Travel and Expense Management Software Market By Business Top Key Players, Growth, Trend, Segmentation, Revenue and Industry Expansion Forecast Report, The Insight Partners

The travel and expense management software market size is expected to reach US$ 5,272.56 million by 2028 & it is registering at a CAGR of 8.0% from 2022 to 2028 , according to a new research study conducted by The Insight Partners. Travel and expense management software solutions assist employers with hassle-free claims and reimbursements by tracking all employee receipts. Employees can use their smartphones to save e-copies of their receipts and upload those on a centralized dashboard. These receipts are then routed to the assigned approvers, followed by the scheduling of reimbursement checks for payment. Thus, travel and expense management software solution helps employers reduce manual and tedious tasks, along with eliminating the use of paper. The software also allows the management to obtain a consolidated view of overall expenses made by employees, thereby helping them manage budgets and drive policy compliance.

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The travel and expense management software market in North America is segmented into Canada, the US, and Mexico. In the past decade, IT & Telecom, manufacturing, and tourism industries in the region have seen tremendous growth, owing to factors such as the implementation and advancement of technologies, an increase in demand for digitization and online services, and the deployment of several advanced software across the region. The drift in national and international visits by employees and hassle-free claims and reimbursement through solution drive the travel and expense management software market growth.

Also, the well-established and growing tourism industry is boosting the deployment of travel and expense management software in the region, owing to the increasing adoption of simplified software solutions by tour operators to offer their customers fascinating itineraries and services. Tourism has become one of the notable industries contributing significantly to the GDP of the US. A few well-established travel and expense management software developers across the region are SAP Concur and Expensify Payments, LLC. Therefore, the presence of travel and expense management software leaders across the region offers a great potential for travel and expense management software markets to grow in North America.

Top Industry Players Including :

•SAP
•Oracle Corporation
•Coupa Software Inc.
•Expensify, Inc.
•Infor, Inc.
•Basware Corporation
•Certify, Inc.
•Chrome River Technologies, Inc.
•Databasics Inc.
•GB Business Global

Mobile workforce is surging due to the growing adoption of technologies and enhancing connectivity among enterprises. Pharmaceutical representatives, sales representatives, and merchandisers are a few examples of mobile workforces. The number of employees traveling abroad is rising with the expansion of several businesses across the world, which increases travel-related expenses. In corporate travel, there is a risk of noncompliance and financial fraud, which makes it tough for enterprises to audit travel and expense reports. Travel and expense management software helps track and manage travel expenses. Moreover, the software enables organizations to make the business process smooth.

Also, the mobile workforce can conveniently submit their expenditure details by using the software. The adoption of travel and expense management software improves business reporting and simplifies the expense reimbursement and reconciliation process by eliminating paper use and reducing manual errors. Thus, the rising mobile workforce augments the growth of the travel and expense management software market. Furthermore, surge in international exercises and presence of military outposts and postings has surged the movement of the military, which is propelling the demand for travel and expense management software in various nations across the globe, hence contributing to the travel and expense management software market growth.

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Impact of COVID-19 Pandemic on Travel and Expense Management Software Market Growth

The emergence and rapid spread of SARS-CoV-2 paralyzed several developed and developing countries. The COVID-19 outbreak adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Lockdowns across various countries and temporary restrictions on domestic and international travel by the governments of different regions hindered the travel sector. However, the travel and expense management market is expected to recover slowly during the forecast period due to the increasing efforts by governments to support the economy and the growing control over the spread of the coronavirus infection that causes COVID-19.

The research provides answers to the following key questions:

•What is the estimated growth rate of the market for the forecast period 2022-2028? What will be the market size during the estimated period?
•What are the key driving forces responsible for shaping the fate of the Personality Assessment Solution market during the forecast period?
•Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Personality Assessment Solution market?
•What are the prominent market trends influencing the development of the Personality Assessment Solution market across different regions?
•What are the major threats and challenges likely to act as a barrier in the growth of the Personality Assessment Solution market?
•What are the major opportunities the market leaders can rely on to gain success and profitability?

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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