The travel and expense management software market is projected to grow from US$ 3,320. 02 million in 2022 to US$ 5,272. 56 million by 2028; it is estimated to grow at a CAGR of 8. 0% from 2022 to 2028.
New York, Nov. 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Travel and Expense Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Deployment, Enterprise Size, and Industry” – https://www.reportlinker.com/p06363004/?utm_source=GNW
Many companies are expanding internationally, resulting in a rise in the number of business travelers; this factor is further triggering the volume of travel and related expenses.In addition, the fraud risks and human errors restrict 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 among the key factors bolstering the travel and expense management software market.
In South America, the rising popularity of emerging travel and expense software in countries such as Brazil and Argentina propels the growth of the travel and expense management software market.The region witnessed significant technical advancements in recent years.
Meanwhile, in the Middle East & Africa, government initiatives related to digitization in Saudi Arabia, the UAE, South Africa, and other countries are expected to create opportunities for the market players during the forecast period.With the expansion of targeted spending on travel and expense, increasing use of smartphones among the population, the availability of low-cost internet access, and the growing penetration of mobile devices, there is a high demand for cost-effective travel and expense management software.
Moreover, the developing transportation & logistics industry and the rising adoption of strategic alliances among the key players would propel the travel and expense management software growth market in the region during the forecast period.
The growing healthcare industry is expected to boost the deployment of travel and expense management software in this region.The travel and expense management software integrated with travel service providers in the healthcare industry offers real-time quotes, bookings, and trip logistics in one place.
Therefore, its demand is rising in the industry.Managers can track bookings, cancellations, adjustments, and rescheduling in real time, eliminating many human errors.
All these offerings anticipate lucrative opportunities for the growth of the travel and expense management software market.Moreover, industrialization has been gaining traction across the region.
The startups are focusing on expansion strategies. For instance, in March 2022, the US-based fintech “Jeeves,” a corporate card and expense management platform for global startups, started operations in Brazil. These expansion strategies are further supporting the travel and expense management software market growth in the region
The IT & Telecom industry is extensively deploying SaaS-based solutions as they are economical, can be accessed from any place, and provide all software functions at a minimum cost of ownership.The travel and expense management software market growth can be attributed to its fast deployment speed, low upfront costs, and flexibility that can be changed according to the company’s requirements.
Complicated and multi-hierarchal structures of organizations and the high adoption of mobile devices have created lucrative opportunities for the travel and expense management software market.In addition, deployment mode such as P2P and cloud for travel and expense management software in the telecom sector have propelled the demand for the software in the IT & Telecom industry.
The leaders in the software industry have been adopting innovative solutions for managing spending. In January 2019, Certify, Inc. launched Certify Purchasing, a new cloud-based procure-to-pay (P2P) platform to enable IT & Telecom organizations’ account payable departments to manage their spending.
The travel and expense management software market is segmented on the basis of deployment, enterprise size, industry, and geography.Based on deployment, the market is bifurcated into on-premises and cloud.
In terms of enterprise size, the market is bifurcated into small and medium enterprises, and large enterprises.Based on industry, the market is segmented into BFSI, IT & telecom, manufacturing, healthcare, government & logistics, transport & logistics, retails, and others.
Based on geography, the travel and expense management software market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The overall travel and expense management software market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also helps obtain an overview and forecast of the travel and expense management software market with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the travel and expense management software market.
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