Travel and Expense Management Software Market Emergence of Artificial Intelligence (AI) and Machine Learning (ML) to Drive

Many companies are expanding internationally, resulting in a rise in business travelers, further triggering the volume of travel and related expenses. However, the risk of fraud and human errors restricts the ease and effectiveness of auditing travel and expense reports, which creates the demand for effective software solutions to manage these expenses. Thus, the growing number of mobile workforces, increasing use of mobile devices, surging adoption of SaaS applications in various industries, and rising integration of artificial intelligence and machine learning in software are the key factors bolstering the travel and expense management software market.

The travel and expense management software market size is expected to reach US$ 5,272.56 million by 2028 & it is registering at a CAGR of 8.0% from 2022 to 2028 , according to a new research study conducted by The Insight Partners.

Travel and expense management software solutions assist employers with hassle-free claims and reimbursement by tracking all employee receipts. Employees can use their smartphones to save e-copies of their receipts and upload those on a centralized dashboard. These receipts are then routed to the assigned approvers, followed by the scheduling of reimbursement checks for payment. Thus, travel and expense management software solutions help employers reduce manual and tedious tasks, along with eliminating paper use. The software also allows the management to obtain a consolidated view of overall expenses made by employees, thereby helping them manage budgets and drive policy compliance. It enables the analysis and monitoring of large volumes of expense data on a single platform, which saves time and money.

The travel and expense management software market is segmented into five major regions – North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America led the market in 2020. The market growth in the region is mainly driven by the companies’ rising focus on establishing a comprehensive reimbursement process, lowering the costs of the process, and improving the productivity of the expense-handling process.

The Asia Pacific is expected to hold a significant share in the travel and expense management software market, owing to the presence of small and medium enterprises and their inclination toward adopting travel and expense management software. The Asia Pacific is one of the fastest-growing travel destinations and is the second-largest destination for international visitors. The region has the most significant global outbound tourist spending, with most of its spending on intraregional travel. As per the GDP figure, the region has the largest aggregate domestic travel market. In addition, countries in the region are concentrating on remaining competitive to attract growing international travel. Along with the increasing tourism market, the region is also experiencing the rising adoption of new technologies and software to manage tasks in different industries. The mounting use of the internet creates a dynamic and interactive source for managing travel and expenses. Therefore, the surge in the tourism market, coupled with the rise in technological advancements, has fueled the demand for travel & expense management software.

The top ten companies in the market include Basware; Certify, Inc.; Chrome River Technologies; Coupa Software; Databasics; Infor; GB Business Global; Oracle; and SAP. The above listing of key players is derived by considering multiple factors such as overall revenue, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the industry’s important market initiatives and product developments are mentioned below.

A few of the important market initiatives and product developments from the industry are mentioned below: