Exploring Growth Opportunities in the Travel and Expense Management Software Market 2032
Travel And Expense Management Software Market
Increase in the adoption of mobile devices, hassle-free claims of expenses, & a decline in operational costs are significant factors that drive market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, March 27, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Travel and Expense Management Software Market," The travel and expense management software industry was valued at $3 billion in 2022, and is estimated to reach $15.7 billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.
There has been a growing trend toward cloud-based travel and expense management solutions. Cloud deployment offers flexibility, scalability, and accessibility, allowing businesses to manage expenses from anywhere with an internet connection. Furthermore, artificial Intelligence (AI) and automation features are being incorporated to streamline processes further.
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This includes automated receipt scanning, expense categorization, and policy compliance checks, reducing manual effort and enhancing accuracy. Moreover, there is a growing emphasis on data analytics and reporting capabilities within travel and expense management software. Advanced reporting tools provide insights into spending patterns, helping organizations make data-driven decisions. All these factors are driving travel and expense management software market growth.
The documentation and processing of organizational business costs for tax deduction, budget compliance, business intelligence, and employee experience management is stated as travel and expense (T&E) management. Travel and expense management software assist users to capture and upload receipts digitally. In addition, the technology helps in automated policy checks by flagging expenses that violate company policies, ensuring adherence to spending guidelines and compliance. Furthermore, the software integrates with travel booking platforms to centralize travel reservations and itineraries. In addition, the software helps employees plan and book trips within the company's travel policies. Moreover, the software enforces a structured approval process, allowing managers to review and approve expenses before reimbursement.
Major market players adopted different strategies to increase the competition and offer enhanced services to their customers in the travel and expense management software market. For instance, in April 2023, Yokoy launched its VISA credit card for business customers as well as its Smart Lodge card for fully automated business travel payments and expense processing. The solution consolidates and automates expense management processes including value-added tax (VAT) validation and reclaim, and automates expense approvals and travel expense reporting.
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Furthermore, in December 2021, TripActions launched TripActions LiquidTM in Europe. TripActions Liquid is the first fintech-powered travel and expense management offering that support card issuance in multiple currencies. The expansion increases TripActions ability to provide an end-to-end solution for global companies of all sizes while eliminating expense reports for employees and automating the entire expense management process for customers. In addition, June 2021, SAP SE upgraded its SAP Concur software with a new feature called verify, for its expense management software SAP Concur. This new feature will use machine learning and AI technology to automatically approve expense reports while identifying possible anomalies for auditors to review.
Moreover in November 2023, 8Common Limited signed a contract with the Australian Government to provide travel and expense management solution under GovERP platform. The GovERP platform enables the selection of the company’s leading travel and expense management solution, Expense8, under a pre-selected panel of service providers. To date, the company has signed over $10.8 million in Total Contract value under the GovERP program, with the typical contract duration of 3 years. 8CO currently generates an average revenue per user of approximately $50 and services over 40,000 live users across 34 entities with the Federal Government.
In addition, in January 2023, Serko Limited signed an agreement with travel management company, TakeTwo Travel Solutions to offer Zeno by Serko as a global travel booking tool. Zeno offers budget and spend optimization features that are designed to cut travel costs, including savings alerts and trip budget configurations based on policy type, policy category, and traveler profile custom fields. Therefore, such strategies foster travel and expense management software industry growth in the ICT sector.
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Depending on organization size, the large enterprises segment held the highest market share in 2022, accounting for two-thirds of share in the global travel and expense management software market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to large travel operations carried out by large enterprises. However, the small & medium enterprises segment is projected to garner the highest CAGR of 20.0% from 2022 to 2032. This is attributed to increase in need to avoid unnecessary expenses incurred by small & medium enterprises during operations.
By industry vertical, the IT & telecom segment held the largest share in 2022, thus contributing to nearly one-third of share in the travel and expense management software market. This is attributed to the large use of IT technology in developing the cloud and on-premise software. However, the public sector segment is expected to portray the largest CAGR of 26.4% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing digitalization in government associations, tourism sectors, judicial and legislative sectors, environmental sectors, welfare sectors, and public works sector.
Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global travel and expense management software market revenue. This can be attributed to surge in the adoption of cloud-based technology. However, Asia-Pacific is expected to witness the fastest CAGR of 22.9% from 2022 to 2032, and is likely to dominate the market during the forecast period. This can be attributed to increase in the small, medium, and large technology businesses in the region.
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Leading Market Players: -
• Apptricity Corp.
• KDS Inc.(American Express GBT)
• Interplx Inc. (Serko Limited)
• Expensify Inc.
• Coupa Software Inc.
• 8Common Limited
• Oracle Corporation
• SAP Concur (SAP SE)
• TripActions Inc. (Navan Inc.)
• AdviXchange Inc.
The report provides a detailed analysis of these key players in the global travel and expense management software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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