Travel and Expense Management Software Market size is expected to grow from USD 3,215.8 million in 2019 to USD 10.56 Billion by 2030, growing at a compound annual growth rate (CAGR) of 12.8% during the forecast period.
The Travel and Expense Management Software market is largely driven by factors such as the continuous developments in network technologies such as 3G, 4G/LTE, as well as the emergence of 5G, which has led to the elevation in the adoption of smartphones and mobile-based applications. Moreover, the lowered prices of smartphones combined with the increased disposable income levels of consumers has resulted in its rapid adoption, positively influencing the growth of the global market. But the lack of interoperability is the primary reason for the issues encountered while maintaining consistency between various solutions provided by vendors, which results in issues associated with the security of the expense management software. With that said, broader access to expense portals using mobile applications coupled with the increase in demand for visibility into expenditure is bound to offer numerous opportunities for the expense management software market to grow at a tremendous pace in the coming years.
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In addition, there are various key trends affecting the market size as well, such as advent of automation and machine learning, expense and booking convergence, market consolidation, real-time expense and so on. An example of market consolidation is the collaboration between SAP Concur and Carzonrent in July 2018, which entailed improving the customer experience in urban mobility. In addition, the alliance enabled SAP Concur clients to avail high-quality expense management for corporate car rental reservations. With the market continuously evolving, the forthcoming years will be revealing many more positive factors that will be shaping the future of the expense management software landscape.
Travel and Expense Management Software Market Key Players
The prominent vendors in the global expense management software market include Workday Inc. (U.S.), SAP Concur (U.S.), IBM Corporation (U.S.), Intuit Inc. (U.S.), Zoho Corporation Pvt. Ltd (India), Sodexo (France), Expensify (U.S.), Infor Inc. (U.S.), Insperity (U.S.), Xero Limited (New Zealand), Oracle (U.S.), Coupa Software Inc. (U.S.) and others.
Travel and Expense Management Software Market Segmentation:
The global market for expense management software has segmented based on type and end-user.
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Type-based segments in the global expense management software market are PC terminal, mobile terminal, and others. Among these, the PC terminal was the leading segment in the expense management software market, with the market share of 74% in 2017. It is anticipated to reach the value of USD 4,348.3 million by the end of 2025 at an impressive CAGR of 10.8% over the forecast period. The demand for PC terminal is high due to the increasing need for improving employee productivity and efficiency which can be attained by reducing the time taken to create, submit, review and approve the expense report.
Meanwhile, the mobile terminal segment is striving to attain the valuation of USD 2,250.8 million by 2025 at a healthy CAGR of 16.1% from 2018 to 2025. Whereas, the adoption of mobile terminal expense management software aides the supervisors in controlling, managing and analyzing the expense report remotely, all of which have elevated the demand for the same in the global market.
Based on end-user, the market is segmented into small businesses, midsized businesses, and large enterprises. Here, the large enterprises managed to grab the lion’s share in the global expense management software market, obtaining a whopping market share of 67% in 2017. Also, the segment will be obtaining the value of USD 4,193.0 million by the end of 2025, clocking in a CAGR of 11.6% during the review period. The expense management software assists large-sized businesses with mobile applications and inbuilt tools that help streamline organization expense processing as well as reducing the time duration associated with it. Whereas, midsized businesses are presumed to attain a value of USD 1,538.9 million by the end of 2025, accompanied by a CAGR of 14.3% during the review period.
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Travel and Expense Management Software Market Regional Analysis
The U.S. held a sizeable market share of 39% in 2017 and valued at USD 1,043.2 million, dominating the global market. The market is projected to grow at 12.0% CAGR from 2018 to 2025 to touch USD 2,510.3 million by the end of 2025. The market in North America is largely fueled by the increasing adoption of mobile applications in enterprises as well as the strong presence of solution providers like Oracle, IBM Corporation, Replicon, SAP Concur, SumTotal Systems LLC, YourPeople Inc., Expense Path Inc. As the solutions offered by such companies include highly differentiated products which enhance the customer experience, the market in the region benefits to a large extent.
Whereas, the expense management software market in India is set to expand at USD 593.3 million by the end of 2025 with a CAGR of 14.1% in the coming years.
The Europe market share amounted to 27% in 2017 and was valued at USD 721.9 million, coming a close second to North America. Moreover, it is expected to reach USD 1,615.5 million with a CAGR of 11.0%by the end of the forecast period.
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TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Market Structure
3 Market Insights
4 Market Dynamics
Continued...
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