Travel and Expense Management Software Global Market Report 2024

The travel and expense management software market size has grown rapidly in recent years. It will grow from $3.04 billion in 2023 to $3.4 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The historical growth can be attributed to increased globalization, the surge in digital transformation, the rise of remote and distributed workforces, a focus on compliance and risk management, and an increase in international visits.

The travel and expense management software market size is expected to see rapid growth in the next few years. It will grow to $5.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The anticipated growth in the forecast period can be attributed to the rise in terrorist activities, the growth of experiential travel, the increasing presence of online travel agencies and booking platforms, and growing safety concerns. Key trends expected in the forecast period include the adoption of cloud computing, mobile expense management, artificial intelligence (AI), data analytics, enterprise resource planning (ERP), accounting software, real-time expense tracking, AI-driven automation, and predictive analytics.

Growing corporate travel activities are expected to drive the growth of the travel and expense management software market in the foreseeable future. These activities encompass the planning and logistics involved in business-related trips undertaken by company employees, spurred by factors such as globalization, market expansion, and investments in talent development. Travel and expense management software plays a crucial role in enhancing efficiency, transparency, and control in managing corporate travel activities. It enables businesses to optimize travel expenses, enforce policy compliance, and enhance the overall travel experience for employees. For example, according to the Global Business Travel Association (GBTA), global business travel spending surged by 47% to $1.03 trillion in 2022, with continued strong gains projected. It is expected to see a 32% growth in 2023, reaching $1.4 trillion, and is forecasted to grow to nearly $1.8 trillion by 2027. Hence, the rising corporate travel activities are a significant driver of the travel and expense management software market's growth.

Major companies in this market are focusing on developing innovative technological solutions, such as fully integrated mobile applications, to streamline corporate travel and expense management for modern organizations. A 'fully integrated mobile application' allows employees to manage all aspects of their business expenses conveniently and efficiently using their mobile devices. This solution is tightly integrated with the company's expense management processes and systems, providing enhanced visibility and control over travel spend. For instance, Coupa Software Inc., a US-based AI-driven cloud-based spend management platform, launched Coupa Travel & Expense, a comprehensive platform aimed at streamlining corporate travel management, enhancing visibility and control over travel spend, and improving the overall travel experience for employees. This platform aims to revolutionize the traveler experience and deliver real-time travel spend optimization. It is designed to be user-centric, making it easy for employees to book travel options on the web and mobile while simplifying the complexities of corporate travel.

In March 2021, Coupa Software Inc. acquired Pana, a US-based provider of travel and expense management software solutions, for approximately $48.5 million. This acquisition strengthens Coupa's position in the business spend management market, particularly in the T&E (travel and expense) segment, by offering a more feature-rich and user-friendly solution to its customers.

Major companies operating in the travel and expense 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 and expense 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 and expense management 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 management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Travel and expense management software pertains to a category of applications crafted to streamline and automate the handling of business travel expenses. These software solutions are employed to simplify and automate the processes linked to managing employee travel expenses.

The primary types of deployments in travel and expense management software are cloud-based and on-premises. Cloud-based deployment refers to services, applications, or resources delivered to users on-demand via the Internet from a cloud computing provider's servers. It offers various solutions including expense management, travel management, integrated travel, and expense management, catering to different organizational sizes such as small and medium-sized enterprises (SMEs) and large enterprises. It finds applications across several industries such as transportation and logistics, government and defense, energy and utilities, healthcare, retail, information technology and telecommunications, manufacturing, among others.

The travel and expense management software market research report is one of a series of new reports that provides travel and expense management software market statistics, including travel and expense management software industry global market size, regional shares, competitors with a travel and expense management software market share, detailed travel and expense management software market segments, market trends and opportunities, and any further data you may need to thrive in the travel and expense management software industry. This travel and expense 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 and expense management software market includes revenues earned by entities by providing services such as travel booking integration, expense reporting, policy compliance, receipt capture, expense tracking, approval workflow, mobile accessibility, analytics and reporting, vendor management, and travel policy advisories. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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