What Has Been the Progress and Growth of the Travel And Expense Management Software Market in Recent Years?
The travel and expense management software market has seen considerable growth due to a variety of factors.
• The travel and expense management software market has experienced rapid growth in recent years. It will grow from $3.4 billion in 2024 to $3.8 billion in 2025, at a CAGR of 11.9%.
Growth drivers include increased globalization, digital transformation, remote workforces, a focus on compliance and risk management, and rising international travel.
What Can Be Expected from the Travel And Expense Management Software Market Size?
The travel and expense management software market is expected to maintain its strong growth trajectory in upcoming years.
• The travel and expense management software market is expected to grow rapidly, reaching $5.92 billion by 2029, with a CAGR of 11.7%.
Growth is driven by increased terrorist activities, experiential travel, online travel agencies, safety concerns, and the rise of online booking platforms. Key trends include cloud computing, mobile expense management, AI, data analytics, real-time tracking, and predictive analytics.
What Are the Critical Driver Fuelling The Travel And Expense Management Software Market's Growth?
The escalating corporate travel occurrences are anticipated to boost the advancement of the travel and expense management software market into the future. These activities consist of the planning and organization involved in business-related journeys taken by company staff. Reasons behind these trips can range from globalization and market expansion to talent development investments. The said software is utilized to increase efficiency, transparency, and authority in handling corporate travel activities, allowing companies to better manage travel costs, ensure compliance with policies, and enhance the overall travel journey for employees. For example, in August 2023, the Global Business Travel Association (GBTA), a non-profit industry organization based in the US, reported that worldwide business travel expenses surged 47% to $1.03 trillion in 2022. They projected a robust growth with an anticipated 32% increase in 2023, taking the total up to $1.4 trillion. The market is projected to further climb to almost $1.8 trillion by 2027. Hence, the increasing frequency of corporate travel activities is fuelling the progression of the travel and expense management software market.
How Is The Travel And Expense Management Software Market segmented?
The travel and expense management software market covered in this report is segmented –
1) By Deployment Type: Cloud-Based, On-Premises
2) By Solution Type: Expense Management, Travel Management, Integrated Travel And Expense Management
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Verticals: Transportation And Logistics, Government And Defense, Energy And Utilities, Healthcare, Retail, Information Technology And Telecommunications, Manufacturing, Other Verticals
Subsegments:
1) By Cloud-Based: SaaS (Software As A Service) Solutions, Cloud-Based Mobile Applications, Multi-Tenant Cloud Platforms
2) By On-Premises: Enterprise-Installed Solutions, On-Premise Mobile Applications, Single-Tenant On-Premises Software
Pre-Book The Travel And Expense Management Software Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Travel And Expense Management Software Market?
Major players in the travel and expense management software industry are concentrating their efforts on creating novel technological enhancements, such as comprehensive mobile solutions, aiming to modernize corporate travel and expenditure management. These all-in-one mobile applications allow workers to effortlessly manage all aspects of their company expenditure directly from their mobile devices, ensuring seamless integration with the firm's overall spend administration systems and procedures. For example, the US-based AI-powered spend management platform, Coupa Software Inc., unveiled Coupa Travel & Expense in February 2022. This comprehensive platform aims to revitalize corporate travel management, enhancing clarity and authority over travel expenses, as well as boosting the overall travel experience for workers. This novel solution is set to revolutionize the travel experience and deliver real-time travel expenditure optimization. The platform is created with the user in mind, making it simple for employees to explore excellent travel options online and on mobile, while taking the intricacies out of corporate travel.
Who Are the Key Players In The Travel And Expense Management Software Market?
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
What Is The Most Dominant Region In The Travel And Expense Management Software Market?
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.
