Travel and Expense Management Software Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

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

Travel and Expense Management Software Market

• 
  CAGR (2023 - 2031)

  8.0%
• Market Size 2023
  US$ 3.59 Billion
• Market Size 2031
  US$ 6.64 Billion

Market Dynamics

GROWTH DRIVERS

• Rising Business Travel
• Rising emphasis on enterprise cost control

FUTURE TRENDS

• Cloud-based solutions, real time analytics

OPPORTUNITIES

• Mobile Integration

Key Players

• Basware Inc
• Certify Inc
• Chrome River technology
• Coupa Software Incorporated
• Databasics Inc
• Infor
• Oracle
• SAP
• KDC Inc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Deployment

• On-Premise and Cloud

Enterprise Size

• Large Enterprises and Small and Medium Enterprises

Industry

• BFSI
• IT & Telecom
• Manufacturing
• Healthcare
• Government & Defense
• Transport & Logistics
• Retail

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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

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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