Travel & Expense Management Market - Global Industry Sales, Segmentation, Growth, Trends, and Forecast 2018 - 2026

Marketresearchreports.biz Announced New Study on Report "Travel & Expense Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."

Travel and expense management solutions help in monitoring and controlling expense reports, thereby preventing fraud and human error and streamlining the business process. It also helps in increasing visibility across the entire reimbursement process, reducing travel costs, and improving the efficiency of the expense handing process. The use of these solutions has grown in many enterprises, by providing more efficient, faster, and flexible options for enterprises in travel and expenses management. Furthermore, enterprises are managing and analyzing their existing expense data and transforming them into accurate insights to take decisions across business operations. It helps the expense manager to reduce reporting errors and have greater control over expense management. In addition, this helps businesses to improve the operational efficiency, significantly lower their travel expense, and speed up the processes by providing cost benefits. These solutions not only track the travel expenses but also perform historical spend analysis, predictive analysis, and other similar functions.

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The major factor responsible for driving the travel & expense management market is requirement to have better expense visibility and an increase in the adoption of mobile devices. Using mobile devices, users can book tickets online, locate their luggage, change their flights, and can share expense sheets. Therefore, businesses are increasingly shifting toward travel and expense management solutions for easy access of budget plans through connected devices over the network. In addition, increased adoption of end-to-end travel and expense management solutions and rising need to reduce operational costs for an enterprise also drives the market toward growth trajectory.

However, data security issues and accessibility of in-house expense management systems is expected to hinder the growth of the market during the forecast period. Enterprises are facing challenges in installing cloud based travel and expenses management software. Lack of skilled labor also hampers the growth of the market. However, ease of access to these portals through mobile apps is expected to provide numerous opportunities to the travel & expense management market.

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The global travel & expense management market can be segmented based on product type, component, enterprise size, and vertical. Based on product type, the travel & expense management market can be segmented into web based and cloud based expense management solutions. In terms of component, the travel & expense management market can be bifurcated into two major categories: software (on premise, cloud (public cloud, private cloud) and hybrid) and services (managed service, professional services (maintenance, integration and installation)). By enterprise size, the travel & expense management market can be categorized into SMEs and large enterprises. In terms of vertical, the global travel & expense management market can be segregated into BFSI, telecom & IT, media & entertainment, transportation, retail & e-commerce, utilities, health care, government, and education.

The travel & expense management market can be classified in terms of region into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to account for a major share of the market during the forecast period. This can be ascribed to the increasing popularity of mobile applications among enterprises and growing number of enterprises, and presence of large number of vendors providing solutions to various industries in the region. Moreover, emergence of machine learning & predictive analytics and rise in the number of business applications are the key factors projected to drive the growth of the travel & expense management market in North America. Asia Pacific is expected to be a rapidly growing travel & expense management market owing to the rise in adoption of management software in enterprises in the region.

Major players active in the development of travel & expense management solutions include IBM Corporation, Oracle Corporation, Certify, Expensify, Concur (SAP), Infor, Chrome River Technologies, Baseware, Coupa Software, DATABASICS, NetSuite, Expense8, KDS, Apptricity Corporation, Nexonia, and Paychex.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis

The regional analysis covers:

North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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Highlights of the report:

A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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