The travel and expense management software market is projected to grow at a CAGR of 12.2%, with estimated market size of USD 7.2 billion in 2021 to USD 14.4 billion by 2028. The growing demand for the travel and tourism sector, the need to streamline and improve the effectiveness of managing business processes, and the growing organizational shift toward travel & expense management solutions for convenient access to budget plans through connected devices are the key factors driving the market's expansion. The travel and expense management software market has been driven by the requirement for complex, multi-hierarchical organizational models and the widespread use of mobile devices. Furthermore, the travel and expense management software market is driven by the increasing demand to lower operational costs and expenses in businesses, the adoption of mobile devices, and the requirement for hassle-free expense claims.
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Travel and Expense Management Software Market Dynamics
Drivers: Rising demand for mobile devices
Due to the great demand and low cost of smartphones, their use has increased globally, which has led to an increase in multi-platform software. This software was created to function on several devices while synching the user's data. Numerous businesses provide smartphone applications with information about users, their history, tickets, and offers in the global travel and expense management software market. The same businesses provide websites or online services with identical features. Many businesses are also looking into mobile app technology, system integrations, and real-time solutions to help staff complete tasks more quickly and effectively in light of the development of mobile computing, the cloud, and the ability to connect to business systems worldwide. Additionally, employers and organizations can benefit from using mobile expense applications, which is also a major factor in the expansion of the travel and expense management software market.
Key Market Players
The travel and expense management software market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Webexpenses Pty Ltd, Inc., Concur Technologies, Inc., TripActions, Empxtrack Inc(Saigun Technologies Pvt. Ltd), Expensify, Inc., SutiSoft, Inc., GBT Travel Services U.K. Limited, Oversight Systems, Inc., Infor, Oracle, Emburse, Inc., Zoho Corporation Pvt. Ltd., TravelPerk S.L.U, ExpensePoint, Rydoo, 8common, and Coupa Software Inc., among others.
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