Travel and Expense Management Software Market to Witness Exponential Growth by 2027

Travel and expense management software have risen the growth in many enterprises, by providing faster, more efficient, and flexibility for enterprises in travel and expenses management. In addition to that enterprises are analyzing and managing their existing expense data and transforming into accurate insights to make decisions across business operations.

Travel and Expense management automation tool has benefited by many enterprises to improve their complex corporate expenses process.

One of the key trend observed in the Travel and expense management software market is the access to travel and expense portal though the internet and mobile applications has risen the demand for travel and expenses software to manage employees’ expenses reimbursement process on real time basis. Therefore, many large enterprises are adopting this Travel and expense management software.

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Market: Drivers and Challenges

The major factors which are driving the Travel and expense management software market is an increase in the adoption of mobile devices such as smartphones, tablets, laptops and others, which has increased the use of many enterprises and employees to book the tickets online, change their flights, and locate their luggage and can submit expense sheet from their mobile devices to the enterprises. Therefore many enterprises are moving towards Travel and expense management software for the easy access of the application through the connected devices over the network that help them estimate the Travel and expenses budget.

This tool enables enterprises to scrutinize the medical bills, travel and other tickets and automate the reimbursement process. It also helps to prevent fraud and human error in travel and expenses management process.

In contrast, many enterprises are facing challenges to install cloud based travel and expenses management software due to insecurity and privacy concern and lack of skills hinders the installation of travel and expenses management solution in enterprises

Travel and Expense Management SoftwareMarket: Segmentation

Segmentation on the basis of deployment:

On-Premises

Cloud

Segmentation on the basis of industry:

Transportation and Logistics

Manufacturing

IT and Telecommunications

Defense and Government

BFSI

Healthcare

Retail

Energy and Utilities

Other

Travel and Expense Management Software Market Key Players:

Some of the key players in Travel and expense management software market are Concur(SAP), Certify, Expensify, Chrome River Technologies, Infor, Baseware, Coupa Software, DATABASICS, Expense8, KDS, NetSuite, Nexonia, Oracle and Paychex.

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Travel and Expense Management SoftwareMarket: Regional Overview

Travel and expense management software Market is currently dominated by North America and region due to fast development in advanced technology. Asia Travel and expense management software market is expected to have the highest growth rate during the forecast period.

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