NEW YORK, Sept. 27, 2022 /PRNewswire/ — A Qualitative Research Study accomplished by Data Bridge Market research’s database of 350 pages, titled “Global Travel and Expense Management Software Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. Travel and Expense Management Software report gives a clear idea to this industry regarding what is already available in the market, what the market anticipates, the competitive environment, and what to get done to surpass the competitor. The report presents key statistics on the market status of Global and Regional manufacturers and proves to be an important source of guidance and direction for companies and individuals interested in the industry. To achieve maximum return on investment (ROI), it’s very fundamental to figure out market parameters such as brand awareness, market landscape, possible future issues, industry trends, and customer behavior where this Travel and Expense Management Software report comes into the picture.
Data Bridge Market Research analyses that travel and expense management software market is expected to reach the value of USD 294,241.30 thousand by 2029, at a CAGR of 6.8% during the forecast period. Cloud segment accounts for the largest offering segment in travel and expense management software market. Global travel and expense management software market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Market Overview: Travel and Expense Management Software
Travel and expense management software is a comprehensive system that can assist you in managing and monitoring your business travel expenses. T&E management software is essential for companies sending staff on business trips, whether for planning trips, overseeing personnel on the road, or generating expenditure reports.
Businesses of all kinds can benefit from corporate travel and expense management software. It’s essential to make sure you have a thorough understanding of your business travel expenses and knowledgeable customer support in case of problems. Additionally, it aids in optimizing your billing process and schedule travel according to your company’s travel policy.
Rise in international visits by government representatives worldwide and hassle-free claims and reimbursement via travel and expense management software is driving the overall growth of the market. The constant threat of data breach is a major restraint factor for the travel and expense management Industry
Some of the key companies operating in the Travel and Expense Management Software Market includes:-
- Webexpenses Pty Ltd
- Concur Technologies
- GBT Travel Services UK Limited
- Oversight Systems
- Infor
- Oracle
- Emburse
- TripActions
- Empxtrack Inc(Saigun Technologies Pvt. Ltd)
- Expensify
- SutiSoft
- Zoho Corporation
- TravelPerk S.L.U
- ExpensePoint
- Rydoo
- 8common
- Coupa Software
Recent Development
- In December 2019, Chrome River Technologies, Inc., was named a “Leader” in the IDC Market Scape: Worldwide SaaS and Cloud-Enabled Enterprise Travel and Expense Management Applications 2019 Vendor Assessment. Company is was positioned as a Leader for large enterprise deployments which created a brand image globally
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Opportunities for New Entrants:
· RISE IN DIGITIZATION IN DEFENSE AND GOVERNMENT SECTOR
Digitalization enables using digital technologies such as cloud computing, big data, data analytics, Internet of Things (IoT), artificial intelligence in the defence sector and government sector. The deployment of digital technologies improves legacy processes and enhances operation and process efficiencies, enabling faster decision making and better situational awareness. Digital technologies are perceived as key enablers to adapt to changes, facilitating more efficient operations and increased outputs. In many nations, governments are increasing their efforts to bring digital transformations in sectors such as executive, ministries and defence. This digitization rise is an opportunity for the travel and expense management software market. Because of this, it is becoming normal in many sectors and its team to use the institution’s travel and expense management software.
- MORE OF PARTNERSHIP AND ACQUISITION AMONG MARKET PLAYERS
The Travel And Expense Management Software Market is fragmented as it consists of many regional players and global players. The presence of these companies in the region provides stiff competition in global travel and expense management software market and produces the best applications and software for various business and employees. To tackle the stiff completion, few market players tend to sign an agreement, and partnership with other market players, to develop better software using advanced technologies such as ML and A.I. Additionally, few market players acquire small start-ups or businesses to increase their market dominance and offer better products and software. These steps by the market players provide various possibilities to expand the travel and expense management software market.
Why Consider this Report?
