The global travel and expense management software market size is expected to reach USD 11.50 billion by 2028 according to a new study by Polaris Market Research. The report “Travel And Expense Management Software Market Share, Size, Trends, Industry Analysis Report, By Organization Size (SMEs, Large Enterprises); By Deployment; By Industry Vertical; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The factors responsible for the market growth include the requirement to have improved expense visibility and a surge in the acceptance of mobile devices. Utilizing mobile devices, consumers can book tickets online, adjust their flights, locate their stuff, and contribute to expense sheets. Consequently, businesses are gradually shifting toward management software for easy availability of budget plans by connected devices over the network.
Furthermore, the increased implementation of end-to-end management software along with the increasing requirement to lower operational costs for an organization also paves toward a growth trajectory during the forecasting years.
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Usage of artificial intelligence and data analytics is likely to spur the demand for such management systems due to simplifying and increased efficiency in managing expenses. Globally, venture capital investors have invested over USD 10.8 billion into AI & machine learning companies in 2017, up from more than USD 500 million reported in 2010, as per the PitchBook Platform.
Also, the spend on artificial intelligence (AI) based systems is projected to reach almost USD 35.8 billion in 2019, an increase of 44.0% over the amount spent in 2018. Thus, the growing AI spending along with increased IT spending among enterprises is fueling the growth.
Major Participants such as 8common Limited, Apptricity Corporation, Avidxchange, Basware, American Express Global Business Travel, Coupa Software Inc, Oversight Systems, Inc., DATABASICS Inc, Zoho Corporation Pvt. Ltd, GBT Travel Services U.K. Ltd., InterplX Expense Management, Concur Technologies, Inc., Oracle, Expensify, and Chrome River Technologies, Inc. are some of the key players operating in the global market.
Several manufacturers are often backing to opt for varied marketing strategies to expand their business operations globally. In June 2021, U.S. based TripActions launched a new hybrid work model, “TripActions Team Travel,” which provides a self-serve solution for group travel that brings members together, intending to increase collaboration and accelerate company culture. Such initiatives drastically contribute towards the higher growth in the software systems market.
Polaris Market Research has segmented the travel and expense management software market report on the basis of deployment, industry vertical, organization size, and region:
Travel and Expense Management Software, Deployment Outlook (Revenue, USD Billion, 2016 – 2028)
Travel and Expense Management Software, Industry Vertical Outlook (Revenue, USD Billion, 2016 – 2028)
- Aerospace & Defense
- Public Sector
Travel and Expense Management Software, Organization Size Outlook (Revenue, USD Billion, 2016 – 2028)
- Large Enterprises
Travel and Expense Management Software, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa