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The travel and expense management software market size is expected to reach US$ 12.26 billion by 2031 from US$ 3.95 billion in 2023. The market is estimated to record a CAGR of 15.2% from 2023 to 2031. Expanding travel tech companies worldwide is likely to remain a key market trend.
Travel and Expense Management Software Market Analysis
Growing digital transformation, an increasing number of cross-broader activities, and the expanding global presence of several companies result in a rise in the number of business travelers, driving the global travel and related expense management market. The growth of technology-based travel companies and the increase in the adoption of blockchain technology for secure transactions are the key factors expected to create opportunities for the travel and expense management software market growth.
Travel and Expense Management Software Market Overview
Travel and expense management software is a tool that helps users manage their travel-related expenses. It is designed to assist employers with hassle-free claims and reimbursement by tracking all employee receipts. This software typically includes significant features that facilitate travel booking, expense tracking, and reimbursement approval workflows. Users 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 users reduce manual and tedious tasks, along with eliminating the use of paper. Moreover, the software allows businesspeople to obtain a consolidated view of overall expenses made by employees, thereby helping them manage budgets and drive policy compliance. It is also used to analyze and monitor large volumes of expense data on a single platform, which saves time and money. All types of businesses can use travel and expense management software for managing corporate travel expenses. Additionally, travel and expense management software provides businesses with an insight into spending patterns and helps manage their budgets more effectively. The software supports organizing employee travel arrangements and creating itineraries, offering a structured method of data management.
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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
Growing Demand for Real-Time Travel and Expense Tracking Software
Businesses across the globe are highly demanding real-time expense tracking software to maintain agility and transparency in their financial operations. This feature enables proactive budget management by giving businesses instant insight into their spending. The software allows employees to use mobile apps to take pictures of receipts and instantly capture information, allowing them to record and submit expenses instantly. This will not only reduce the possibility of lost receipts but also accelerate the smooth approval and reimbursement process. Moreover, real-time expense tracking software offers up-to-date data to finance teams and allows them to quickly identify any irregularities by monitoring corporate policy compliance. The software also helps finance teams in accurate financial forecasting and offers companies a continuous overview of their financial commitments. The demand for real-time expense tracking software is continuously increasing among businesses worldwide. Nowadays, businesspeople have increased their requirement for an all-in-one travel platform that encourages market players to develop and strengthen their expense management platform based on customer requirements. For instance, in July 2024, BCD Travel Services B.V. introduced GetGoing, the all-in-one travel platform for small and medium-sized businesses. The GetGoing platform enables companies to digitalize their expenses, eliminate the need for paper, and promote hassle-free travel and expense experiences.
Development of AI-Powered Travel and Expense Management Software
The evolution of automation and the integration of artificial intelligence (AI) in travel expense management software are transforming the travel and expense management software market. The integration of AI in travel expense management software supports businesses to automate repetitive tasks, streamline traveling and expense management procedures, and lessen the amount of manual labor required to track and approve expenses. For example, repetitive tasks such as data entry and receipt matching can be automated and completed effectively by reducing errors and giving employees more time to perform other significant tasks. Moreover, AI provides intelligent insights and predictive analytics, forecasts budget requirements, and identifies areas for cost savings by examining spending trends. This increases the adoption of AI among businesses focusing on digital transformation. For instance, in May 2024, Yatra Online Private Limited enhanced its offerings by launching a new expense management solution for small, medium, and large enterprises. The company developed a generative AI-powered expense management solution to guarantee thorough and accurate expense tracking in order to cut down on mistakes and save time. This solution also offers seamless integration of travel booking expense tracking and assists businesses in managing their travel and non-travel expenses. The company plans to develop an expense management solution by using large language models (LLMs) that help users analyze receipts and guarantee precise tracking of expenses. Similarly, in September 2023, Emburse, Inc., a leader in travel and expense management, launched an AI-powered receipt scanning engine to automate expense management. This launch supports Emburse's goal of 100% automated expense management. The solution automated the entire process and supported error-free transactions without requiring human involvement. Hence, by implementing AI powered technologies, businesses can anticipate faster reimbursement cycles, more accurate data management, boost business output, and reduce operational costs.
