Travel and Expense Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT & Telecom, Manufacturin

According to our latest study on ""Travel and Expense Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Deployment, Enterprise Size, and Industry,"" the market is projected to grow from US$ 3,320.02 million in 2022 to US$ 5,276.56 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2022 to 2028.

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Hassle-Free Claims and Reimbursements Fuel Travel and Expense Management Software Market Growth

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The detailed procedures of the expense reimbursement cycle make the travel and expense management tasks time-consuming and tedious. It becomes difficult for employees and the finance teams to ensure timely submissions and processing of expenses. By installing travel and expense management software, one can monitor and analyze a large amount of expense data on a single platform, which saves time and money. Organizations ask employees to attach receipts with every claim in their expense reports because those receipts act as proof. Handling the receipts is a tough task for the employees, and this also increases the burden on finance teams to accumulate, verify, and document them. Travel and expense management software tracks all employee receipts and offers a simplified platform to the employees for generating expense reports and submitting them to the management for authorizing reimbursements. The software also helps manage travel bookings and make itineraries for an employee, which provides an organized way to manage the data. The software provides consolidated data on all expenses made by employees, which assists in managing budgets and driving policy compliance. All these factors boost the growth of the travel and expense management software market.

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During COVID-19 pandemic, the US was the worst-hit country in North America. In 2020, the continuous growth of COVID-19 cases led the government to impose a lockdown across the nation's borders. The pandemic adversely affected businesses and organizations, and they started adopting work-from-home culture due to restrictions and bans. This stopped business travel, negatively affecting the travel and expense management software market. Moreover, after the relaxation of the restrictions by the governments, there was no surge in business travel during the first quarter of 2021, as people were worried about getting infected and required some time to feel ready to travel. However, after the second quarter of 2021, people started to travel for business, hence bolstering the travel and expense management software market growth. The COVID-19 outbreak had a limited short-term impact on the travel and expense management software market. The short-term effect of the pandemic did not affect overall sales in business travel in 2021, mainly because of the mounting requirement for a mobile workforce by various regional companies.

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Key Findings of Study:

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The travel and expense management software market has been segmented on the basis of deployment, enterprise size, industry, and geography. Based on deployment, the travel and expense management software market is bifurcated into on-premises and cloud. In terms of enterprise size, the travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. Based on industry, the travel and expense management software market is segmented into BFSI, IT & telecom, manufacturing, healthcare, government & defense, transport & logistics, retail, and others. Based on geography, the travel and expense management software market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Asia Pacific comprises developing economies such as China, India, and South Korea; several Southeastern countries; and developed economies such as Australia and Japan. Countries in Asia Pacific, such as China, India, Vietnam, and Indonesia, have been evolving their technology concepts and using various technologies to manage their travel and related expenses effectively.

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The demand for cloud-based travel and expense management software is higher than that for the software deployed on premises due to the lower deployment cost and stronger network infrastructure in developed countries. The cloud-based software vendors are creating a high-level security patch to eliminate the risk of cyber-attacks, which drives the travel and expense management software market. Cloud has gained popularity across the world as it offers flexibility for enterprises, reduces processing time, and saves time and money to improve skill and scalability. Cloud deployment mode allows enterprises to pay as per their requirements. Cloud-based travel and expense management software ensures cost control and helps reduce human errors. Also, it does not require capital cost and takes regular data backup. Owing to all these factors, the demand for cloud-based software is increasing. Moreover, the software allows enterprises to connect with customers, partners, and other businesses remotely. Cloud-based travel and expense management software allows finance teams and mobile workforce to collaborate from multiple locations. The receipt management feature encourages enterprises to access expense details from a centralized storage space. Hence, all above-mentioned factors drive the growth of the travel and expense management software market in the cloud segments.

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