Travel and expense management is the process of efficiently managing an organization's travel expenses. It covers planning trips and accommodations, managing ground transportation expenses, and more. A business may see spending trends and save money, time, and resources with the help of an effective travel and expense management software. Travel and expense management software is used to ensure that employees only spend money on necessary expenses when traveling for work. The approval and rejection of employee travel requests, the price and reservation of travel, hotel, and rental cars, the management of corporate credit cards, the filing and approval of expense claims, the handling of expense reimbursement, and the auditing of expenses are just a few of the many facets of travel and expense management.
The key factors such as growing adoption of mobile devices, increasing demand for reducing operational costs and expenses and rising need for hassle-free claim of expenses are significant factors driving the growth of this market. Travel and expense management software mobile applications are helping users to capture receipts, submit expense reports and track spending after being away from the office. In addition, the travel and expense management software is automating various manual processes associated with expense reporting such as data entry, receipt capture and expense categorization. The software automates all these tasks reducing time, increasing operational efficiency and leading to high-cost savings. Furthermore, lack of skilled workforce factor is hampering market growth. Skilled professionals are required to efficiently manage and operate travel and expense management software, thus lack of workforce is resulting in inefficiency and reduced effectiveness of software. Furthermore, the software requires proper training for end users to ensure effective utilization. Inadequate training programs, reduced user adoption and overall efficiency is leading to shortage of skilled workforce. Moreover, increasing growth of travel technology companies factor is providing opportunity for market growth. Travel technology company offer integrated solutions that combines travel aspects, bookings, itenaries, and expenses. In addition, travel technology companies can integrate expense management software into platforms to deliver a more user-friendly and efficient travel experience.
The travel and expense management software market is segmented based on deployment mode, organization size, industry vertical and region. By deployment mode the market is divided into on-premise and cloud. By organization size, the market is divided into large enterprises and small and medium enterprises. By industry vertical, the market is divided into IT & Telecom, BFSI, manufacturing, public sector, healthcare and others. By region-wise the market is divided into North America, Europe, Asia-Pacific and LAMEA.
The report analyzes the profiles of key players operating in the travel and expense management software market such as Apptricity Corp., KDS Inc.(American Express GBT), Interplx Inc.(Serko Limited), Expensify Inc., Coupa Software Inc., 8Common Limited, Oracle Corporation, SAP Concur (SAP SE), TripActions Inc. (Navan Inc.), and Advixchange Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the travel and expense management software market.
The key factors such as growing adoption of mobile devices, increasing demand for reducing operational costs and expenses and rising need for hassle-free claim of expenses are significant factors driving the growth of this market. Travel and expense management software mobile applications are helping users to capture receipts, submit expense reports and track spending after being away from the office. In addition, the travel and expense management software is automating various manual processes associated with expense reporting such as data entry, receipt capture and expense categorization. The software automates all these tasks reducing time, increasing operational efficiency and leading to high-cost savings. Furthermore, lack of skilled workforce factor is hampering market growth. Skilled professionals are required to efficiently manage and operate travel and expense management software, thus lack of workforce is resulting in inefficiency and reduced effectiveness of software. Furthermore, the software requires proper training for end users to ensure effective utilization. Inadequate training programs, reduced user adoption and overall efficiency is leading to shortage of skilled workforce. Moreover, increasing growth of travel technology companies factor is providing opportunity for market growth. Travel technology company offer integrated solutions that combines travel aspects, bookings, itenaries, and expenses. In addition, travel technology companies can integrate expense management software into platforms to deliver a more user-friendly and efficient travel experience.
The travel and expense management software market is segmented based on deployment mode, organization size, industry vertical and region. By deployment mode the market is divided into on-premise and cloud. By organization size, the market is divided into large enterprises and small and medium enterprises. By industry vertical, the market is divided into IT & Telecom, BFSI, manufacturing, public sector, healthcare and others. By region-wise the market is divided into North America, Europe, Asia-Pacific and LAMEA.
The report analyzes the profiles of key players operating in the travel and expense management software market such as Apptricity Corp., KDS Inc.(American Express GBT), Interplx Inc.(Serko Limited), Expensify Inc., Coupa Software Inc., 8Common Limited, Oracle Corporation, SAP Concur (SAP SE), TripActions Inc. (Navan Inc.), and Advixchange Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the travel and expense management software market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel and expense management software market analysis from 2022 to 2032 to identify the prevailing travel and expense management software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the travel and expense management software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global travel and expense management software market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical
- IT and Telecom
- BFSI
- Manufacturing
- Public Sector
- Healthcare
- Others
By Deployment Type
- On-premise
- Cloud
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Expensify Inc.
- Oracle Corporation
- SAP Concur
- Apptricity Corp.
- TripActions Inc.
- KDS Inc.
- Coupa Software Inc.
- 8COMMON LIMITED
- AvidXchange Incorporated
- Interplx Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET, BY DEPLOYMENT TYPE
CHAPTER 5: TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET, BY ORGANIZATION SIZE
CHAPTER 6: TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: TRAVEL AND EXPENSE MANAGEMENT SOFTWARE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Expensify Inc.
- Oracle Corporation
- SAP Concur
- Apptricity Corp.
- TripActions Inc.
- KDS Inc.
- Coupa Software Inc.
- 8COMMON LIMITED
- AvidXchange Incorporated
- Interplx Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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