Travel and Expense Management Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the travel and expense management software market analysis are deployment mode, organization size, and industry.
- Based on deployment mode, the market is divided into cloud and on-premise. The cloud segment held a larger market share in 2023.
- Based on organization size, the market is segmented into large enterprises and small and medium enterprises. The large enterprises segment held a larger travel and expense management software market share in 2023.
- In terms of industry, the market is divided into BFSI, IT and telecom, manufacturing, healthcare, government and defense, retail, transport and logistics, and others. The BFSI segment held the largest travel and expense management software market share in 2023.
Travel and Expense Management Software Market Share Analysis by Geography
The travel and expense management software market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and Asia Pacific.
The North America travel and expense management software market is segmented into Canada, the US, and Mexico. In the past decade, IT and telecom, manufacturing, and tourism industries in North America have seen tremendous growth, owing to factors such as the implementation and advancement of technologies, an increase in demand for digitization and online services, and the deployment of several advanced software across the region. The increase in national and international visits by employees and hassle-free claims and reimbursement through travel and expense management software drive the market's overall growth.
Europe has several well-developed countries that favor adopting and applying new technologies. Also, the presence of established industries such as IT & Telecom, manufacturing, retail, and transportation & logistics explains the increased penetration of travel and expense management software in this region. The Europe travel and expense management software market is growing due to strong data protection regulations, regional compliance needs, cross-border business operations, GDPR compliance, and International business travel. The Asia Pacific travel and expense management software market is projected to witness impressive growth during the forecast period. Asia Pacific is undergoing rapid expansion as a result of a variety of economic, technological, and business factors. As Asia Pacific becomes a worldwide economic powerhouse, the demand for travel and expense management software is continuously growing.
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:
- Coupa, the leading AI-driven platform that helps users to operate smarter and grow faster, announced that QNB Group, the largest financial institution in the Middle East and Africa, has selected Coupa to completely digitize the company's procurement and finance operations. With Coupa's unified AI-driven platform, QNB benefits from complete visibility and control over all spending in a single system. They can access real-time finance data instantly and make more informed decisions to improve working capital. (Source: Coupa Software, Press Release, March 2024)
- DATABASICS announced a strategic partnership and integration with TransferMate, a prominent global business-to-business (B2B) payments technology firm. This collaboration enhances DATABASICS' Expense solutions by incorporating TransferMate's advanced global payment capabilities. (Source: Databasics, Press Release, March 2023)
Travel and Expense Management Software Market Report Coverage and Deliverables
The "Travel and Expense Management Software Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- 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 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 for 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
North America is anticipated to grow with the highest CAGR over the forecast period 2024-2031.
Growing demand for real-time travel and expense tracking software and increasing adoption of cloud-based expense management software are the driving factors impacting the travel and expense management software market.
Expanding travel tech companies worldwide is the future trends of the travel and expense management software market.
The travel and expense management software market was valued at US$ 3.95 billion in 2023 and is projected to reach US$ 12.26 million by 2031; it is expected to grow at a CAGR of 15.2% during 2023–2031.
The Asia Pacific held the largest market share in 2023, followed by Europe.
The key players, holding majority shares, in travel and expense management software market includes SAP SE, Coupa Software Inc., Expensify, Inc., Emburse, Inc., and Infor.
The List of Companies - Travel and Expense Management Software Market
- Basware Corporation
- Coupa Software Inc
- DATABASICS Inc.
- Expensify, Inc.
- Infor Inc
- GB Business Global
- Oracle Corp
- SAP SE
- Kissflow Inc
- Zoho Corp Pvt Ltd
- Global Business Travel Group Inc
- Navan, Inc.
- VA Tech Ventures Private Limited (“Happay”)
- VV Finly Technology Pvt Ltd
- Oversight, Inc.
- TravelPerk S.L.U.
- Zaggle Prepaid Ocean Services Limited
- Fyle Technologies Private Limited
- Emburse, Inc.
- Ellucian Company LLC
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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