The travel and expense management software market boasts advanced features such as real-time expense tracking, automated reporting, and mobile accessibility, streamlining financial processes for businesses. The dominating segment in this market is cloud-based solutions. Cloud technology offers scalability, flexibility, and cost-efficiency, aligning with the evolving needs of enterprises. This segment allows organizations to efficiently manage travel and expenses while benefiting from enhanced accessibility, data security, and seamless updates. As a result, cloud-based solutions are driving market growth and reshaping expense management practices.
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Data Bridge Market Research analyses that the Global Travel and Expense Management Software Market was valued at USD 1,73,833.55 thousand in 2021 and is expected to reach the value of USD 2,94,241.30 thousand by 2029, at a CAGR of 6.8% during the forecast period of 2022-2029. Cloud-based travel and expense management solutions provide businesses with the ability to easily adapt and expand their expense management capabilities as needed, all while maintaining accessibility from various locations, leading to enhanced flexibility and cost-effectiveness.
Key Findings of the Study
Regulatory compliance is expected to drive the market's growth rate
The travel and expense management software market experiences increased adoption due to its role in helping organizations adhere to stringent financial regulations and audit mandates. These solutions ensure that expense data is accurately recorded, tracked, and reported, facilitating transparency and accountability. As regulatory compliance becomes more complex, businesses turn to these software systems to streamline processes, minimize compliance-related risks, and efficiently meet reporting and auditing requirements, making them indispensable in the corporate landscape.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Deployment Model (On-Premise, Cloud), Organization Size (Medium Enterprises, Large Enterprises), Industry (Defence, Government, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Webexpenses Pty Ltd (Australia), Concur Technologies, Inc.(U.S.), GBT Travel Services UK Limited (U.K.), Oversight Systems, Inc.(U.S.), Infor(U.S.), Oracle(U.S.), Emburse, Inc.(U.S.), TripActions(U.S.), Empxtrack Inc (Saigun Technologies Pvt. Ltd) (India), Expensify, Inc.(U.S.), SutiSoft, Inc.(U.S.), Zoho Corporation Pvt. Ltd. (India), TravelPerk S.L.U (Spain), ExpensePoint (Canada), Rydoo (Belgium), 8common (Australia), Coupa Software Inc.(U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The global travel and expense management software market is segmented on the basis of deployment model, organization size, and industry.
- On the basis of deployment, the global travel and expense management software market is segmented into on-premise and cloud.
- On the basis of organization size, the global travel and expense management software market is segmented into medium enterprises, and large enterprises.
- On the basis of industry, the global travel and expense management market is segmented into defense, government, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the global travel and expense management software market players in global travel and expense management software market are Webexpenses Pty Ltd (Australia), Concur Technologies, Inc. (U.S.), GBT Travel Services UK Limited (U.K.), Oversight Systems, Inc. (U.S.), Infor (U.S.), Oracle (U.S.), Emburse, Inc. (U.S.), TripActions (U.S.).
Market Developments
- In October 2022, Infor Inc. expanded its infrastructure in India with the establishment of a research and development facility in Hyderabad. This facility, housing 3,700 employees, leverages cutting-edge digital technologies such as data analytics, artificial intelligence, data structuring, and cloud IoT to develop features and functions for client businesses. This strategic expansion not only reinforces Infor's presence but also enhances its market reach and commercial opportunities in the Asia Pacific region.
- In March 2022, Jeeves, a US-based fintech specializing in corporate cards and expense management for global startups, initiated operations in Brazil. This expansion aligns with the company's growth strategy and contributes to the overall development of the et in the region. It reflects the increasing demand for efficient financial management solutions and demonstrates how fintech companies are expanding their presence to meet the evolving needs of businesses in emerging markets such as Brazil.
Regional Analysis
Geographically, the countries covered in the global travel and expense management software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the global travel and expense management software market during the forecast period 2022 - 2029
In North America, the U.S. dominates the travel and expense management software market, primarily driven by the widespread adoption of cloud technology by businesses. Cloud-based solutions offer greater flexibility and accessibility, aligning with the evolving needs of enterprises. This surge in cloud technology's trend and popularity positions the U.S. as a dominant player in the market, as organizations seek efficient and scalable expense management solutions to enhance their operations.
Europe is expected to dominate the global travel and expense management software market in the forecast period 2022 - 2029
In Europe, Germany is expected to dominate the travel and expense management software market, driven by the extensive adoption of mobile devices. The widespread use of smartphones and tablets in German enterprises has propelled the demand for mobile-friendly expense management solutions. This trend aligns with the need for efficient, on-the-go expense tracking and reporting, making Germany a dominant force in the European market as organizations seek technology that enhances their expense management processes.
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