Travel Expense Management Software Market to Surpass 8.7 Billion by 2030 Drives Due to the Rising Adoption of Mobile Devices
SkyQuest projects that the travel expense management software market will attain a value of USD 8.7 billion by 2030, with a CAGR of 10.3% over the forecast period (2023-2030). The widespread adoption of mobile devices has also contributed to the travel expense management software market’s growth. Mobile-friendly travel and expense management software enables employees to manage their expenses, submit claims, and access real-time information, enhancing convenience and productivity.
Westford, USA, Aug. 23, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, integrating artificial intelligence (AI) and data analytics is expected to impact the demand for travel and expense management software significantly. These technologies offer advanced capabilities that simplify and enhance the efficiency of managing expenses in the travel expense management software market.
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- Pages – 157
- Tables – 61
- Figures – 75
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Travel and expense management software is crucial in helping organizations track and manage expenses incurred during business travel. It enables employees to submit their travel-related expenses, which are processed, approved, and reimbursed by the organization. One of the key advantages of using travel and expense management software is the ability to track receipts and generate itemized expense reports, providing transparency and accountability in travel expense management software market.
Prominent Players in Travel Expense Management Software Market
- Concur Technologies Inc.
- SAP SE
- Certify Inc.
- Expensify Inc.
- Chrome River Technologies Inc.
- Apptricity Corp
- Basware Corp.
- Infor Inc.
- Nexonia Inc.
- Paychex Inc.
- Freedom Holdings Limited
- Abacus Labs Inc.
- Rydoo
- Zoho Corporation
- Xpenditure
- Fyle Technologies
- Happay
- Engage
- TravelBank
- BCD Travel
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Large Enterprises Segment is Expected to Grow the Market Due to the Growing Trend of Employee Business Travel
Travel and expense management software market is divided into different categories, with large enterprises holding the largest market share in the travel expense management software market. This can be attributed to the growing trend of employee business travel, leading to large-scale organizations’ significant adoption of travel and expense management software. Implementing such software has helped streamline and automate the travel and expense management processes, improving efficiency and cost savings.
The market in North America emerged as the dominant region in the travel and expense management software market, capturing a significant market share of 34.4%. This market presence can be attributed to the region’s advanced development and widespread adoption of cloud technologies by enterprises.
Cloud Segment is Expected to Dominate the Market Due to Rising Adoption of Cloud-Based Travel Management Software
Cloud segment is anticipated to hold the most significant global travel and expense management software market share over the forecast period. This is primarily attributed to organizations’ widespread adoption of cloud-based travel management software.
Regional markets in the Asia Pacific are projected to experience significant growth in the travel and expense management software market, primarily due to the region’s cloud infrastructure development. The increasing adoption of cloud technologies and the expansion of internet connectivity have paved the way for adopting cloud-based software solutions.
A comprehensive analysis of the major players in the travel expense management software market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Travel Expense Management Software Market
- Recently, Oracle Corporation, a multinational technology company based in the United States, announced its plan to acquire Cerner Corporation, an electronic health records firm. The transaction is valued at $28.3 billion and marks a significant move in the healthcare technology industry.
- Chooose, a climate technology company, collaborated with SAP Concur to introduce its innovative Climate App in 2022. This app is designed to automate the measurement and reporting of carbon emissions.
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Key Questions Answered in Travel Expense Management Software Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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