expense Management Software Market Outlook, By Organization size (2020-2028) ($MN)
3 Global Travel and Expense Management Software Market Outlook, By Small and medium scale enterprises (2020-2028) ($MN)
4 Global Travel and Expense Management Software Market Outlook, By Large enterprises (2020-2028) ($MN)
5 Global Travel and Expense Management Software Market Outlook, By Deployment (2020-2028) ($MN)
6 Global Travel and Expense Management Software Market Outlook, By On-premise (2020-2028) ($MN)
7 Global Travel and Expense Management Software Market Outlook, By Cloud based (2020-2028) ($MN)
8 Global Travel and Expense Management Software Market Outlook, By Industry Vertical (2020-2028) ($MN)
9 Global Travel and Expense Management Software Market Outlook, By IT & Telecom (2020-2028) ($MN)
10 Global Travel and Expense Management Software Market Outlook, By Public Sector (2020-2028) ($MN)
11 Global Travel and Expense Management Software Market Outlook, By Manufacturing (2020-2028) ($MN)
12 Global Travel and Expense Management Software Market Outlook, By Retail (2020-2028) ($MN)
13 Global Travel and Expense Management Software Market Outlook, By Healthcare (2020-2028) ($MN)
14 Global Travel and Expense Management Software Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
15 North America Travel and Expense Management Software Market Outlook, By Country (2020-2028) ($MN)
16 North America Travel and Expense Management Software Market Outlook, By Organization size (2020-2028) ($MN)
17 North America Travel and Expense Management Software Market Outlook, By Small and medium scale enterprises (2020-2028) ($MN)
18 North America Travel and Expense Management Software Market Outlook, By Large enterprises (2020-2028) ($MN)
19 North America Travel and Expense Management Software Market Outlook, By Deployment (2020-2028) ($MN)
20 North America Travel and Expense Management Software Market Outlook, By On-premise (2020-2028) ($MN)
21 North America Travel and Expense Management Software Market Outlook, By Cloud based (2020-2028) ($MN)
22 North America Travel and Expense Management Software Market Outlook, By Industry Vertical (2020-2028) ($MN)
23 North America Travel and Expense Management Software Market Outlook, By IT & Telecom (2020-2028) ($MN)
24 North America Travel and Expense Management Software Market Outlook, By Public Sector (2020-2028) ($MN)
25 North America Travel and Expense Management Software Market Outlook, By Manufacturing (2020-2028) ($MN)
26 North America Travel and Expense Management Software Market Outlook, By Retail (2020-2028) ($MN)
27 North America Travel and Expense Management Software Market Outlook, By Healthcare (2020-2028) ($MN)
28 North America Travel and Expense Management Software Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
29 Europe Travel and Expense Management Software Market Outlook, By Country (2020-2028) ($MN)
30 Europe Travel and Expense Management Software Market Outlook, By Organization size (2020-2028) ($MN)
31 Europe Travel and Expense Management Software Market Outlook, By Small and medium scale enterprises (2020-2028) ($MN)
32 Europe Travel and Expense Management Software Market Outlook, By Large enterprises (2020-2028) ($MN)
33 Europe Travel and Expense Management Software Market Outlook, By Deployment (2020-2028) ($MN)
34 Europe Travel and Expense Management Software Market Outlook, By On-premise (2020-2028) ($MN)
35 Europe Travel and Expense Management Software Market Outlook, By Cloud based (2020-2028) ($MN)
36 Europe Travel and Expense Management Software Market Outlook, By Industry Vertical (2020-2028) ($MN)
37 Europe Travel and Expense Management Software Market Outlook, By IT & Telecom (2020-2028) ($MN)
38 Europe Travel and Expense Management Software Market Outlook, By Public Sector (2020-2028) ($MN)
39 Europe Travel and Expense Management Software Market Outlook, By Manufacturing (2020-2028) ($MN)
40 Europe Travel and Expense Management Software Market Outlook, By Retail (2020-2028) ($MN)
41 Europe Travel and Expense Management Software Market Outlook, By Healthcare (2020-2028) ($MN)
42 Europe Travel and Expense Management Software Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
43 Asia Pacific Travel and Expense Management Software Market Outlook, By Country (2020-2028) ($MN)
44 Asia Pacific Travel and Expense Management Software Market Outlook, By Organization size (2020-2028) ($MN)
