Travel and Expense Software Global Market Report 2024

The travel and expense software market size has grown rapidly in recent years. It will grow from $2.71 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth witnessed during the historic period can be attributed to several factors including heightened globalization, the surge in digital transformation, the emergence of remote and distributed workforces, an emphasis on compliance and risk management, an increase in international visits, and a growing number of mobile users.

The travel and expense software market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The forecasted growth in the upcoming period can be attributed to several factors, including a rise in terrorist activities, the expansion of experiential travel, the proliferation of online travel agencies and booking platforms, growing safety concerns, and an intensified focus on digital transformation. Key trends expected during this period encompass cloud computing, mobile expense management, artificial intelligence (AI), data analytics, enterprise resource planning, accounting software, real-time expense tracking, AI-driven automation, and predictive analytics.

The anticipated surge in tourism is set to drive growth in the travel and expense software market in the coming years. Tourism, defined as the activity of people journeying to and residing in locations beyond their usual environment for leisure, recreation, or business purposes, is on the rise due to several factors including increased disposable incomes, easier access to travel information, improved transportation, and a growing appetite for unique experiences. Travel and expense software play a crucial role in assisting tour operators in streamlining their operations by handling expenses related to transportation, lodging, meals, and other traveler services. For example, in August 2022, the World Travel and Tourism Council reported substantial growth in the travel and tourism sector, contributing 7.6% to global GDP, marking a 22% increase from 2021. Additionally, domestic visitor spending experienced significant growth, rising by 20.4% in 2022. Projections indicate that the travel and tourism sector's GDP is expected to maintain an average annual growth rate of 5.8% from 2022 to 2032, underscoring how the rise in tourism is fueling the expansion of the travel management software market.

Revolutionizing expense management through card-linked automation, leading companies in the travel and expense software market are prioritizing the development of innovative solutions such as automated expense reporting tools to improve overall financial visibility and compliance. These tools efficiently handle and track travel and expense transactions, offering a seamless experience for both employees and administrators. For instance, in June 2023, Navan Inc., a US-based corporate travel and expense management firm, introduced Navan Connect, an automated expense management tool. This platform allows companies to integrate their existing corporate Visa and Mastercard cards with the Navan expense system, providing real-time oversight and control over corporate card spending, including the application of company spending policies at the time of purchase. Navan's expense management solution empowers finance teams to maintain comprehensive control over travel and expense expenditure, enhancing business operations while ensuring transactional context without necessitating a switch of corporate cards.

In April 2023, Navan Inc. expanded its global travel and expense management platform through the acquisition of Tripeur, an India-based travel technology company offering travel and expense management software. This strategic move strengthens Navan's presence in both the Indian and international corporate travel sectors, solidifying its position as a key player in the industry.

Major companies operating in the travel and expense software market are International Business Machines Corporation, Oracle Corporation, Expedia Group Inc, Workday Inc, Infor Inc., American Express Global Business Travel, SAP Concur, Zoho Corporation Pvt Ltd., Coupa Software Inc., Xero Limited., AvidXchange Inc., Emburse LLC, Basware Corporation, Expensify Inc., Navan Inc, Certify Inc, Rydoo, Chrome River Technologies, Inc., Deem Inc, Happay, Apptricity Corporation, Journyx Inc, Webexpenses Pty Ltd, DATABASICS Inc., AltexSoft, Oversight Systems Inc, 8Common Limited, SutiSoft Inc, InterplX Expense Management, Empxtrack Inc.

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

Travel and expense software is a business application crafted to streamline and automate tasks associated with managing employee travel expenses. It typically covers expense reporting, reimbursement, travel booking, policy adherence, and analytics functionalities. This software plays a pivotal role in optimizing the entire expense management process, from capturing expenses to reimbursement, while also enhancing visibility, compliance, and control over corporate travel costs.

The primary components of travel and expense software come in two main types, cloud-based and on-premise. Cloud-based T and E software refers to applications and solutions hosted and accessed via the internet, offering advantages such as enhanced data security and customization, along with the capability to function without continuous internet connectivity. Deployment models include subscription and licensing tailored to different organization sizes, such as small and medium enterprises (SMEs) and large enterprises, serving various sectors such as transportation and logistics, government and defense, energy and utilities, healthcare, retail, information technology (IT) and telecommunications, manufacturing, hospitality, and others.

The travel and expense software market research report is one of a series of new reports that provides travel and expense software market statistics, including travel and expense software industry global market size, regional shares, competitors with a travel and expense software market share, detailed travel and expense software market segments, market trends and opportunities, and any further data you may need to thrive in the travel and expense software industry. This travel and expense 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 and expense software market consists of revenues earned by entities by providing services such as expense tracking and reporting, receipt management, mobile accessibility, policy enforcement, approval workflows, reimbursement and payment processing, data analytics and reporting, auditing and compliance management, and travel booking. The market value includes the value of related goods sold by the service provider or included within the service offering. The travel and expense software market also includes sales of expense management apps, policy compliance and audit tools, payment integration solutions, and travel booking 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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