Corporate Travel Management Software Market Report 2024

This Corporate Travel Management Software market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The corporate travel management software market size has grown strongly in recent years. It will grow from $1.01 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth during the historic period can be attributed to the rise in globalization, increased demand for business travel, a greater need for cost efficiency, heightened emphasis on compliance and policy enforcement, growing importance of data analytics, and the trend toward digitalizing corporate processes.

The corporate travel management software market size is expected to see strong growth in the next few years. It will grow to $1.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected growth for the forecast period can be attributed to the increasing adoption of AI-driven personalization, rising demand for real-time travel analytics, growing emphasis on sustainability tracking, enhanced data security needs, expanding integration with virtual meeting platforms, a shift toward mobile app functionalities, and the need for flexible travel policies. Major trends expected during this period include advancements in AI-driven personalization, enhanced data security features, integration with virtual and hybrid meeting platforms, real-time travel analytics, improvements in mobile app functionalities, enhanced sustainability tracking, and the development of more flexible and customizable travel policies.

The rise in international travel is anticipated to drive the growth of the corporate travel management software market. International travelers, who journey abroad for leisure, work, or educational purposes, are increasing due to globalization, better transportation options, and a heightened interest in cultural experiences. Corporate travel management software supports these travelers by simplifying booking procedures, ensuring adherence to travel policies, managing expenses, and offering real-time support and travel data. For example, the Tourism Academy reported in August 2024 that the U.S. welcomed 66.5 million international travelers in 2023, marking a 31% increase from 2022 and reaching 84% of pre-pandemic levels from 2019. New York emerged as the top destination, while U.S. citizens took 98.5 million trips abroad, a 22% increase. International visitors spent $213.1 billion in the U.S., a 29% rise, supporting 1.6 million jobs. Moreover, U.S. residents spent $215.4 billion overseas, surpassing pre-pandemic spending levels by 17%. This growing volume of international travel is fueling the demand for corporate travel management software.

Key players in the corporate travel management software market are developing travel booking tools to streamline the booking process for corporate travelers and managers. These tools offer user-friendly interfaces and simplify the booking process, enforce company policies, and provide real-time data and expense management. For instance, in April 2024, Cleartrip, an India-based travel agency, introduced Out of Office, a travel booking tool designed to adapt quickly to organizational needs. The platform supports various booking behaviors such as self-booking and travel desk booking and provides an end-to-end travel experience with features such as real-time policy updates, integrated expense management, and access to self-contracted corporate fares. Cleartrip aims to strengthen its presence in the corporate travel market with this new tool, focusing on B2B expansion.

In June 2024, TravelPerk, a Spain-based travel technology company, acquired AmTrav, a U.S.-based travel management company, for an undisclosed amount. This acquisition is intended to enhance TravelPerk's corporate travel management capabilities by incorporating AmTrav’s expertise, thus expanding its service offerings and improving travel booking and expense management for businesses.

Major companies operating in the corporate travel management software market are Expedia Group Inc., CWT, BCD Travel, Sabre Corporation, American Express Global Business Travel, SAP Concur, Travelport, Sonder Holdings Inc., Travel Leaders Group, Hotel Engine, FCM Travel Solutions, Hopper, TravelPerk, MedeAnalytics, Deem, Corporate Traveler, TripCase, Ramco Systems Ltd., Tripleseat, Rezdy, Datalex, STP Plus, Pana, Iween Software Solutions Pvt Ltd., nuTravel.

North America was the largest region in the corporate travel management software market in 2023. The regions covered in the corporate travel management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the corporate travel management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Corporate travel management software is a digital solution designed to help organizations efficiently plan, book, and manage business travel, while controlling expenses and ensuring policy compliance. This software provides cost savings, increased efficiency, real-time data access, streamlined expense management, enhanced traveler safety, and better visibility into travel activities.

The main types of corporate travel management software are cloud-based and on-premises. Cloud-based software is hosted on remote servers and accessed via the internet, allowing users to manage travel-related tasks and data online. Applications of this software include large enterprises and small to medium-sized enterprises (SMEs) across various industries such as manufacturing, transportation, retail and logistics, healthcare, and energy.

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

The corporate travel management software market consists of revenues earned by entities by providing services such as travel booking and reservations, policy compliance, risk management, customer support, and analytics and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. The corporate travel management software also includes sales of user devices, security hardware, and backup and recovery systems. 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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