45 Asia Pacific Travel and Expense Management Software Market Outlook, By Small and medium scale enterprises (2020-2028) ($MN)
46 Asia Pacific Travel and Expense Management Software Market Outlook, By Large enterprises (2020-2028) ($MN)
47 Asia Pacific Travel and Expense Management Software Market Outlook, By Deployment (2020-2028) ($MN)
48 Asia Pacific Travel and Expense Management Software Market Outlook, By On-premise (2020-2028) ($MN)
49 Asia Pacific Travel and Expense Management Software Market Outlook, By Cloud based (2020-2028) ($MN)
50 Asia Pacific Travel and Expense Management Software Market Outlook, By Industry Vertical (2020-2028) ($MN)
51 Asia Pacific Travel and Expense Management Software Market Outlook, By IT & Telecom (2020-2028) ($MN)
52 Asia Pacific Travel and Expense Management Software Market Outlook, By Public Sector (2020-2028) ($MN)
53 Asia Pacific Travel and Expense Management Software Market Outlook, By Manufacturing (2020-2028) ($MN)
54 Asia Pacific Travel and Expense Management Software Market Outlook, By Retail (2020-2028) ($MN)
55 Asia Pacific Travel and Expense Management Software Market Outlook, By Healthcare (2020-2028) ($MN)
56 Asia Pacific Travel and Expense Management Software Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
57 South America Travel and Expense Management Software Market Outlook, By Country (2020-2028) ($MN)
58 South America Travel and Expense Management Software Market Outlook, By Organization size (2020-2028) ($MN)
59 South America Travel and Expense Management Software Market Outlook, By Small and medium scale enterprises (2020-2028) ($MN)
60 South America Travel and Expense Management Software Market Outlook, By Large enterprises (2020-2028) ($MN)
61 South America Travel and Expense Management Software Market Outlook, By Deployment (2020-2028) ($MN)
62 South America Travel and Expense Management Software Market Outlook, By On-premise (2020-2028) ($MN)
63 South America Travel and Expense Management Software Market Outlook, By Cloud based (2020-2028) ($MN)
64 South America Travel and Expense Management Software Market Outlook, By Industry Vertical (2020-2028) ($MN)
65 South America Travel and Expense Management Software Market Outlook, By IT & Telecom (2020-2028) ($MN)
66 South America Travel and Expense Management Software Market Outlook, By Public Sector (2020-2028) ($MN)
67 South America Travel and Expense Management Software Market Outlook, By Manufacturing (2020-2028) ($MN)
68 South America Travel and Expense Management Software Market Outlook, By Retail (2020-2028) ($MN)
69 South America Travel and Expense Management Software Market Outlook, By Healthcare (2020-2028) ($MN)
70 South America Travel and Expense Management Software Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
71 Middle East & Africa Travel and Expense Management Software Market Outlook, By Country (2020-2028) ($MN)
72 Middle East & Africa Travel and Expense Management Software Market Outlook, By Organization size (2020-2028) ($MN)
73 Middle East & Africa Travel and Expense Management Software Market Outlook, By Small and medium scale enterprises (2020-2028) ($MN)
74 Middle East & Africa Travel and Expense Management Software Market Outlook, By Large enterprises (2020-2028) ($MN)
75 Middle East & Africa Travel and Expense Management Software Market Outlook, By Deployment (2020-2028) ($MN)
76 Middle East & Africa Travel and Expense Management Software Market Outlook, By On-premise (2020-2028) ($MN)
77 Middle East & Africa Travel and Expense Management Software Market Outlook, By Cloud based (2020-2028) ($MN)
78 Middle East & Africa Travel and Expense Management Software Market Outlook, By Industry Vertical (2020-2028) ($MN)
79 Middle East & Africa Travel and Expense Management Software Market Outlook, By IT & Telecom (2020-2028) ($MN)
80 Middle East & Africa Travel and Expense Management Software Market Outlook, By Public Sector (2020-2028) ($MN)
81 Middle East & Africa Travel and Expense Management Software Market Outlook, By Manufacturing (2020-2028) ($MN)
82 Middle East & Africa Travel and Expense Management Software Market Outlook, By Retail (2020-2028) ($MN)
83 Middle East & Africa Travel and Expense Management Software Market Outlook, By Healthcare (2020-2028) ($MN)
84 Middle East & Africa Travel and Expense Management Software Market Outlook, By Aerospace & Defense (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
