Travel and Expense Management Software Market is expected to reach US$ 12.26 Billion by 2031

Increasing Adoption of Cloud-Based Expense Management Software to Fuel Travel and Expense Management Software Market Growth During Forecast Period

According to our latest study, "Travel and Expense Management Software Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Deployment Mode, Organization Size, and Industry," the market was valued at US$ 3.95 billion in 2023 and is expected to reach US$ 12.26 billion by 2031; it is estimated to record a CAGR of 15.2% from 2023 to 2031. The report includes growth prospects owing to the current travel and expense management software market trends and their foreseeable impact during the forecast period.

Businesses across the globe are adopting advanced software to automate entire travel and expense management processes and reduce manual work. Companies increasingly adopt cloud-based expense management software to streamline and simplify the management of business expenses through automation. The cloud-based expense management software automates the expense management process, from tracking expenses to processing reimbursements, and increases the demand for cloud-based software among businesses to precisely trace activities. Moreover, many market players provide cloud-based expense management software that enhance end-user experiences. For instance, in January 2023, Uber for Business collaborated with Coupa Software to automate expenses. Coupa is the first BSM platform to use Uber for Business's Receipts API for expenditure automation. Coupa uses Uber for Business' Receipts API to automatically generate expense reports with attached receipts for rides taken through Uber for Business. This process eliminates the need for staff to manually find and attach receipts for Uber for Business journeys, thus saving their valuable time. This process also reduces the risk of incomplete or erroneous compliance reporting. Moreover, the cloud-based expense management software provides users with significant benefits such as real-time updates of the expense claims status and access to expense management tools from any location. Thus, significant benefits offered by cloud-based expense management software, such as cost efficiency, ease of integration with accounting software, reduced errors, and real-time updates, are driving the travel and expense management software market growth.

Travel and Expense Management Software Market Analysis — by Geography

Source: The Insight Partners Analysis

Basware Corporation; Coupa Software Inc; Expensify, Inc.; Databasics Inc.; Infor Inc; Gb Business Global; Oracle Corp; Sap Se; Kissflow Inc; Zoho Corp Pvt Ltd; Navan, Inc.; Va Tech Ventures Private Limited ("Happay"); Global Business Travel Group Inc; Vv Finly Technology Pvt Ltd.; Oversight, Inc.; Zaggle Prepaid Ocean Services Limited;; Fyle Technologies Private Limited, Emburse, Inc.; and Ellucian Company LLC are among the key travel and expense management software market players. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.

The report includes the travel and expense management software market forecast by deployment mode, organization size, and industry. Based on deployment mode, the travel and expense management software market has been segmented into on-premise and cloud. The cloud segment held a larger travel and expense management software market share in 2023.

The scope of the travel and expense management software market report focuses on North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Taiwan, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America dominated the market in 2023, followed by Europe and Asia Pacific.  

North America dominated the travel and expense management software market share in 2023, followed by Europe and Asia Pacific. Further, Asia Pacific is expected to record the highest CAGR in the travel and expense management software market during the forecast period. The market growth in North America 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. Leading players such as Coupa Software, Inc.; Certify, Inc.; Chrome River Technologies, Inc.; and Databasics, Inc. are actively operating in the market in North America.

Germany, France, the UK, Italy, Russia, and the Rest of Europe are the prime contributors to the Europe travel and expense management software market. From an organization's point of view, the region is the hub for several well-known IT companies. European businesses are embracing digital transformation by transitioning from traditional, manual procedures to automated, cloud-based alternatives. Travel and expense management software integrates well with other enterprise resource planning (ERP) systems and accounting tools, making it more appealing to firms trying to increase workflow efficiency. Moreover, Europe is General Data Protection Regulation (GDPR) compliant. It is the most stringent privacy and security law in the world. Though it was designed and ratified by the European Union (EU), it imposes duties on enterprises worldwide as long as they target or collect data about EU citizens. The travel and expense management software helps comply with the GDPR.

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