- The report offers a comprehensive evaluation of Travel and Expense Management Software Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter’s 5 forces model.
- The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report also contains the competitive analysis using Positioning Quadrants, the analyst’s competitive positioning tool.
Market Dynamics:
Key Drivers
- HIGH ADOPTION OF MOBILE DEVICES
The rise in the number of smartphones globally due to their high demand and affordable rate, has resulted in the increasing number of multi-platform software. This software is developed to work across multiple devices, synchronized with same data for the user. In the global travel and expense management software market, many companies offer smartphone applications with details of users, their history, tickets, and offers. The same companies offer websites or online services having the same features. Furthermore, with the advent of mobile computing technology, the cloud and the ability to connect to business systems all over the globe, many businesses are looking mobile app technology, system integrations and real-time solutions to help staff get things done quickly and more efficiently. Mobile expense management is one area where there have been huge developments in business efficiency. Employees that travel around the globe for business can use mobile expense reporting apps to streamline their expense reporting. The use of mobile device and expense applications offers a several benefits for the employee and the organization and as a driver for the growth of travel and expense management software market
- INCREASING MILITARY TRAVEL INTERNATIONALLY
The movement of the military, which may be internally or in a nation, is increasing due to various reasons such as the presence of military outposts and postings; international exercises, and U.N. peacekeeping forces. The increasing budget of military expenses in various nations across the globe has allowed the military to provide travel allowance (T.A.) to the soldiers. Additionally, the presence of SAAS for travel expenses analysis with travel and expense management software on smartphones has allowed penetration of these software in military.
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Restraints/Challenges
- CONSTANT THREAT OF DATA BREACH
An expense management software holds data such as employee names and details, corporate credit card information, transaction statements, business-related activities, and financial history. Therefore, it has become a critical part of businesses and they tend to be careful when choosing an expense management solution.
- FRAGMENTATION IN THE TRAVEL AND EXPENSE SOFTWARE INDUSTRY
Most companies today have different software for travel and expense management. It is a big challenge for them as travel bookings happen on one platform and expense process on the other, making the whole T&E process inefficient. According to a report from ITILITE, 70% of expenses are travel-related, and having separate tools for travel bookings, and expense reimbursements result in cost leakages, poor data visibility, and even leaves room for fraud and on top of all this, it provides a broken experience to employees and finance managers. This is estimated to act a restrain for the travel and expense management software market growth
Segmentations: – Travel and Expense Management Software Market
By Deployment Model
- On-Premise
- Cloud
By Organization Size
- Medium Enterprise
- Large Enterprise
By Industry
- Defense
- Government
Market Regional Analysis/Insights:
The countries covered in the travel and expense management software market report are U.S., Canada and Mexico in North America. U.K., Germany, Spain, Israel, Rest of Europe in Europe. Japan, Australia, Hong Kong, New Zealand, Rest of Asia-Pacific in Asia-Pacific. U.A.E., Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) in Middle East and Africa. Brazil, Mexico, Panama, Panama, Peru and Rest of Latin America.
The U.S. is expected to dominate the North America travel and expense management software market due to the surge in trend and popularity of cloud technology among enterprises, Germany is expected to dominate the Europe travel and expense management software due to the due to the high adoption of mobile devices.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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Travel and Expense Management Software Market Report Answers the Following Questions:
- How much revenue will the Travel and Expense Management Software market generate by the end of the forecast period?
- Which market segment is expected to have the maximum market share?
- What are the influencing factors and their impact on the Travel and Expense Management Software market?
- Which regions are currently contributing the maximum share of the Travel and Expense Management Software market?
- What indicators are likely to stimulate the Travel and Expense Management Software market?
- What are the main strategies of the major players in the Travel and Expense Management Software market to expand their geographic presence?
- What are the main advances in the Travel and Expense Management Software market?
- How do regulatory standards affect the Travel and Expense Management Software market?
TABLE OF CONTENTS
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Pipeline Analysis
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers And Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
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