Asia-Pacific Travel and Expense Management Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Deployment, Enterprise Size, and Industry

Description

List of Tables

The APAC travel and expense management software market is expected to grow from US$ 780.20 million in 2022 to US$ 1,333.96 million by 2028. It is estimated to grow at a CAGR of 9.4% from 2022 to 2028.

Emergence of Artificial Intelligence (AI) and Machine Learning (ML) is Driving the APAC Travel and Expense Management Software Market

The use of machine learning (ML) and artificial intelligence (AI) with travel and expense management software provides simplification and efficiency in managing expenses. AI can reduce or eliminate the chances of fraud by examining the authenticity of the expenses submitted by employees. Owing to the increasing volume of travel and expense reports submitted by the employees every year, finance departments face difficulties in auditing these reports in detail. Artificial intelligence is used by various enterprises to perform an audit trail and automated policy check. AI also helps in eliminating manual intervention by analyzing suspicious expenses. The use of AI in travel and expense software also helps extract necessary information from the receipt. As a result, employees can save time spent on entering all the required information, thus improving efficiency, and reducing expense and fraud. Also, AI modernized the communication strategy in corporate travel by establishing chatbots. Moreover, machine learning is emerging as a mainstream technology in travel and expense management software. It is used to identify important fields of expense receipts using optical character recognition, provide tailored recommendations for business travelers, and implement conversational interfaces using ML for natural language processing. Therefore, emergence of artificial intelligence (AI) and machine learning (ML) and their integration with travel and expense management software is expected to drive the APAC travel and expense management software market growth.

APAC Travel and Expense Management Software Market Overview

APAC is one of the fastest-growing travel destinations and is the second-largest destination for international visitors. The region has the most significant global outbound tourist spending, with most of its spending on intraregional travel. As per the GDP figure, the region has the largest aggregate domestic travel market. In addition, countries in the region are concentrating on remaining competitive to attract growing international travel. Along with the increasing tourism market, the region is also experiencing the rising adoption of new technologies and software to manage tasks in different industries. The mounting use of the internet creates a dynamic and interactive source for managing travel and expenses. Therefore, the surge in the tourism market, coupled with the rise in technological advancements, has fueled the demand for travel & expense management software. Moreover, the region is the fastest-growing destination for medical tourism, with Thailand, India, Singapore, South Korea, and Malaysia among the top medical tourism destinations. Thus, the increasing medical tourism is expected to surge the demand for travel & expense management software in the region. Further, increased business travel in countries such as India, and China, is anticipated to fuel APAC travel and expense management software market growth.

APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)

APAC Travel and Expense Management Software Market Segmentation

The APAC travel and expense management software market is segmented into deployment, enterprise size, industry, and country.

Based on deployment, the APAC travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held a larger market share in 2022.

Based on enterprise size, the APAC travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held a larger market share in 2022.

Based on industry, the APAC travel and expense management software market is segmented into BFSI, IT and telecom, manufacturing, healthcare, government and defense, transport and logistics, retail, and others. The IT and telecom segment held the largest market share in 2022.

Based on country, the APAC travel and expense management software market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. Our regional analysis states that China dominated the market share in 2022.

Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; Expensify, Inc.; Infor, Inc.; and Oracle Corporation are the leading companies operating in the APAC travel and expense management software market.

Reasons to Buy:

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the APAC travel and expense management software market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the APAC travel and expense management software market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the travel and expense management software market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

Product Code: BMIRE00027911

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
- 1.3.1 APAC Travel and Expense Management Software Market - By Deployment
- 1.3.2 APAC Travel and Expense Management Software Market - By Enterprise Size
- 1.3.3 APAC Travel and Expense Management Software Market - By Industry
- 1.3.4 APAC Travel and Expense Management Software Market - By Country

2. Key Takeaways

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. APAC Travel and Expense Management Software Market Landscape

4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. APAC Travel and Expense Management Software Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Increasing Mobile Workforce
- 5.1.2 Hassle-Free Claims and Reimbursements
5.2 Market Restraints
- 5.2.1 Constant Threat of Data Breach
5.3 Market Opportunities
- 5.3.1 Rising Adoption of SaaS Applications
5.4 Future Trends
- 5.4.1 Emergence of Artificial Intelligence (AI) and Machine Learning (ML)
5.5 Impact Analysis of Drivers and Restraints

6. Travel and Expense Management Software Market - APAC Analysis

6.1 APAC Travel and Expense Management Software Market Overview
6.2 APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)

