Travel and Expense Management Software Market Statistics 2028

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 in	US$ 3,320.02 Million in 2022
Market Size Value by	US$ 5,272.56 Million by 2028
Growth rate	CAGR of 8.0% from 2022 to 2028
Forecast Period	2022-2028
Base Year	2022

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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

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