The North America travel and expense management software market is expected to grow from US$ 1,219.55 million in 2022 to US$ 1,887.58 million by 2028. It is estimated to grow at a CAGR of 7.6% from 2022 to 2028.
Hassle-Free Claims and Reimbursements is Expected to Drive the North America Travel and Expense Management Software Market
The detailed procedures of the expense reimbursement cycle make the travel and expense management tasks time-consuming and tedious. It becomes difficult for employees and the finance teams to ensure timely submissions and processing of expenses. By installing travel and expense management software, one can monitor and analyze a large amount of expense data on a single platform, which saves time and money. Organizations ask employees to attach receipts with every claim in their expense reports because those receipts act as proof. Handling the receipts is a tough task for the employees, and this also increases the burden on finance teams to accumulate, verify, and document them. Travel and expense management software tracks all employee receipts and offers a simplified platform to the employees for generating expense reports and submitting them to the management for authorizing reimbursements. The software also helps manage travel bookings and make itineraries for an employee, which provides an organized way to manage the data. Several vendors are integrating the software with mobile applications to ensure easy access for users. The integration allows employees to use their smartphones to capture receipts and put them on a centralized dashboard, route the receipts to the appropriate approvers, manage those approvals or flag those that need attention, check for policy violations, and schedule reimbursement checks for payment. Therefore, users can access the software remotely while traveling. Further, the adoption of software eliminates paper usage and reduces manual and effortful tasks, which helps prevent errors. The software provides consolidated data on all expenses made by employees, which assists in managing budgets and driving policy compliance. All these factors boost the growth of the North America travel and expense management software market.North America Travel and Expense Management Software Market Overview
The travel and expense management software market in North America is segmented into Canada, the US, and Mexico. In the past decade, IT & Telecom, manufacturing, and tourism industries in North America have seen tremendous growth, owing to factors such as the implementation and advancement of technologies, an increase in demand for digitization and online services, and the deployment of several advanced software across the region. The drift in national and international visits by employees and hassle-free claims and reimbursement through travel and expense management software drive the market's overall growth. Also, the well-established and growing tourism industry is boosting the deployment of travel and expense management software in the region, owing to the increasing adoption of simplified software solutions by tour operators to offer their customers fascinating itineraries and services. Tourism has become one of the notable industries contributing significantly to the GDP of the US. Some well-established travel and expense management software developers across the region are SAP Concur and Expensify Payments, LLC., among others actively operating in the region. Therefore, the presence of travel and expense management software leaders across the region offers great potential for North America travel and expense management software market growth.North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
North America Travel and Expense Management Software Market Segmentation
The North America travel and expense management software market is segmented into deployment, enterprise size, industry, and country.- Based on deployment, the North America travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held a larger market share in 2022.
- Based on enterprise size, the North America travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held a larger market share in 2022.
- Based on industry, the North America travel and expense management software market is segmented into BFSI, IT and telecom, manufacturing, healthcare, government and defense, transport and logistics, retail, and others. The IT and telecom segment held the largest market share in 2022.
- Based on country, the North America travel and expense management software market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US dominated the market share in 2022.
Table of Contents
1. Introduction1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Travel and Expense Management Software Market - By Deployment
1.3.2 North America Travel and Expense Management Software Market - By Enterprise Size
1.3.3 North America Travel and Expense Management Software Market - By Industry
1.3.4 North America Travel and Expense Management Software Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Travel and Expense Management Software Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Travel and Expense Management Software Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Mobile Workforce
5.1.2 Hassle-Free Claims and Reimbursements
5.2 Market Restraints
5.2.1 Constant Threat of Data Breach
5.3 Market Opportunities
5.3.1 Rising Adoption of SaaS Applications
5.4 Future Trends
5.4.1 Emergence of Artificial Intelligence (AI) and Machine Learning (ML)
5.5 Impact Analysis of Drivers and Restraints
6. Travel and Expense Management Software Market - North America Analysis
6.1 North America Travel and Expense Management Software Market Overview
6.2 North America Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
7. North America Travel and Expense Management Software Market Analysis - By Deployment
7.1 Overview
7.2 North America Travel and Expense Management Software Market, By Deployment (2021 and 2028)
7.3 On-Premise
7.3.1 Overview
7.3.2 On-Premise: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Cloud
7.4.1 Overview
7.4.2 Cloud: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
8. North America Travel and Expense Management Software Market Analysis - By Enterprise Size
8.1 Overview
8.2 North America Travel and Expense Management Software Market, By Enterprise Size (2021 and 2028)
