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Travel and Expense Management Software Market by Deployment and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41551
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The travel and expense management software market share is expected to increase by USD 2.85 billion from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 12%.

This travel and expense management software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers travel and expense management software market segmentation by deployment (on-premises and SaaS-based) and geography (North America, Europe, APAC, South America, and MEA). The travel and expense management software market report also offers information on several market vendors, including Apptricity Corp., Basware Corp., DATABASICS Inc., Emburse, Expensify Inc., IBM Corp., Infor Inc., Oracle Corp., SAP SE (Concur), and Zoho Corporation Pvt Ltd. among others.

What will the Travel and Expense Management Software Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Travel and Expense Management Software Market Size for the Forecast Period and Other Important Statistics

 

Travel and Expense Management Software Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing mobile workforce is notably driving the travel and expense management software market growth, although factors such as the growing threat from open-source travel and expense management solutions may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the travel and expense management software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Travel and Expense Management Software Market Driver

One of the key factors driving growth in the travel and expense management software market is the  increasing mobile workforce. A mobile workforce refers to employees that travel across various physical locations for business purposes. These employees are connected with their enterprise through their mobile devices such as smartphones and laptops via the Internet. Owing to the growing adoption of technologies and enhanced connectivity among enterprises, mobile workforces are becoming a norm among enterprises in industries such as healthcare. Employees such as sales representatives, pharmaceutical representatives, and merchandisers are examples of mobile workforces. This type of workforce is continuously growing and is expected to grow further during the forecast period. With the increasing number of mobile workforces, travel and expense management software will help enterprises make their business process efficient and provide convenience in submitting expenses to their mobile workforce. Thus, the increasing mobile workforces will fuel the growth of the market during the forecast period.

Key Travel and Expense Management Software Market Trend

The use of artificial intelligence (AI) with travel and expense management software is a travel and expense management software market trend that is expected to have positive impact in the coming years. AI in travel and expense software can reduce or even eliminate fraud by auditing the authenticity of the expense submitted by employees. One of the primary problems faced by enterprises is the increasing volume of travel and expense report submitted by the employees every year as it becomes difficult for the finance departments to audit these reports in detail. Using AI, enterprises can perform an automated policy check and audit trail and flag non-compliant employees. In terms of policy violations, AI helps analyze suspicious expenses, thereby eliminating manual intervention. The use of AI in travel and expense software also helps employees by fetching digital receipts from e-mails or extract necessary information from the picture of the receipt. As a result, employees can save time taken to enter all the required information, thus improving efficiency and reducing expense frauds.

Key Travel and Expense Management Software Market Challenge

 

The growing threat from open-source travel and expense management solutions will be a major challenge for the travel and expense management software market during the forecast period. Open-source travel and expense management solutions pose a high threat to the global travel and expense management software market. These solutions can be downloaded free of cost and run on all platforms; therefore, they are gaining popularity in developing economies such as India and China. SaaS-based travel and expense management software is more affordable than on-premises travel and expense management software. However, some enterprises still cannot afford to invest in either of these solutions. Using open-source travel and expense management solutions reduces the upfront costs and provides high flexibility. As a result, several enterprises, especially SMEs, are opting for open-source travel and expense management solutions to expand their businesses at a low cost.

This travel and expense management software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global travel and expense management software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the travel and expense management software market during the forecast period.

Who are the Major Travel and Expense Management Software Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Apptricity Corp.
  • Basware Corp.
  • DATABASICS Inc.
  • Emburse
  • Expensify Inc.
  • IBM Corp.
  • Infor Inc.
  • Oracle Corp.
  • SAP SE (Concur)
  • Zoho Corporation Pvt Ltd.

 

This statistical study of the travel and expense management software market encompasses successful business strategies deployed by the key vendors. The travel and expense management software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Emburse - The company helps automate the process of managing reimbursements and approve expense reports.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The travel and expense management software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Travel and Expense Management Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the travel and expense management software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the application software market includes the following core components:

  • Inputs
  • Operations
  • Marketing and sales
  • Service
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Travel and Expense Management Software Market?

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27% of the market’s growth will originate from North America during the forecast period. The US is the key market for travel and expense management software in North America. Market growth in this region will be slower than the growth of the market in other regions.

The rise in the adoption of this software by enterprises such as BFSI will facilitate the travel and expense management software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Deployment Segments in the Travel and Expense Management Software Market?

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The travel and expense management software market share growth by the on-premises segment will be significant during the forecast period. On-premises travel and expense management software is considered highly secure as there is no third-party interference. Enterprises also have complete control over their on-premises solutions because of the monitored and restricted access, while it also allows them to customize the travel and expense management software according to their requirements. However, the market for on-premises travel and expense management software is expected to decline due to the growing adoption of SaaS-based travel and expense management software.

This report provides an accurate prediction of the contribution of all the segments to the growth of the travel and expense management software market size and actionable market insights on post COVID-19 impact on each segment.

 

Travel and Expense Management Software Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 12%

Market growth 2020-2024

$ 2.85 billion

Market structure

Fragmented

YoY growth (%)

11.32

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 27%

Key consumer countries

US, China, Germany, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Apptricity Corp., Basware Corp., DATABASICS Inc., Emburse, Expensify Inc., IBM Corp., Infor Inc., Oracle Corp., SAP SE (Concur), and Zoho Corporation Pvt Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Travel and Expense Management Software Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive travel and expense management software market growth during the next five years
  • Precise estimation of the travel and expense management software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the travel and expense management software industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of travel and expense management software market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Deployment

  • Market segments
  • Comparison by Deployment placement
  • On-premises - Market size and forecast 2019-2024
  • SaaS-based - Market size and forecast 2019-2024
  • Market opportunity by Deployment

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption
  • Vendor Analysis

Vendors covered

  • Market positioning of vendors
  • Apptricity Corp.
  • Basware Corp.
  • DATABASICS Inc.
  • Emburse
  • Expensify Inc.
  • IBM Corp.
  • Infor Inc.
  • Oracle Corp.
  • SAP SE (Concur)
  • Zoho Corporation Pvt Ltd.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The travel and expense management software market growth will increase by $2847.41 million during 2019-2024.
The travel and expense management software market is expected to grow at a CAGR of 12.10% during 2019-2024.
Technavio has segmented the travel and expense management software market by deployment (On-premises and SaaS-based) and geographic (North America, Europe, APAC, and South America).
Apptricity Corp., Basware Corp., DATABASICS Inc., Emburse, Expensify Inc., IBM Corp., Infor Inc., Oracle Corp., SAP SE (Concur), Zoho Corporation Pvt Ltd. are a few of the key vendors in the travel and expense management software market.
North America will register the highest growth rate of 30.19% among the other regions. Therefore, the travel and expense management software market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the travel and expense management software market growth are:
  • Increasing mobile workforce
The travel and expense management software market vendors should focus on grabbing business opportunities from the on-premises segment as it accounted for the largest market share in the base year.
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