Travel and Expense Management Software Market by Deployment and Geography - Forecast and Analysis 2022-2026

The travel and expense management software market share is expected to increase by USD 2.90 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 10.79%.

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 Middle East and Africa). The travel and expense management software market report also offers information on several market vendors, including Apptricity, AvidXchange Inc., Basware Corp., Coupa Software Inc., DATABASICS Inc., Emburse Inc., Expense8, Expensify Inc., Finly Technology Pvt. Ltd., Fyle Technologies Pvt. Ltd., General Data Pvt. Ltd., Infor Inc., International Business Machines Corp., JSM Technologies Pvt. Ltd., Oracle Corp., Paychex Inc., SAP SE, VA Tech Ventures Pvt Ltd., and Zoho Corp. Pvt. Ltd. among others.

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

Download 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 increasingly 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 increasingly mobile workforce. A mobile workforce refers to employees that travel across various physical locations for business purposes. 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. With the increasing number of mobile workforces, travel and expense management software will help enterprises make the business process efficient and provide convenience in submitting expenses to their mobile workforce. Thus, the increasingly mobile workforce 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 a 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 reports 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 extracting the 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 2022-2026.

Parent Market Analysis

Technavio categorizes the global travel and expense management software market as a part of the global application software market within the global IT 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
• AvidXchange Inc.
• Basware Corp.
• Coupa Software Inc.
• DATABASICS Inc.
• Emburse Inc.
• Expense8
• Expensify Inc.
• Finly Technology Pvt. Ltd.
• Fyle Technologies Pvt. Ltd.
• General Data Pvt. Ltd.
• Infor Inc.
• International Business Machines Corp.
• JSM Technologies Pvt. Ltd.
• Oracle Corp.
• Paychex Inc.
• SAP SE
• VA Tech Ventures Pvt Ltd.
• Zoho Corp. 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 growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.

Product Insights and News

• Apptricity - Apptricity is a privately held company headquartered in the US. It is a global company, with limited information regarding its financials and limited information regarding its employee strength available. Its revenue from the global travel and expense management software market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• Apptricity - The company offers travel and expense management software which are designed to review, authorize, approve, and audit expenses. 

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.

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

For more insights on the market share of various regions Request PDF Sample now!

30% 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 the South American, APAC and MEA 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.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 adversely impacted regional business travel in 2020. The pandemic resulted in lockdowns in various cities and states, which halted business tours and travel in North America. However, the market's revenue growth is expected to recover slowly during the forecast period due to the increasing efforts by governments to support the economy and the growing control over the spread of the disease. The implementation of vaccination drives in H1 2021 across the region further led to an increase in demand for domestic and international travel, which will further drive the growth of the market in North America during the forecast period.

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

To gain further insights on the market contribution of various segments Request PDF Sample

The travel and expense management software market share growth by the on-premises segment will be significant during the forecast period. 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	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 10.79%
Market growth 2022-2026	$ 2.90 billion
Market structure	Fragmented
YoY growth (%)	9.52
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 30%
Key consumer countries	US, China, India, UK, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Apptricity, AvidXchange Inc., Basware Corp., Coupa Software Inc., DATABASICS Inc., Emburse Inc., Expense8, Expensify Inc., Finly Technology Pvt. Ltd., Fyle Technologies Pvt. Ltd., General Data Pvt. Ltd., Infor Inc., International Business Machines Corp., JSM Technologies Pvt. Ltd., Oracle Corp., Paychex Inc., SAP SE, VA Tech Ventures Pvt Ltd., and Zoho Corp. 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.

Request PDF sample

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

• CAGR of the market during the forecast period 2022-2026
• 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 Middle East and Africa
• 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

We can help! Our analysts can customize this report to meet your requirements. Get in touch