8.3 Large Enterprises
8.3.1 Overview
8.3.2 Large Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Small and Medium Enterprises
8.4.1 Overview
8.4.2 Small and Medium Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
9. North America Travel and Expense Management Software Market Analysis - By Industry
9.1 Overview
9.2 North America Travel and Expense Management Software Market Breakdown, by Industry, 2021 & 2028
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI Market Revenue and Forecast to 2028 (US$ Million)
9.4 IT and Telecom
9.4.1 Overview
9.4.2 IT and Telecom Market Revenue and Forecast to 2028 (US$ Million)
9.5 Manufacturing
9.5.1 Overview
9.5.2 Manufacturing Market Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
9.6.1 Overview
9.6.2 Healthcare Market Revenue and Forecast to 2028 (US$ Million)
9.7 Government and Defense
9.7.1 Overview
9.7.2 Government and Defense Market Revenue and Forecast to 2028 (US$ Million)
9.8 Transportation and Logistics
9.8.1 Overview
9.8.2 Transportation and Logistics Market Revenue and Forecast to 2028 (US$ Million)
9.9 Retail
9.9.1 Overview
9.9.2 Retail Market Revenue and Forecast to 2028 (US$ Million)
9.10 Others
9.10.1 Overview
9.10.2 Others Market Revenue and Forecast to 2028 (US$ Million)
10. North America Travel and Expense Management Software Market - Country Analysis
10.1 Overview
10.1.1 North America: Travel and Expense Management Software Market, by Key Country
10.1.1.1 US: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 US: Travel and Expense Management Software Market, by Deployment
10.1.1.1.2 US: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.1.3 US: Travel and Expense Management Software Market, by Industry
10.1.1.2 Canada: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Canada: Travel and Expense Management Software Market, by Deployment
10.1.1.2.2 Canada: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.2.3 Canada: Travel and Expense Management Software Market, by Industry
10.1.1.3 Mexico: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Mexico: Travel and Expense Management Software Market, by Deployment
10.1.1.3.2 Mexico: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.3.3 Mexico: Travel and Expense Management Software Market, by Industry
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Partnership Strategy
12. Company Profiles
12.1 Basware Corporation
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Certify, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Chrome River Technologies, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Coupa Software Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 DATABASICS Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Expensify, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Infor, Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Oracle Corporation
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Concur Technologies, Inc.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About the Publisher
13.2 Word Index
List of Tables
Table 1. North America Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Travel and Expense Management Software Market, by Country - Revenue and Forecast to 2028 (USD Million)
Table 3. US: Travel and Expense Management Software Market, by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Travel and Expense Management Software Market, by Enterprise Size -Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Travel and Expense Management Software Market, by Industry -Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 12. List of Abbreviation
List of Figures
Figure 1. North America Travel and Expense Management Software Market Segmentation
Figure 2. North America Travel and Expense Management Software Market Segmentation - By Country
Figure 3. North America Travel and Expense Management Software Market Overview
Figure 4. North America Travel and Expense Management Software Market, By Deployment
Figure 5. North America Travel and Expense Management Software Market, By Country
Figure 6. North America: PEST Analysis
Figure 7. Expert Opinion
Figure 8. North America Travel and Expense Management Software Market: Impact Analysis of Drivers and Restraints
Figure 9. North America Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 10. North America Travel and Expense Management Software Market Revenue Share, by Deployment (2021 and 2028)
Figure 11. On-Premise: North America Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. Cloud: North America Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Travel and Expense Management Software Market Revenue Share, by Enterprise Size (2021 and 2028)
Figure 14. Large Enterprises: North America Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 15. Small and Medium Enterprises: North America Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Travel and Expense Management Software Market Breakdown, by Industry (2021 and 2028)
Figure 17. BFSI: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. IT and Telecom: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Manufacturing: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Healthcare: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Government and Defense: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Transportation and Logistics: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Retail: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Others: North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. North America: Travel and Expense Management Software Market, by Key Country - Revenue (2021) (US$ ‘Million)
Figure 26. North America: Travel and Expense Management Software Market Revenue Share, by Key Country (2021 and 2028)
Figure 27. US: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Canada: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. Mexico: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned
- Basware Corporation
- Certify, Inc.
- Chrome River Technologies, Inc.
- Concur Technologies, Inc.
- Coupa Software Inc.
- DATABASICS Inc.
- Expensify, Inc.
- Infor, Inc.
- Oracle Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | January 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 1219.55 Million |
| Forecasted Market Value ( USD | $ 1887.58 Million |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | North America |
| No. of Companies Mentioned | 9 |
