Key Factor Supporting Global Travel And Expense Management Software Market Development in 2025: Growing Corporate Travel Activities Growth In Travel And Expense Management Software

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Travel And Expense Management Software Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size of the travel and expense management software has been expanding swiftly. There is expected growth from $3.4 billion in 2024 to $3.77 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.0%. Factors contributing to the growth observed during the historical period include heightened globalization, a surge in digital transformation, an increase in remote and dispersed workforces, emphasis on compliance and risk management, and a rise in international tourism.

How Will the Travel And Expense Management Software Market Size Evolve and Grow by 2029?
The market for travel and expense management software is anticipated to experience significant expansion in the coming years, escalating to $5.65 billion in 2029, with a compound annual growth rate (CAGR) of 10.6%. This surge during the projection period can be ascribed to heightened terrorist activities, the rise of experiential travel, growth of online travel agencies and booking platforms, and mounting concerns surrounding safety. Key trends expected during this forecast period encompass advancements in cloud computing, mobile expense management, artificial intelligence (AI), data analytics, enterprise resource planning, accounting software, real-time expense management, AI-driven automation, and predictive analytics.

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What Drivers Are Propelling the Growth of Travel And Expense Management Software Market Forward?
The increased activity in corporate travel is predicted to spur the expansion of the travel and expense management software market in the future. A multitude of factors such as globalisation, market expansion, and talent development investment often necessitate corporate travel activities, which encompass the planning and logistical aspects of work-related trips by company personnel. To improve efficiency, transparency, and control in handling corporate travel tasks, companies employ travel and expense management software. This allows businesses to streamline travel costs, enforce policy adherence, and enhance the overall journey experience for employees. For instance, the Global Business Travel Association (GBTA)--a non-profit industry organisation based out of the United States--reported in August 2023 that global business travel expenditure surged by 47% to $1.03 trillion in 2022. This upward trend is expected to persist with a forecasted growth of 32% in 2023, reaching $1.4 trillion. The projection for 2027 stands at nearly $1.8 trillion. Therefore, it's anticipated that the travel and expense management software market expansion will be fuelled by the upswing in corporate travel activities.

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Which Emerging Trends Are Transforming the Travel And Expense Management Software Market in 2025?
Leading firms in the travel and expense management software industry are keen on creating innovative technical solutions like fully integrated mobile apps to simplify corporate travel and expense management for contemporary organizations. A 'fully integrated mobile application' for managing travel and expenses provides a convenient and efficient means for employees to handle all business-related expenditures via their mobile devices, all while maintaining a tight connection with the company's broader expense management operations and systems. For example, Coupa Software Inc., an American enterprise known for its AI-based cloud spend management platform, unveiled Coupa Travel & Expense in February 2022. This well-rounded platform enhances corporate travel management, improves visibility and control of travel expenditure, and upgrades the overall travel experience for staff. The main goal of this new solution is to revolutionize the travel experience and facilitate real-time travel spend optimization. The platform is designed with the user in mind, making it simple for employees to find exceptional travel choices on their web and mobile devices and reducing the intricacies of corporate travel.

What Are the Key Segments in the Travel And Expense Management Software Market?
The travel and expense management softwaremarket 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

Subsegments:
1) By Cloud-Based: SaaS (Software As A Service) Solutions, Cloud-Based Mobile Applications, Multi-Tenant Cloud Platforms
2) By On-Premises: Enterprise-Installed Solutions, On-Premise Mobile Applications, Single-Tenant On-Premises Software

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Who Are the Key Players Shaping the Travel And Expense Management Software Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in the Travel And Expense Management Software Market?
North America was the largest region in the travel and expense management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the travel and expense management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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