Travel and Expense Management Software Market Statistics 2028

Travel and Expense Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT & Telecom, Manufacturing, Healthcare, Government & Defense, Transport & Logistics, Retail, and Others)

Publication Month : Oct 2022

  • Report Code : TIPRE00004361
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 167
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The travel and expense management software market is projected to grow from US$ 3,320.02 million in 2022 & it is estimated to grow at a CAGR of 8.0% from 2022 to 2028.

Travel and expense management software solutions assist employers with hassle-free claims and reimbursements by tracking all employee receipts. Employees can use their smartphones to save e-copies of their receipts and upload those on a centralized dashboard. These receipts are then routed to the assigned approvers, followed by the scheduling of reimbursement checks for payment. Thus, travel and expense management software solution helps employers reduce manual and tedious tasks, along with eliminating the use of paper. The software also allows the management to obtain a consolidated view of overall expenses made by employees, thereby helping them manage budgets and drive policy compliance. It enables the analysis and monitoring of large volumes of expense data on a single platform, which saves time and money. Travel and expense management software can be used by all types of businesses for managing corporate travel expenses. Additionally, it aids in organizing employee travel arrangements and creating itineraries, offering a structured method of data management.

The travel and expense management software market in North America is segmented into Canada, the US, and Mexico. In the past decade, IT & Telecom, manufacturing, and tourism industries in the region have seen tremendous growth, owing to factors such as the implementation and advancement of technologies, an increase in demand for digitization and online services, and the deployment of several advanced software across the region. The drift in national and international visits by employees and hassle-free claims and reimbursement through solution drive the travel and expense management software market growth. Also, the well-established and growing tourism industry is boosting the deployment of travel and expense management software in the region, owing to the increasing adoption of simplified software solutions by tour operators to offer their customers fascinating itineraries and services. Tourism has become one of the notable industries contributing significantly to the GDP of the US. A few well-established travel and expense management software developers across the region are SAP Concur and Expensify Payments, LLC. Therefore, the presence of travel and expense management software leaders across the region offers a great potential for travel and expense management software markets to grow in North America.

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Travel and Expense Management Software Market: Strategic Insights

Market Size Value inUS$ 3,320.02 Million in 2022
Market Size Value byUS$ 5,272.56 Million by 2028
Growth rateCAGR of 8.0% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on APAC travel and expense management software Market 

Governments in Asia Pacific took possible steps to reduce the effects of the COVID-19 pandemic by announcing lockdowns and travel bans. This impacted the revenue generated by the travel and expense management software market. Japan, South Korea, India, Malaysia, Singapore, Australia, and other countries in the region were negatively impacted by the COVID-19 pandemic, which restricted the operations of the travel industry. Thus, the adoption of travel and expense management software also declined. However, in 2021, the travel and expense management software market growth recovered due to the progress on the vaccination front. Rising vaccination rates in the region was the most significant change shaping the thinking about the return of corporate travel. Rising vaccination rates reduced some travel anxiety despite the hazards posed by new virus strains. Moreover, many organizations are actively planning for the future of work, including the role of business travel.

Lucrative Regions for Travel and Expense Management Software Market

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Market Insights – Travel and Expense Management Software Market

Emergence of Artificial Intelligence (AI) and Machine Learning (ML) to Drive Travel and Expense Management Software Market Growth in Coming Years

The use of machine learning (ML) and artificial intelligence (AI) with travel and expense management software provides simplification and efficiency in managing expenses. AI can reduce or eliminate the chances of fraud by examining the authenticity of the expenses submitted by employees. Owing to the increasing volume of travel and expense reports submitted by the employees every year, finance departments face difficulties in auditing these reports in detail. AI helps perform an audit trail and automated policy check and eliminate manual intervention by analyzing suspicious expenses. The use of AI in travel and expense software also helps extract necessary information from the receipt. As a result, employees can save time spent on entering all the required information, thus improving efficiency and reducing expense and fraud. Also, AI modernized the communication strategy in corporate travel by establishing chatbots. Moreover, machine learning is emerging as a mainstream technology in travel and expense management software. It is used to identify important fields of expense receipts using optical character recognition, provide tailored recommendations for business travelers, and implement conversational interfaces using ML for natural language processing.

Enterprise Size-Based Market Insights

Based on enterprise size, the travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment accounted for a larger share travel and expense management software market in 2021. Large enterprises have clients across various regions and account for larger market shares. Also, they need high technical capabilities and effective business strategies to operate their business effectively. Hence, large enterprises invest in innovative technologies. The enterprises are utilizing various analytical tools, such as travel and expense management software as a service, to effectively streamline their employee’s travelling activities. The cloud-based travel and expense management software allows account managers and employees to connect remotely. The software has an accuracy of promptness of the claims and expenses and detects duplicate errors immediately. Therefore, owing to the benefits conferred by the software, the travel and expense management software market in the large enterprises segment is well-established and is expected to dominate the market during the forecast period.

Players operating in the travel and expense management software market mainly adopt inorganic growth strategies to stay competitive in the travel and expense management software market ecosystem.

  • In 2022, Coupa Software Inc. partnered with AirPlus International, a global business travel payment solutions provider, to streamline and centralize business spending across various areas including travel, utilities, and business resources.
  • In 2022, DATABASICS Inc. partnered with PEX, a spend management solution provider to enable its client companies flexibly track and control spending. PEX platform provides corporate cards and gives the organizations the ability to authorize purchases, receive real-time visibility into transactions, and create spend rule/limitations.

Company Profiled:

  • SAP
  • Oracle Corporation
  • Coupa Software Inc.
  • Expensify, Inc.
  • Infor, Inc.
  • Basware Corporation
  • Certify, Inc.
  • Chrome River Technologies, Inc.
  • Databasics Inc.
  • GB Business Global
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Deployment, Enterprise Size, and Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What are reasons behind travel and expense management software market growth?

Increasing mobile workforce and hassle-free claims & reimbursements augments the growth of the travel and expense management software market.

What are market opportunities for travel and expense management software market?

Raising adoption of SaaS based application are creating growth opportunity for the market players operating into the market.

Which region to dominate the travel and expense management software market in the forecast period?

North America dominated the travel and expense management software Market in 2021. In the past decade, IT & Telecom, manufacturing, and tourism industries in North America have seen tremendous growth, owing to factors such as the implementation and advancement of technologies, an increase in demand for digitization and online services, and the deployment of several advanced software across the region.

What are the future trend for travel and expense management software market?

Emergence of Artificial Intelligence (AI) and Machine Learning (ML) is one of the major trends in the travel and expense management software market.

Who are the major vendors in the travel and expense management software market?

Basware; Certify, Inc.; Chrome River Technologies; Coupa Software; Databasics; Infor; GB Business Global; Oracle; and SAP are the leading companies in the travel and expense management software market.

The List of Companies - Travel and Expense Management Software Market

  1. Basware, Inc.
  2. Certify, Inc.
  3. Chrome River technology
  4. Coupa Software Incorporated
  5. Databasics, Inc.
  6. Infor
  7. Oracle
  8. SAP
  9. KDC Inc.
  10. Expensify

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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