Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Travel & Expense Management Software market.
Trusted Business Insights presents an updated and Latest Study on Travel & Expense Management Software Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Travel & Expense Management Software market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Travel & Expense Management Software Market
The global travel and expense management software market size was valued at USD 5.8 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 11.3% from 2021 to 2027. Several businesses have been expanding internationally, resulting in a rise in the number of employees traveling abroad and further leading to an increase in the volume of travel and related expenses. In such cases, there is a risk of fraud and non-compliance to company policies, which makes it difficult for enterprises to audit the travel and expense report. The travel and expense management software has seen a rising adoption in the industries owing to the need for tracking and managing the expenses.
Travel and expense management software offers a simplified platform to the employees for generating expense reports and submitting the reports to the management for authorizing reimbursements. The software also helps in managing the travel bookings and making itineraries for an employee, thus, providing an organized way to manage the data. Several vendors are integrating the software with mobile applications in order to ensure ease of access for the users. This is also expected to assist users to access the software remotely while traveling. Therefore, the availability of the software on smartphones and ease of access are some of the additional factors, which are expected to drive the market for travel and expense management software.
The travel and expense management software helps employers to eliminate the usage of paper and reduce manual and tedious tasks, which, in turn, helps in preventing errors. The management gets a profound view of all the expenses by integrating the travel and expense management software with Enterprise Resource Planning (ERP), Human Capital Management (HCM), and Customer Relationship Management (CRM) systems. The software thus provides the management with a consolidated view of all expenses made by employees, which helps them in managing budgets, and driving policy compliance. Additionally, this software helps in monitoring and analyzing a large amount of expense data on a single platform, thus saving time and money, which is further going to boost the market for travel and expense management software.
Companies like Concur Technologies Inc., Certify, Inc., and Chrome River Technologies, Inc. provides services for hotel booking and transport booking from different vendors. They also offer features through which an employee can share the traveling information with a fellow traveler and company colleagues via messengers or email. The software also provides flight alerts for any changes in the schedules, cancellations, and gate changes to the user, which ensures smooth traveling. Concur Technologies Inc. provides solutions through which the management can keep track of their employees location in real-time, which helps them to communicate with the employee and also ensure the safety of an employee.
The use of artificial intelligence and data analytics is expected to add to the demand for the software, owing to the simplification and improved efficiency in managing expenses. The employees can receive real-time feedback while booking a hotel if they exceed the budget policy of the company. For instance, Coupa Software Inc. provides a mobile application based on travel and expense management software, which is available in 150+ currencies and 20+ languages for the convenience of international travelers. The mobile application also provides the employer with a consolidated view of its employees travel transactions and enables the employer to track missed and incorrect entries.
Deployment Type Insights: Travel & Expense Management Software Market
Cloud-based deployment lead the market with a share of 80.4% in 2019. This high share is attributable to many small and medium enterprises integrating cloud in their organizations. However, the cloud-based deployment type is expected to witness challenges due to lack of skilled professionals and technical awareness, for the installation of the cloud based platform. Similarly, data privacy and security concerns are also expected to hinder the growth of the segment in the travel and expense management software market.
Cloud based software makes it easier for a user to access the application on multiple devices remotely. Nevertheless, the on-premise segment is expected to hold significant share owing to factors such as enhanced security and low cost of ownership compared to the cloud system. The deployment of on-premise software is time consuming and demands a high initial cost for setting up the infrastructure. However, the cloud segment offers flexibility as it can be integrated with other functions of the company, thus reducing the administrative work, which is further expected to fuel the demand for the cloud segment.
Organization Size Insights: Travel & Expense Management Software Market
The large-scale organization lead the market with a share of 62.0% in 2019. This high share is attributable to the wide implementation of the software in large-scale organizations owing to the rise in the number of employee business trips. However, the small and medium scale enterprises segment is expected to grow at a higher rate over the forecast period as they look to adopt the travel and expense management software and automate their manual processes for gaining better ROI. Furthermore, the software helps organizations to move on from traditional methods of managing accounts and offers an automated way to maintain ledgers.
The implementation of the travel and expense management software helps in streamlining travel bookings, automating the creation of expense reports, speeding up reimbursements, and simplifying financial reporting. Large organizations view the above factors as value addition, considering a large number of expenses reports to be handled. Travel and expense management software helps organizations to analyze the expense reports through which the organizations will be able to form insights and make budgetary decisions. Owing to the increasing business travel and the need to generate accurate and efficient expense reports, the demand for the software is expected to increase among small and medium enterprises.
Regional Insights: Travel & Expense Management Software Market
North America lead the market with a share of 34.4% in 2019. This is attributable to the development and adoption of cloud technologies by enterprises. In the Asia Pacific, the market for travel and expense management software is expected to witness rapid growth over the forecast period 2021-2027. The growth in the region is attributed to the presence of a large number of small and medium enterprises and their rising inclination towards travel and expense management software. Furthermore, the increased business travel in countries like China, India, and Hong Kong, among others, is also expected to add fuel to the demand for the software.
Furthermore, the demand for software across North America and Europe is attributed to the availability of the software on mobile phones and the rising introduction of technological advancements. Similarly, demand for the software in Latin America, Middle East, and Africa, and the Asia Pacific is expected to rise owing to the development of the cloud infrastructure in these regions. Additionally, the presence of local companies like Zoho Corporation Pvt. Ltd.; Expensify Inc.; and VA Tech Ventures Pvt. Ltd., provides travel and expense management software for small and medium scale enterprises in the Asia Pacific, thereby resulting in the market growth in this region. Meanwhile, the introduction of machine learning and predictive analytics is also expected to drive the market for travel and expense management software in North America.
Key Companies & Market Share Insights: Travel & Expense Management Software Market
The market for travel and expense management software is highly fragmented owing to the presence of several small- and medium-sized organizations operating globally. The substantial share in the market belongs to Concur Technologies, Inc. Concur Technologies Inc. has introduced Optical Character Recognition (OCR) based on machine learning, which extracts data from the image of the receipt and converts into text. Also, they have introduced AI operated chat bots in the software, which can approve or reject reimbursements adhering on the basis of company policy.
Players such as, Zoho Corporation Pvt. Ltd., Sodexo (Rydoo), and Certify, Inc. are integrating their software with cloud and AI, which is expected to intensify the competition between the software providers. Additionally, there are companies across the Asia Pacific that provide the travel and expense management software for small and medium scale enterprises providing stiff competition to the large scale enterprises. Some of the prominent players in the travel and expense management software market include:
Key companies Profiled: Travel & Expense Management Software Market Report
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global travel and expense management software market report based on deployment type, organization size, and region:
Deployment Type Outlook (Revenue, USD Million, 2016 – 2027)
- Cloud Based
Organization Size Outlook (Revenue, USD Million, 2016 – 2027)
- Small and Medium Scale Enterprises (SMES)
- Large Enterprises
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