7. APAC Travel and Expense Management Software Market Analysis - By Deployment

7.1 Overview
7.2 APAC Travel and Expense Management Software Market, By Deployment (2021 and 2028)
7.3 On-Premise
- 7.3.1 Overview
- 7.3.2 On-Premise: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Cloud
- 7.4.1 Overview
- 7.4.2 Cloud: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)

8. APAC Travel and Expense Management Software Market Analysis - By Enterprise Size

8.1 Overview
8.2 APAC Travel and Expense Management Software Market, By Enterprise Size (2021 and 2028)
8.3 Small and Medium Enterprises
- 8.3.1 Overview
- 8.3.2 Small and Medium Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Large Enterprises
- 8.4.1 Overview
- 8.4.2 Large Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)

9. APAC Travel and Expense Management Software Market Analysis - By Industry

9.1 Overview
9.2 APAC Travel and Expense Management Software Market Breakdown, by Industry, 2021 & 2028
9.3 BFSI
- 9.3.1 Overview
- 9.3.2 BFSI Market Revenue and Forecast to 2028 (US$ Million)
9.4 IT and Telecom
- 9.4.1 Overview
- 9.4.2 IT and Telecom Market Revenue and Forecast to 2028 (US$ Million)
9.5 Manufacturing
- 9.5.1 Overview
- 9.5.2 Manufacturing Market Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
- 9.6.1 Overview
- 9.6.2 Healthcare Market Revenue and Forecast to 2028 (US$ Million)
9.7 Government and Defense
- 9.7.1 Overview
- 9.7.2 Government and Defense Market Revenue and Forecast to 2028 (US$ Million)
9.8 Transportation and Logistics
- 9.8.1 Overview
- 9.8.2 Transportation and Logistics Market Revenue and Forecast to 2028 (US$ Million)
9.9 Retail
- 9.9.1 Overview
- 9.9.2 Retail Market Revenue and Forecast to 2028 (US$ Million)
9.10 Others
- 9.10.1 Overview
- 9.10.2 Others Market Revenue and Forecast to 2028 (US$ Million)

10. APAC Travel and Expense Management Software Market - Country Analysis

10.1 Overview
- 10.1.1 APAC: Travel and Expense Management Software Market, by Key Country
  - 10.1.1.1 Australia: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 10.1.1.1.1 Australia: Travel and Expense Management Software Market, by Deployment
    - 10.1.1.1.2 Australia: Travel and Expense Management Software Market, by Enterprise Size
    - 10.1.1.1.3 Australia: Travel and Expense Management Software Market, by Industry
  - 10.1.1.2 China: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 10.1.1.2.1 China: Travel and Expense Management Software Market, by Deployment
    - 10.1.1.2.2 China: Travel and Expense Management Software Market, by Enterprise Size
    - 10.1.1.2.3 China: Travel and Expense Management Software Market, by Industry
  - 10.1.1.3 India: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 10.1.1.3.1 India: Travel and Expense Management Software Market, by Deployment
    - 10.1.1.3.2 India: Travel and Expense Management Software Market, by Enterprise Size
    - 10.1.1.3.3 India: Travel and Expense Management Software Market, by Industry
  - 10.1.1.4 Japan: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 10.1.1.4.1 Japan: Travel and Expense Management Software Market, by Deployment
    - 10.1.1.4.2 Japan: Travel and Expense Management Software Market, by Enterprise Size
    - 10.1.1.4.3 Japan: Travel and Expense Management Software Market, by Industry
  - 10.1.1.5 South Korea: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 10.1.1.5.1 South Korea: Travel and Expense Management Software Market, by Deployment
    - 10.1.1.5.2 South Korea: Travel and Expense Management Software Market, by Enterprise Size
    - 10.1.1.5.3 South Korea: Travel and Expense Management Software Market, by Industry
  - 10.1.1.6 Rest of APAC: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 10.1.1.6.1 Rest of APAC: Travel and Expense Management Software Market, by Deployment
    - 10.1.1.6.2 Rest of APAC: Travel and Expense Management Software Market, by Enterprise Size
    - 10.1.1.6.3 Rest of APAC: Travel and Expense Management Software Market, by Industry

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Partnership Strategy

12. Company Profiles

12.1 Basware Corporation
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Certify, Inc.
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Chrome River Technologies, Inc.
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Coupa Software Inc.
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Expensify, Inc.
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 Infor, Inc.
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Oracle Corporation
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Concur Technologies, Inc.
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments

13. Appendix

13.1 About The Insight Partners
13.2 Word Index