PUBLISHER: Acute Market Reports | PRODUCT CODE: 1234353
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1234353
Travel Expense (T&E) Management Software Market Expected to Grow at 6.5% by 2031
Travel and expense management software finds its adoption mainly in large organizations and travel management companies to manage and audit expenses accrued during the business travels. Rising end-users domain for travel and expense management software is one of the most prominent factors, ensuring incremental market growth in coming years. Travel and expense management through mobile app is one of the recent trends observed in T&E management software market. This trend can probably create security risk due to improper handling of devices.
Integration of travel and expense management software increases efficiency of organization by eliminating errors and allows smooth tracking of expenses from streamlined reporting process. Automated expense recording and controlling features are few more advantages offered by T&E management software. Increasing number of large organizations and travel companies are majorly looking for better and efficient management of their expenses and business tours. Additionally, mid-sized organizations are more welcoming towards T&E management software due to higher inclination towards cost savings and enhanced operational efficiency.
T&E management software market is segmented by deployment type into on-premise and cloud-based. Cloud-based segment is expected to lead overall T&E management software market thanking to cost deduction of cloud-based services. Numerous companies are rapidly moving their data on cloud which has increased the growth of cloud segment worldwide. However, requirement of high up-front cost along with complex setup and data security concerns are some of the factors hampering on-premises T&E management software market.
North America is expected to hold the largest market share in the global travel and expenses management software market due to higher penetration for effective and automated back-office solutions in the region. Consistently increasing popularity of mobile devices for T&E management software coupled with presence of major players such as Apptricity Corporation and Coupa Software, Inc. form another prominent factors supporting the market growth. Furthermore, increasing number of startups in countries such as China, India and South Korea among others is projected to ensure high market growth in Asia Pacific over the forecast period.
Major drivers of T&E management software market:
Emergence of Software as a Service
Universal demand for cost effective solution
Rising need to reduce operational cost and expense in organization
Pricing strategies of vendors
T&E management software availability in the form of mobile app
Transparency in operation
Major challenges of T&E management software market:
High implementation and maintenance cost
Installation of cloud based travel and expenses management software is found challenging in many organizations due to security and privacy concerns. Lack of skills also hamper the installation of travel and expenses management software in enterprises and travel companies.
Key players identified in T&E management software market:
Apptricity Corporation, Ariett Business Solutions, Inc., BasWare, Inc., Coupa Software, Inc., DATABASICS, Inc., Expense8, 8common Ltd., Fraedom UK Ltd., Insperity Payroll Services, LLC, Interplx, Inc., Oracle Corporation, Replicon, Inc., TriNet Group, Inc., Ellucian Company LP and KDS, Inc., Webexpenses Pty Ltd, Inc., Concur Technologies, Inc., GBT Travel Services UK Limited, Oversight Systems, Inc., Infor, Oracle, Emburse, Inc., TripActions, Empxtrack Inc(Saigun Technologies Pvt. Ltd), Expensify, Inc., SutiSoft, Inc., Zoho Corporation Pvt. Ltd., TravelPerk S.L.U, ExpensePoint, Rydoo, 8common, and Coupa Software Inc., DATABASICS Inc., Emburse, Expensify Inc., IBM Corp., Infor Inc., Oracle Corp., SAP SE (Concur), Zoho Corporation Pvt Ltd., Chrome River Technologies, Inc., Coupa Software Inc., Infor, Concur(SAP), Certify, Expensify, Sodexo, Fraedom UK Limited, Insperity Payroll Services, LLC, Interplx, Inc., KDS Inc And Others.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Travel and Expense (T&E) Management Software market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report:
Micro and macro environment factors that are currently influencing the Travel and Expense (T&E) Management Software market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Small & Medium Size Enterprises
Large Size Enterprises
Banking, Financial Services and Insurance (BFSI)
Aerospace & Defense
IT & Telecom
Retail & logistics
Other (Manufacturing, Energy and Utilities etc.)
Region Segment (2021-2031; US$ Million)
Rest of North America
UK and European Union
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East and Africa
Rest of Middle East and Africa
Global Impact of COVID-19 Segment (2020-2021; US$ Million )
Pre COVID-19 situation
Post COVID-19 situation
Key questions answered in this report:
What are the key micro and macro environmental factors that are impacting the growth of Travel and Expense (T&E) Management Software market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Travel and Expense (T&E) Management Software market?
Which is the largest regional market for Travel and Expense (T&E) Management Software market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Travel and Expense (T&E) Management Software market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Travel and Expense (T&E) Management Software market worldwide?