Global Travel And Expense Software Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Travel and expense software is a business software designed to streamline and automate processes related to managing employee travel expenses. It typically encompasses expense reporting, reimbursement, travel booking, policy compliance, and analytics features. The travel and expense software plays a crucial role in streamlining the entire expense management process, from capturing expenses to reimbursement, while also improving visibility, compliance, and control over corporate travel expenditures.

Sizing and Forecast
The travel and expense software market size has grown rapidly in recent years. It will grow from $2.71 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased globalization, rising digital transformation, the rise of remote and distributed workforces, a focus on compliance and risk management, a rise in international visits, and an and an increasing number of mobile users.

The travel and expense software market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to an increase in terrorist activities, the growth of experiential travel, increasing online travel agencies, increasing online booking platforms, increasing safety concerns, and increasing focus on digital transformation. 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.

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Segmentation & Regional Insights
The travel and expense software market covered in this report is segmented –

1) By Type: Cloud Based, On Premise
2) By Deployment Model: Subscription, Licensing
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Transportation And Logistics, Government And Defense, Energy And Utilities, Healthcare, Retail, Information Technology (IT) And Telecommunications, Manufacturing, Hospitality, Other Applications

North America was the largest region in the travel and expense software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the travel and expense software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rise in tourism is expected to propel the growth of the travel and expense software market going forward. Tourism refers to the activity of people traveling to and staying in places outside their usual environment for leisure, recreation, or business purposes. The rise in tourism is due to rising disposable incomes, improved access to travel information, better transportation, and a growing desire for unique experiences. Travel and expense software can help tour operators streamline their operations by managing expenses related to transportation, accommodation, meals, and other services offered to travelers. For instance, in August 2022, according to the World Travel and Tourism Council, a UK-based organization that represents the travel and tourism industry, the travel and tourism sector experienced substantial growth in 2022, with a contribution of 7.6% to global GDP (gross domestic product), an increase of 22% from 2021. Further, domestic visitor spending demonstrated significant growth, with a remarkable increase of 20.4% in 2022. Moreover, the travel and tourism sector's gross domestic product (GDP) is projected to achieve an average annual growth rate of 5.8% from 2022 to 2032. Therefore, the rise in tourism is driving the growth of the travel management software market.

Key Industry Players
Major companies operating in the travel and expense software market are International Business Machines Corporation, Oracle Corporation, Expedia Group Inc, Workday Inc, Infor Inc., American Express Global Business Travel, SAP Concur, Zoho Corporation Pvt Ltd., Coupa Software Inc., Xero Limited., AvidXchange Inc., Emburse LLC, Basware Corporation, Expensify Inc., Navan Inc, Certify Inc, Rydoo, Chrome River Technologies, Inc., Deem Inc, Happay, Apptricity Corporation, Journyx Inc, Webexpenses Pty Ltd, DATABASICS Inc., AltexSoft, Oversight Systems Inc, 8Common Limited, SutiSoft Inc, InterplX Expense Management, Empxtrack Inc

The travel and expense software market report table of contents includes:

1. Executive Summary
2. Travel And Expense Software Market Characteristics
3. Travel And Expense Software Market Trends And Strategies
4. Travel And Expense Software Market - Macro Economic Scenario
5. Global Travel And Expense Software Market Size and Growth
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32. Global Travel And Expense Software Market Competitive Benchmarking
33. Global Travel And Expense Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Travel And Expense Software Market
35. Travel And Expense Software Market Future Outlook and Potential Analysis
36. Appendix

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