The Travel and Expense Management Software Market size was valued at USD 3.1 billion in 2023 and is expected to grow to USD 8.7 billion by 2031 and grow at a CAGR of 13.7% over the forecast period of 2024-2031.
Software for managing travel and expenses provides employees with an easier way to create cost reports and submit them to management for approval of reimbursements. The software also assists in organizing staff travel arrangements and creating travel schedules, offering a structured method of data management. To ensure user convenience, a number of suppliers are combining the software with mobile applications. This should make it easier for users to utilize the software remotely while on the go. Therefore, accessibility and availability of the software on smartphones are two additional factors that are anticipated to drive the travel and expense management software market.
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Employers can save manual labor and time-consuming activities by using the travel and spending management software, which helps to prevent errors. By connecting the travel and expense management software with enterprise resource planning (ERP), human capital management (HCM), and customer relationship management (CRM) systems, management gains a comprehensive understanding of all spending. Thus, the software gives management a consolidated view of all employee expenses, aiding in budget management and promoting policy compliance.
Drivers
Demand for Travel and Expense Management Software is Growing Due to the Need for Trouble-Free Dues and Reimbursements
One of the most expensive expenses for any business is travel, making it an essential area to control. Every business wants a well-organized system for tracking expenses and a reimbursement procedure that handles travel charges independently of employees and finance managers. One software application or booking platform allows employees to order tickets together, doing away with the hassle of following down emails and receipts. Enterprises can prevent unnecessary travel spending by showing policy-compliant, curated options for hotels and flights on travel and expense management software. On these platforms, they can create intricate policy streams as opposed to charges of implementation being fixed.
Restrains
Growing Number of Cybercrimes Endangers Transaction Security and Data Confidentiality
The travel and cost management software stores information such as employee name, mail ID, company credit card information, business-related actions, transaction details, and other financial histories. As a result, it becomes a key issue for companies as they exercise greater caution when making their choice of a travel and expenditure management software system.
Opportunities
An increase in digitization in the government and defense sectors
More Partnerships and Acquisitions by Market Participants
Challenges
Perpetual Risk of Data Breach.
The Travel and Expense Software Industry Is Fragmenting.
The absence of qualified labor and oversight of the software in the travel and expenditure management business
Global Travel Bans and Pandemic to Stem Market Growth
Numerous supply chain networks and business trips were significantly impacted by the COVID-19 pandemic. In the midst of the pandemic, several important businesses were gradually implementing new standards, such as working from home, which expanded the use of e-commerce, online streaming services, and cloud computing, among other things. In the beginning, business travel was a significant problem because of strict laws and the early adoption of work-from-home options. This had a detrimental effect on the adoption and use of TEM software, which marginally slowed the market's expansion.
Digital transformation is being implemented by businesses, which benefits company growth. Additionally, the growing demand for software applications to integrate and streamline business models would enable users to quickly develop better strategies to support a unified workforce and minimize paper trail and usage.
The Travel and Expense Management Software Market is segmented into three types on the basis of by Organization Size, by Deployment Type, and by Industry Vertical.
By Organization Size:
Small and Medium Enterprises
Large Enterprises
By Deployment Type:
Cloud
On-Premise
By Industry Vertical:
BFSI
It and Telecom
Manufacturing
Public Sector
Healthcare
Retail
Others
North America is dominating the industry. This is due to the development and use of cloud computing by enterprises. The Asia Pacific market for travel and spending management software is expected to grow quickly throughout the period of forecasting. The rise in the region is attributed to the presence of many small and medium-sized firms there as well as their growing desire for travel and expense management software. In addition, as business travel increases in countries like China, India, and Hong Kong, among others, it is projected that demand for the program would rise.
Due to the region's expanding business travel opportunities, Europe also holds the largest market share. Additionally, it is advised to display a healthy growth rate over the course of the forecast period. To diversify their product offerings and adopt modern technology, the regional industries are innovating in the areas of IT and telecom, retail, and e-commerce. For instance, TripActions introduced LIQUID, an all-in-one travel and expense management system with corporate card integration, in Europe This led to geographic expansion and promoted commercial expansion.
In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Key Players are Chrome River Technologies, SAP Concur., Basware Corporation, Data-Basics, Inc., Workday Inc., Coupa Software Inc., Avidxchange, TripActions Inc., Zoho Corporation Pvt. Ltd., Infor Inc., Expensify Inc, Emburse Inc. 8common Limited and others in the final report.
In order to empower students of the younger generation by enhancing travel experiences, service learning, cultural immersion, and leadership, TripActions joined Global Glimpse in October 2022. By recycling computers and displays, they also contributed money for scholarships.
By establishing a research and development facility in Hyderabad in October 2022, Infor Inc. expanded the scale of its Indian infrastructure facilities. This facility, which employs 3,700 people, uses digital technologies like data analytics, data structuration, artificial intelligence, and cloud IoT to deliver features and capabilities for client organizations. Additionally, this growth broadened their customer base and opened up new business options in the Asia Pacific region.
