Travel And Expense Management Software Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033

"The new report published by The Business Research Company, titled Travel And Expense Management Software Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the travel and expense management software market size has grown rapidly in recent years. It will grow from $3.04 billion in 2023 to $3.40 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The travel and expense management software market size is expected to see rapid growth in the next few years. It will grow to $5.30 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.

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Growing Corporate Travel Activities Growth In Travel And Expense Management Software
The growing corporate travel activities are expected to propel the growth of the travel and expense management software market going forward. Corporate travel activities encompass the arrangements and logistics involved in business-related trips undertaken by company employees. Corporate travel activities arise because of several factors, including globalization, market expansion, and investment in talent development. Travel and expense management software is used to enhance efficiency, transparency, and control in managing corporate travel activities, enabling businesses to optimize travel expenses, enforce policy compliance, and improve the overall travel experience for employees. For instance, in August 2023, according to the Global Business Travel Association (GBTA), a US-based not-for-profit industry organization, global business travel spending rose 47% to $1.03 trillion in 2022, with strong gains continuing and 32% growth expected in 2023, reaching $1.4 trillion. It is expected to grow to nearly $1.8 trillion by 2027. Therefore, growing corporate travel activities are driving the growth of the travel and expense management software market.

Technological Advancements In The Travel And Expense Management Software
Major companies operating in the travel and expense management software market are focused on developing innovative technological solutions, such as fully integrated mobile applications, to streamline corporate travel and expense management for modern organizations. A 'fully integrated mobile application' for travel and expense management allows employees to conveniently and efficiently manage all aspects of their business expenses using their mobile devices while remaining tightly integrated with the company's overall expense management processes and systems. For instance, in February 2022, Coupa Software Inc., a US-based AI-driven cloud-based spend management platform, launched Coupa Travel & Expense, a comprehensive platform that streamlines corporate travel management, enhances visibility and control over travel spend, and improves the overall travel experience for employees. This new solution aims to transform the traveler experience and deliver real-time travel spend optimization. The platform is designed to be user-centric, making it easy for employees to book great travel options on the web and mobile while simplifying the complexities of corporate travel.

The travel and expense management software market covered in this report is segmented -

1) By Deployment Type: Cloud-Based, On-Premises
2) By Solution Type: Expense Management, Travel Management, Integrated Travel And Expense Management
3) By Organization Size: Small And Medium-sized Enterprises (SMEs), Large Enterprises
4) By Verticals: Transportation And Logistics, Government And Defense, Energy And Utilities, Healthcare, Retail, Information Technology And Telecommunications, Manufacturing, Other Verticals

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Major companies operating in the travel and expense management software market are Oracle Corporation, Expedia Group Inc, Workday Inc, Sabre Corporation, American Express Global Business Travel, Travelport Worldwide Ltd, SAP Concur, Zoho Corporation Pvt Ltd., Coupa Software Inc., BCD Travel, Unit4, AvidXchange Inc., TravelPerk S.L.U, Emburse LLC, Basware Corporation, Expensify Inc., Navan Inc, Certify Inc, Rydoo, Chrome River Technologies Inc., Apptricity Corporation, Trawex Technologies Pvt Ltd, Webexpenses Pty Ltd, DATABASICS Inc., Oversight Systems Inc, 8Common Limited, DIB Travel, SutiSoft Inc, InterplX Expense Management, Empxtrack Inc

Contents of the report:
1. Executive Summary
2. Travel And Expense Management Software Market Report Structure
3. Travel And Expense Management Software Market Trends And Strategies
4. Travel And Expense Management Software Market - Macro Economic Scenario
5. Travel And Expense Management Software Market Size And Growth
…..
27. Travel And Expense Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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