Travel Management Software Global Market Report 2024

The travel management software market size has grown rapidly in recent years. It will grow from $8.42 billion in 2023 to $9.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed during the historic period can be attributed to several factors, including an increase in international visits, a growing number of large-scale organizations, a heightened focus on traveler safety and duty of care, the expansion of the travel industry, and the demand for cost optimization.

The travel management software market size is expected to see rapid growth in the next few years. It will grow to $14.13 billion in 2028 at a compound annual growth rate (CAGR) of 11%. The anticipated growth in the forecast period can be linked to several factors, including the escalating demand for mobile-friendly travel management, a heightened emphasis on user experience, the proliferation of smartphones and mobile devices, the expanding development of cloud infrastructure, and the heightened demand for contactless travel solutions. Key trends expected during this period encompass predictive analytics for travel planning, blockchain for secure transactions and identity verification, augmented reality (AR) for travel planning, advanced algorithms and machine learning, expense management software, cloud computing, and artificial intelligence.

The anticipated increase in tourism is poised to drive the expansion of the travel management software market in the future. Tourism, defined as the activity involving individuals traveling to and residing in locations outside their habitual environment for leisure, recreation, or business purposes, is fueled by various factors including rising disposable incomes, improved accessibility to travel information, enhanced transportation, and a growing appetite for distinctive experiences. In the tourism industry, travel management software plays a vital role in efficiently coordinating, booking, and overseeing various aspects of tours, encompassing itinerary planning, reservations, and customer communication. For example, in August 2022, as reported by the World Travel and Tourism Council, a UK-based organization representing the travel and tourism sector, significant growth was witnessed, with a 22% increase in contribution to global GDP and a remarkable 20.4% rise in domestic visitor spending. Furthermore, the projected average annual growth rate of the travel and tourism sector's GDP from 2022 to 2032 is 5.8%, underscoring the role of tourism in propelling the growth of the travel management software market.

Prominent companies operating within the travel management software market are directing their efforts towards developing innovative solutions, such as AI-driven travel spend management, to enhance efficiency, streamline processes, and deliver personalized experiences for travelers. AI-driven travel spend management optimizes expense tracking, improves cost analysis, and enhances budget allocation, thereby bolstering efficiency and decision-making in corporate travel management. For instance, in August 2023, Mesh Payments, a US-based provider of travel and expense management solutions, launched a comprehensive travel management solution tailored to meet the needs of global enterprises. This cutting-edge system integrates AI-driven spend management, seamless global visibility, compliance features, and multi-currency corporate cards, addressing the rising demand for digital travel solutions in the era of remote work. Mesh Travel Management simplifies the complexities associated with travel and expense management, offering flexible integration options and robust reporting functionalities to enhance operational efficiency.

In April 2024, Amadeus IT Group, S.A., a Spain-based travel technology company, completed the acquisition of Vision-Box for approximately €320 million ($348.8 million). Through this strategic acquisition, Amadeus aims to reinforce its position in the biometrics industry, deliver a more seamless and integrated traveler experience, and optimize travel operations by leveraging biometric solutions across the travel ecosystem. Vision-Box, headquartered in Portugal, specializes in providing end-to-end solutions for travel management.

Major companies operating in the travel management software market are Oracle Corporation, Expedia Group Inc, Workday Inc, Sabre Corporation, American Express Global Business Travel, Travelport Worldwide Ltd, SAP Concur, Zoho Corporation Pvt Ltd., Coupa Software Inc., BCD Travel, Unit4, AvidXchange Inc., TravelPerk S.L.U, Emburse LLC, Basware Corporation, Expensify Inc., Navan Inc, Certify Inc, Rydoo, Chrome River Technologies Inc., Apptricity Corporation, Trawex Technologies Pvt Ltd, Webexpenses Pty Ltd, DATABASICS Inc., Oversight Systems Inc, 8Common Limited, DIB Travel, SutiSoft Inc, InterplX Expense Management, Empxtrack Inc.

North America was the largest region in the travel management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the travel management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the travel management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Travel management software is a specialized tool crafted to streamline and automate diverse facets of travel planning and organization for both businesses and individuals. This software integrates functionalities such as itinerary planning, flight, hotel, and rental car bookings, as well as the management and tracking of travel expenses. Its primary aim is to simplify the coordination of business trips or vacations, thereby saving time and ensuring efficiency.

The primary components of travel management software include solutions and services. Solutions offered by travel management software serve to streamline and optimize various aspects of travel planning, booking, expense management, and risk mitigation, ultimately aiding organizations in efficiently and cost-effectively managing their travel needs. Deployment models encompass on-premise and cloud-based options, catering to applications across the internet, mobile platforms, and computer systems in industries spanning manufacturing, aerospace and defense, transportation, retail and logistics, healthcare, and others.

The travel management software market research report is one of a series of new reports that provides travel management software market statistics, including travel management software industry global market size, regional shares, competitors with a travel management software market share, detailed travel management software market segments, market trends and opportunities, and any further data you may need to thrive in the travel management software industry. This travel management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The travel management software market consists of revenues earned by entities by providing services such as consulting, training, implementation, emergency assistance services, and customer support and assistance. The market value includes the value of related goods sold by the service provider or included within the service offering. The travel management software market also includes sales of expense management software, booking and reservation systems, reporting and analytics platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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