PUBLISHER: The Business Research Company | PRODUCT CODE: 1849459
PUBLISHER: The Business Research Company | PRODUCT CODE: 1849459
Travel and expense management software pertains to a category of applications crafted to streamline and automate the handling of business travel expenses. These software solutions are employed to simplify and automate the processes linked to managing employee travel expenses.
The primary types of deployments in travel and expense management software are cloud-based and on-premises. Cloud-based deployment refers to services, applications, or resources delivered to users on-demand via the Internet from a cloud computing provider's servers. It offers various solutions including expense management, travel management, integrated travel, and expense management, catering to different organizational sizes such as small and medium-sized enterprises (SMEs) and large enterprises. It finds applications across several industries such as transportation and logistics, government and defense, energy and utilities, healthcare, retail, information technology and telecommunications, manufacturing, among others.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a significant impact on the information technology sector, especially in hardware manufacturing, data infrastructure, and software deployment. Increased duties on imported semiconductors, circuit boards, and networking equipment have driven up production and operating costs for tech companies, cloud service providers, and data centers. Firms that depend on globally sourced components for laptops, servers, and consumer electronics are grappling with extended lead times and mounting pricing pressures. At the same time, tariffs on specialized software and retaliatory actions by key international markets have disrupted global IT supply chains and dampened foreign demand for U.S.-made technologies. In response, the sector is ramping up investments in domestic chip production, broadening its supplier network, and leveraging AI-powered automation to improve resilience and manage costs more effectively.
The travel and expense management software market research report is one of a series of new reports from The Business Research Company that provides travel and expense management software market statistics, including travel and expense management software industry global market size, regional shares, competitors with a travel and expense management software market share, detailed travel and expense management software market segments, market trends and opportunities, and any further data you may need to thrive in the travel and expense management software industry. This travel and expense management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The travel and expense management software market size has grown rapidly in recent years. It will grow from $3.4 billion in 2024 to $3.77 billion in 2025 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to increased globalization, a rise in digital transformation, the rise of remote and distributed workforces, a focus on compliance and risk management, and a rise in international visits.
The travel and expense management software market size is expected to see rapid growth in the next few years. It will grow to $5.65 billion in 2029 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to an increase in terrorist activities, growth of experiential travel, increasing online travel agencies, increasing online booking platforms, and increasing safety concerns. Major trends in the forecast period include cloud computing, mobile expense management, artificial intelligence (AI), data analytics, enterprise resource planning, accounting software, real-time expense tracking, AI-powered automation, and predictive analytics.
The forecast of 10.6% growth over the next five years reflects a modest reduction of 0.7% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This market may face secondary effects from tariffs, particularly through increased operational costs of multinational travel service providers reliant on offshore development centers, thereby slowing the integration of new features and global compatibility. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
Growing corporate travel activities are expected to drive the growth of the travel and expense management software market in the foreseeable future. These activities encompass the planning and logistics involved in business-related trips undertaken by company employees, spurred by factors such as globalization, market expansion, and investments in talent development. Travel and expense management software plays a crucial role in enhancing efficiency, transparency, and control in managing corporate travel activities. It enables businesses to optimize travel expenses, enforce policy compliance, and enhance the overall travel experience for employees. For example, according to the Global Business Travel Association (GBTA), global business travel spending surged by 47% to $1.03 trillion in 2022, with continued strong gains projected. It is expected to see a 32% growth in 2023, reaching $1.4 trillion, and is forecasted to grow to nearly $1.8 trillion by 2027. Hence, the rising corporate travel activities are a significant driver of the travel and expense management software market's growth.
Major companies in this market are focusing on developing innovative technological solutions, such as fully integrated mobile applications, to streamline corporate travel and expense management for modern organizations. A 'fully integrated mobile application' allows employees to manage all aspects of their business expenses conveniently and efficiently using their mobile devices. This solution is tightly integrated with the company's expense management processes and systems, providing enhanced visibility and control over travel spend. For instance, Coupa Software Inc., a US-based AI-driven cloud-based spend management platform, launched Coupa Travel & Expense, a comprehensive platform aimed at streamlining corporate travel management, enhancing visibility and control over travel spend, and improving the overall travel experience for employees. This platform aims to revolutionize the traveler experience and deliver real-time travel spend optimization. It is designed to be user-centric, making it easy for employees to book travel options on the web and mobile while simplifying the complexities of corporate travel.
In April 2023, Navan, a US-based company specializing in corporate travel and expense management solutions, acquired Tripeur for an undisclosed amount. This acquisition is part of Navan's strategy to broaden its services in India, align with local market needs, and use technology to improve efficiency and the user experience in corporate travel management. Tripeur, based in India, focuses on corporate travel and expense management services.
Major companies operating in the travel and expense management software market are Oracle Corporation, Expedia Group Inc, Workday Inc, Sabre Corporation, American Express Global Business Travel, Travelport Worldwide Ltd, SAP Concur, Zoho Corporation Pvt Ltd., Coupa Software Inc., BCD Travel, Unit4, AvidXchange Inc., TravelPerk S.L.U, Emburse LLC, Basware Corporation, Expensify Inc., Navan Inc, Certify Inc, Rydoo, Chrome River Technologies Inc., Apptricity Corporation, Trawex Technologies Pvt Ltd, Webexpenses Pty Ltd, DATABASICS Inc., Oversight Systems Inc, 8Common Limited, DIB Travel, SutiSoft Inc, InterplX Expense Management, Empxtrack Inc
North America was the largest region in the travel and expense management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the travel and expense management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the travel and expense management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The travel and expense management software market includes revenues earned by entities by providing services such as travel booking integration, expense reporting, policy compliance, receipt capture, expense tracking, approval workflow, mobile accessibility, analytics and reporting, vendor management, and travel policy advisories. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Travel And Expense Management Software Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on travel and expense management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for travel and expense management software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The travel and expense management software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.