Travel and Expense Management Software Market is Growing at 18.3% CAGR; to Hit $15.7 Billion by 2032 | Growth & Share Analysis

A recent report published by Allied Market Research, titled "Travel and Expense Management Software Market," highlights the significant growth of the industry. The market, which was valued at $3 billion in 2022, is projected to reach approximately $15.7 billion by 2032, expanding at a compound annual growth rate (CAGR) of 18.3% from 2023 to 2032.

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Travel and expense (T&E) management involves the systematic documentation and processing of an organization's business-related expenses to facilitate tax deductions, budget compliance, business intelligence insights, and employee experience management. Travel and expense management software solutions help businesses efficiently manage and streamline this process by enabling users to digitally capture and upload receipts. Additionally, the software incorporates automated policy checks to identify and flag expenses that do not align with company policies, ensuring compliance with spending regulations.

Moreover, these solutions integrate with travel booking platforms, centralizing travel reservations and itineraries to facilitate smooth planning and booking within corporate travel policies. The software also enforces a structured approval workflow, ensuring that expenses undergo managerial review and approval before reimbursement.

Market Strategies and Key Developments

Leading companies in the travel and expense management software market have adopted various strategies to enhance their competitiveness and provide improved services to customers. Several notable developments include:

Yokoy: In April 2023, the company introduced its VISA credit card for business customers, along with its Smart Lodge card, designed for fully automated business travel payments and expense processing. This solution automates expense management processes, including value-added tax (VAT) validation and reclaim, as well as automated expense approvals and travel expense reporting.

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TripActions: In December 2021, TripActions expanded its reach by launching TripActions LiquidTM in Europe. This fintech-powered travel and expense management solution supports multi-currency card issuance, allowing global businesses of all sizes to eliminate traditional expense reports and fully automate their expense management processes.

SAP SE: In June 2021, SAP SE enhanced its SAP Concur expense management software by introducing a new feature called Verify. This feature leverages machine learning and artificial intelligence (AI) to automatically approve expense reports while identifying potential anomalies for auditors to review.

8Common Limited: In November 2023, the company secured a contract with the Australian Government to provide travel and expense management solutions through the GovERP platform. This platform enables government entities to select Expense8, the company's leading travel and expense management solution, from a pre-approved panel of service providers. To date, 8Common Limited has signed contracts totaling over $10.8 million under the GovERP program, serving more than 40,000 users across 34 federal government entities, with an average revenue per user of approximately $50.

Serko Limited: In January 2023, Serko Limited partnered with TakeTwo Travel Solutions, a travel management company, to offer Zeno by Serko as a global travel booking tool. Zeno features budget and spending optimization tools, including savings alerts and trip budget configurations based on policy type, category, and traveler profile custom fields.

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These strategic initiatives contribute to the expansion and innovation within the travel and expense management software industry, particularly within the information and communication technology (ICT) sector.

Market Segmentation Analysis

By Component:

The software segment accounted for the largest market share in 2022 due to the abundance of travel and expense management software providers.

The service segment is expected to experience significant growth in the future, driven by the rising demand for skills assessment services and the increasing number of travel and expense management service providers.

By Organization Size:

Large enterprises dominated the market in 2022, owing to their extensive reliance on travel and expense management software for day-to-day business operations.

Small and medium-sized enterprises (SMEs) are anticipated to witness substantial growth as they transition from manual expense management processes to automated solutions to minimize errors, enforce policies, and optimize return on investment (ROI).

By Deployment Mode:

The on-premise segment led the market in terms of revenue in 2022, reflecting businesses' preference for localized software infrastructure and data security.

By Industry Vertical:

The IT and telecom sector was the leading industry vertical in 2022, contributing the highest revenue to the market forecast.

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By Region:

North America held the dominant market position in 2022, primarily due to the widespread adoption of cloud-based technologies across various industries.

The Asia-Pacific region is poised for rapid growth, fueled by the increasing number of small, medium, and large technology enterprises within the region.

Key Market Insights

The on-premise deployment mode was the leading segment in terms of revenue in 2022.

Large enterprises contributed the highest revenue share to the market in 2022.

The IT and telecom industry vertical led the market forecast in terms of revenue generation in 2022.

North America was the largest regional market in 2022, while the Asia-Pacific region is expected to grow at an accelerating pace in the coming years.

In conclusion, the travel and expense management software market is experiencing significant growth due to the increasing demand for automated, efficient, and policy-compliant expense management solutions. With ongoing advancements in AI, machine learning, and fintech-driven travel expense solutions, the market is expected to continue its upward trajectory over the forecast period from 2023 to 2032.

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