Increase in adoption of mobile devices, decline in operational costs, and rise in need for hassle-free claim of expenses are significant factors driving the growth of the travel and expense management software market.
WILMINGTON, Del., Jan. 9, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Travel and Expense Management Software Market by Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Industry Vertical (IT & Telecom, BFSI, Manufacturing, Public Sector, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032.”
According to the report, the global travel and expense management software industry generated $3 billion in 2022, and is anticipated to generate $15.7 billion by 2032, registering a CAGR of 18.3% from 2022 to 2032.
Prime determinants of growth
The growth of the global travel and expense management software market is driven by increase in adoption of mobile devices, decline in operational expenses, and rise in need for hassle-free claim of expenses. However, lack of skilled workforce factor hampers the market growth. Contrarily, expansion of the of travel technology companies is expected to provide lucrative opportunities for the market growth during the forecast period.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$3 Billion |
|
Market Size in 2032 |
$15.7 Billion |
|
CAGR |
18.3 % |
|
No. of Pages in Report |
413 |
|
Segments Covered |
Deployment Mode, Organization Size, Industry Vertical, and Region |
|
Drivers |
Surge in adoption of mobile devices Decline in operational costs Rise in need for hassle-free claim of expenses |
|
Opportunity |
Lack of skilled workforce |
|
Restraint |
Expansion of travel technology companies. |
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The on-premise segment to maintain its leadership status throughout the forecast period
On the basis of deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than two-thirds of the global travel and expense management software market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to large number of on-premise travel and expense management software providers available in the market. However, the cloud segment is projected to register the highest CAGR of 20.4% from 2022 to 2032. This is attributed to increase in demand for cloud-based travel and expense management software and gradual expansion of cloud-based software development companies
The large enterprises segment to maintain its leadership status throughout the forecast period
Depending on organization size, the large enterprises segment held the highest market share in 2022, accounting for two-thirds of share in the global travel and expense management software market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to large travel operations carried out by large enterprises. However, the small & medium enterprises segment is projected to garner the highest CAGR of 20.0% from 2022 to 2032. This is attributed to increase in need to avoid unnecessary expenses incurred by the small & medium enterprises during operations.
The IT & telecom segment to maintain its lead position during the forecast period
By industry vertical, the IT & telecom segment held the largest share in 2022, thus contributing to nearly one-third of share in the travel and expense management software market. This is attributed to the large use of IT technology in developing the cloud and on-premise software. However, the public sector segment is expected to portray the largest CAGR of 26.4% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing digitalization in the government associations, tourism sectors, judicial and legislative sectors, environmental sectors, welfare sectors, and public works sector.
North America to maintain its dominance by 2032
Region wise, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global travel and expense management software market revenue. This can be attributed to surge in the adoption of cloud-based technology. However, Asia-Pacific is expected to witness the fastest CAGR of 22.9% from 2022 to 2032, and is likely to dominate the market during the forecast period. This can be attributed to increase in the small, medium, and large technology businesses in the region.
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Leading Market Players: –
- Apptricity Corp.
- KDS Inc.(American Express GBT)
- Interplx Inc. (Serko Limited)
- Expensify Inc.
- Coupa Software Inc.
- 8Common Limited
- Oracle Corporation
- SAP Concur (SAP SE)
- TripActions Inc. (Navan Inc.)
- AdviXchange Inc.
The report provides a detailed analysis of these key players of the global travel and expense management software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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