Travel and Expense Management Software Market Forecast 2031
The travel and expense management software market size is projected to reach US$ 6.64 billion by 2031 from US$ 3.59 billion in 2023. The market is expected to register a CAGR of 8.0% during 2023–2031. Cloud-based solutions and real-time analytics are likely to remain a key trend in the market.
Travel and Expense Management Software Market Analysis
The way companies handle travel and spending is thoughtfully changing as businesses change and workplaces welcome remote cooperation. To reduce the losses brought on by time wastage and cost fraud, businesses have been progressively implementing expenditure management software. However, adoption and change rates must stay up with new developments in the sector. Automation is the way of the future for cost reporting since it streamlines repetitive procedures and frees up staff members to work on more significant projects. Staffing companies can completely transform their expense management procedures by utilizing cutting-edge technology like artificial intelligence (AI) and machine learning.
Travel and Expense Management Software Market Overview
Making use of analytics potential is essential for making well-informed decisions in an era of unprecedented data richness. Staffing companies can uncover potential for cost savings, improve budget allocation, and get important insights into spending patterns by compiling and evaluating expense data. Staffing companies may see their whole cost of spending with big data analytics, including travel, lodging, and food expenditures. Businesses can make well-informed judgments about resource optimization and budget allocation by examining historical data and spotting trends. This is driving the market growth.
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Travel and Expense Management Software Market: Strategic Insights
Market Size Value in US$ 3,320.02 Million in 2022 Market Size Value by US$ 5,272.56 Million by 2028 Growth rate CAGR of 8.0% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Travel and Expense Management Software Market: Strategic Insights
| Market Size Value in | US$ 3,320.02 Million in 2022 |
| Market Size Value by | US$ 5,272.56 Million by 2028 |
| Growth rate | CAGR of 8.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Travel and Expense Management Software Market Drivers and Opportunities
Rising Business Travel to Favor the Market
The business travel industry is changing as a result of shifts in the global economy, workforce diversity, and sustainability. Travel is expanding in scope, inclusivity, and technological advancement. Let's examine some key developments that have changed business travel in the past. An increasing number of professionals are venturing abroad to establish relationships, participate in international events, and investigate novel markets, underscoring the interdependence of the modern economy. The demographic of business travelers is changing as more women and minorities join the workforce, underscoring the significance of inclusivity. Simplifying logistics, maintaining connectivity for travelers, and guaranteeing smooth work continuity all depend on technology. This is leading the growth in the adoption of the travel and expense management software market.
Mobile Integration
Employees demand easy access to expenditure management applications on their cell phones in today's mobile-first environment. Employees can record receipts, submit expense reports, and follow up on reimbursements while on the road with mobile integration, which reduces waiting times and boosts productivity.
Travel and Expense Management Software Market Report Segmentation Analysis
A key segment that contributed to the derivation of the travel and expense management software market analysis are deployment, enterprise size, and industry.
- Based on the deployment, the travel and expense management software market is divided into on-premise and cloud. The cloud segment held the largest share in 2023.
- Based on the enterprise size, the travel and expense management software market is divided into large enterprises and small and medium enterprises.
- Based on the industry, the travel and expense management software market is divided into BFSI, IT & telecom, manufacturing, healthcare, government & defense, transport & logistics, retail, and others.
Travel and Expense Management Software Market Share Analysis by Geography
The geographic scope of the travel and expense management software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds a significant share of the travel and expense management software market in 2023. The region has a high adoption of digital and automated solutions. The region is home to a significant number of large enterprises with huge travel budgets and expense management needs. This is driving the market growth in the region.
Travel and Expense Management Software Market Report Scope
Travel and Expense Management Software Market News and Recent Developments
The travel and expense management software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the travel and expense management software market are listed below:
- The company announced the new Coupa Travel & Expense, now with seamless travel booking, unified expense management, a fully integrated mobile application, and live on-the-road traveler support. (Source: Coupa Software Incorporated, Press Release, February 2022)
- Infor, the industry cloud company, today announced that Panda Restaurant Group — the parent company of the largest family-owned and operated Asian dining concept in the U.S., Panda Express — has selected Infor Expense Management (XM) to automate expenses, realize greater efficiencies, and streamline how the organization tracks travel and entertainment (T&E) spend for its multiple brands. Infor XM is one of the most flexible and configurable T&E expense management solutions on the market. The application supports mobile usage and social collaboration, helps eliminate manual processes, and delivers a consumer-grade experience built for enterprise users. (Source: Infor, Press Release, October 2021)
Travel and Expense Management Software Market Report Coverage and Deliverables
The “Travel and Expense Management Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Travel and expense management software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Travel and expense management software market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Travel and expense management software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the travel and expense management software market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment, Enterprise Size, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The travel and expense management software market is expected to register a CAGR of 8.0% during 2023–2031
The travel and expense management software market size is projected to reach US$ 6.64 billion by 2031
Cloud-based solutions and real-time analytics are likely to remain key trends in the market.
Basware, Inc., Certify, Inc., Chrome River Technology, Coupa Software Incorporated, Databasics, Inc., Infor, Oracle, SAP, and KDC Inc. are among the leading payers operating in the travel and expense management software market.
Rising Business Travel and rising emphasis on enterprise cost control are expected to drive the travel and expense management software market.
North America dominated the travel and expense management software market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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