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.1 Bn |
| Market Size by 2031 | US$ 8.7 Bn |
| CAGR | CAGR of 13.7 From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Organization Size (Small and Medium Enterprises, Large Enterprises) • By Deployment Type (Cloud, On-Premise) • By Industry Vertical (BFSI, It and Telecom, Manufacturing, Public Sector, Healthcare, Retail, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Chrome River Technologies, SAP Concur., Basware Corporation, Data-Basics, Inc., Workday Inc., Coupa Software Inc., Avidxchange, TripActions Inc., Zoho Corporation Pvt. Ltd., Infor Inc., Expensify Inc, Emburse Inc. 8common Limited |
| Key Drivers | • Demand for Travel and Expense Management Software is Growing Due to the Need for Trouble-Free Dues and Reimbursements |
| Market Opportunities | • An increase in digitization in the government and defense sectors • More Partnerships and Acquisitions by Market Participants |
The CAGR of the Travel and Expense Management Software Market for the forecast period 2024-2031 is 13.7%.
The market is expected to grow to USD 8.7 billion by the forecast period of 2031.
The major worldwide key players in the Travel and Expense Management Software Market are Chrome River Technologies, SAP Concur., Basware Corporation, Data-Basics, Inc., Workday Inc., Coupa Software Inc., Avidxchange, TripActions Inc., Zoho Corporation Pvt. Ltd., and others in the final report.
USD 3.1 billion in 2023 is the market share of the Travel and Expense Management Software Market.
The forecast period for the Travel and Expense Management Software Market is 2024-2031.
Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Travel and Expense Management Software Market Segmentation, by Organization Size
8.1 Small and Medium Enterprises
8.2 Large Enterprises
9.Travel and Expense Management Software Market Segmentation, by Deployment Type
9.1 Cloud
9.2 On-Premise
10. Travel and Expense Management Software Market Segmentation, by Industry Vertical
10.1 BFSI
10.2 It and Telecom
10.3 Manufacturing
10.4 Public Sector
10.5 Healthcare
10.6 Retail
10.7 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Travel and Expense Management Software Market by Country
11.2.2 North America Travel and Expense Management Software Market by Organization Size
11.2.3 North America Travel and Expense Management Software Market by Deployment Type
11.2.4 North America Travel and Expense Management Software Market by Industry Vertical
11.2.5 USA
11.2.5.1 USA Travel and Expense Management Software Market by Organization Size
11.2.5.2 USA Travel and Expense Management Software Market by Deployment Type
11.2.5.3 USA Travel and Expense Management Software Market by Industry Vertical
11.2. Canada
11.2.6.1 Canada Travel and Expense Management Software Market by Organization Size
11.2.6.2 Canada Travel and Expense Management Software Market by Deployment Type
11.2.6.3 Canada Travel and Expense Management Software Market by Industry Vertical
11.2.7 Mexico
11.2.7.1 Mexico Travel and Expense Management Software Market by Organization Size
11.2.7.2 Mexico Travel and Expense Management Software Market by Deployment Type
11.2.7.3 Mexico Travel and Expense Management Software Market by Industry Vertical
11.3 Europe
11.3.1 Europe Travel and Expense Management Software Market by Country
11.3.2 Europe Travel and Expense Management Software Market by Organization Size
11.3.3 Europe Travel and Expense Management Software Market by Deployment Type
11.3.4 Europe Travel and Expense Management Software Market by Industry Vertical
11.3.5 Germany
11.3.5.1 Germany Travel and Expense Management Software Market by Organization Size
11.3.5.2 Germany Travel and Expense Management Software Market by Deployment Type
11.3.5.3 Germany Travel and Expense Management Software Market by Industry Vertical
11.3.6 UK
11.3.6.1 UK Travel and Expense Management Software Market by Organization Size
11.3.6.2 UK Travel and Expense Management Software Market by Deployment Type
11.3.6.3 UK Travel and Expense Management Software Market by Industry Vertical
11.3.7 France
11.3.7.1 France Travel and Expense Management Software Market by Organization Size
11.3.7.2 France Travel and Expense Management Software Market by Deployment Type
11.3.7.3 France Travel and Expense Management Software Market by Industry Vertical
11.3.8 Italy
11.3.8.1 Italy Travel and Expense Management Software Market by Organization Size
11.3.8.2 Italy Travel and Expense Management Software Market by Deployment Type
11.3.8.3 Italy Travel and Expense Management Software Market by Industry Vertical
11.3.9 Spain
11.3.9.1 Spain Travel and Expense Management Software Market by Organization Size
11.3.9.2 Spain Travel and Expense Management Software Market by Deployment Type
11.3.9.3 Spain Travel and Expense Management Software Market by Industry Vertical
11.3.10 The Netherlands
11.3.10.1 Netherlands Travel and Expense Management Software Market by Organization Size
11.3.10.2 Netherlands Travel and Expense Management Software Market by Deployment Type
11.3.10.3 Netherlands Travel and Expense Management Software Market by Industry Vertical
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Travel and Expense Management Software Market by Organization Size
11.3.11.2 Rest of Europe Travel and Expense Management Software Market by Deployment Type
11.3.11.3 Rest of Europe Travel and Expense Management Software Market by Industry Vertical
11.4 Asia-Pacific
11.4.1 Asia Pacific Travel and Expense Management Software Market by Country
11.4.2 Asia Pacific Travel and Expense Management Software Market by Organization Size
11.4.3 Asia Pacific Travel and Expense Management Software Market by Deployment Type
11.4.4Asia Pacific Travel and Expense Management Software Market by Industry Vertical
11.4.5 japan
11.4.5.1 Japan Travel and Expense Management Software Market by Organization Size
11.4.5.2 Japan Travel and Expense Management Software Market by Deployment Type
11.4.5.3 Japan Travel and Expense Management Software Market by Industry Vertical
11.4.6 South Korea
11.4.6.1 South Korea Travel and Expense Management Software Market by Organization Size
11.4.6.2 South Korea Travel and Expense Management Software Market by Deployment Type
11.4.6.3 South Korea Travel and Expense Management Software Market by Industry Vertical
11.4.7 China
11.4.7.1 China Travel and Expense Management Software Market by Organization Size
11.4.7.2 China Travel and Expense Management Software Market by Deployment Type
11.4.7.3 China Travel and Expense Management Software Market by Industry Vertical
11.4.8 India
11.4.8.1 India Travel and Expense Management Software Market by Organization Size
11.4.8.2 India Travel and Expense Management Software Market by Deployment Type
11.4.8.3 India Travel and Expense Management Software Market by Industry Vertical
11.4.9 Australia
11.4.9.1 Australia Travel and Expense Management Software Market by Organization Size
11.4.9.2 Australia Travel and Expense Management Software Market by Deployment Type
11.4.9.3 Australia Travel and Expense Management Software Market by Industry Vertical
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Travel and Expense Management Software Market by Organization Size
11.4.10.2 APAC Travel and Expense Management Software Market by Deployment Type
11.4.10.3 APAC Travel and Expense Management Software Market by Industry Vertical
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Travel and Expense Management Software Market by Country
11.5.2 The Middle East & Africa Travel and Expense Management Software Market by Organization Size
11.5.3 The Middle East & Africa Travel and Expense Management Software Market by Deployment Type
11.5.4The Middle East & Africa Travel and Expense Management Software Market by Industry Vertical
11.5.6 Israel
11.5.6.1 Israel Travel and Expense Management Software Market by Organization Size
11.5.6.2 Israel Travel and Expense Management Software Market by Deployment Type
11.5.6.3 Israel Travel and Expense Management Software Market by Industry Vertical
11.5.7 UAE
11.5.7.1 UAE Travel and Expense Management Software Market by Organization Size
11.5.7.2 UAE Travel and Expense Management Software Market by Deployment Type
11.5.7.3 UAE Travel and Expense Management Software Market by Industry Vertical
11.5.8 South Africa
11.5.8.1 South Africa Travel and Expense Management Software Market by Organization Size
11.5.8.2 South Africa Travel and Expense Management Software Market by Deployment Type
11.5.8.3 South Africa Travel and Expense Management Software Market by Industry Vertical
11.5.9 Rest of Middle East & Africa
11.5.9.1 Rest of Middle East & Asia Travel and Expense Management Software Market by Organization Size
11.5.9.2 Rest of Middle East & Asia Travel and Expense Management Software Market by Deployment Type
11.5.9.3 Rest of Middle East & Asia Travel and Expense Management Software Market by Industry Vertical
11.6 Latin America
11.6.1 Latin America Travel and Expense Management Software Market by Country
11.6.2 Latin America Travel and Expense Management Software Market by Organization Size
11.6.3 Latin America Travel and Expense Management Software Market by Deployment Type
11.6.4 Latin America Travel and Expense Management Software Market by Industry Vertical
11.6.5 brazil
11.6.5.1 Brazil Travel and Expense Management Software Market by Organization Size
11.6.5.2 Brazil Africa Travel and Expense Management Software Market by Deployment Type
11.6.5.3 Brazil Travel and Expense Management Software Market by Industry Vertical
11.6.6 Argentina
11.6.6.1 Argentina Travel and Expense Management Software Market by Organization Size
11.6.6.2 Argentina Travel and Expense Management Software Market by Deployment Type
11.6.6.3 Argentina Travel and Expense Management Software Market by Industry Vertical
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Travel and Expense Management Software Market by Organization Size
11.6.7.2 Rest of Latin America Travel and Expense Management Software Market by Deployment Type
11.6.7.3 Rest of Latin America Travel and Expense Management Software Market by Industry Vertical
12 Company Profile
12.1 Chrome River Technologies
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 SAP Concur.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Basware Corporation
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Data-Basics, Inc.
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Workday Inc.
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Coupa Software Inc.
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 TripActions Inc.
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Zoho Corporation Pvt. Ltd.
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Infor Inc.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Expensify Inc.
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. Conclusion
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