Summary

Market Overview:

The global travel and expense management software market size reached US$ 2.92 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.48 Billion by 2028, exhibiting a growth rate (CAGR) of 10.83% during 2023-2028. Increasing organizational need to streamline and automate travel and expense processes, the growing trend of globalization, large scale integration of artificial intelligence (AI) and machine learning (ML) technologies, and the escalating need for real-time reporting and analytics capabilities represent some of the key factors driving the market.

Travel and expense management software is a valuable tool that streamlines and automates the process of managing travel expenses for businesses. It can be integrated with various systems, such as booking platforms and credit card providers, to capture and consolidate travel data in one central location. The software typically includes expense tracking, policy enforcement, reimbursement processing, and reporting functionalities. With its user-friendly interface, it simplifies expense management tasks for both employees and finance teams. The advantages of using travel and expense management software are numerous, such as it improves efficiency by eliminating manual processes, reduces the chances of fraud and errors, enforces compliance with travel policies, and provides real-time visibility into travel spend. It also allows employees to submit expense reports and receipts electronically, reducing manual paperwork and minimizing errors. Additionally, it enables faster reimbursement cycles, enhances cost control, and offers valuable insights through comprehensive reporting and analytics. Currently, there are different types of travel and expense management software available in the market, ranging from standalone applications to integrated solutions that are part of broader enterprise resource planning (ERP) systems.

Travel and Expense Management Software Market Trends:
The global travel and expense management software market is primarily accelerated by the increasing organizational need to streamline and automate travel and expense processes. Moreover, the growing trend of globalization has led to a rise in business travel, necessitating robust travel and expense management solutions to handle the complexities associated with international travel, which, in turn, is creating a positive outlook for the market. Additionally, the integration of machine learning (ML) and artificial intelligence (AI) technologies with travel and expense management software has improved their efficiency and accuracy, which is fueling the market growth. Apart from this, the shifting preference towards cloud-based solutions and the rising demand for mobile applications is propelling the market growth. Furthermore, the escalating need for real-time reporting and analytics capabilities has fueled the demand for software that can provide actionable insights and drive informed decision-making, which is considerably contributing to the market growth. Apart from this, the integration of travel and expense management software with other enterprise systems, such as accounting and ERP software, and the surging number of corporate mergers and acquisitions are providing an impetus to the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global travel and expense management software market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on deployment type, organization size, and industry vertical.

Deployment Type Insights:

Cloud-based
On-premises

The report has provided a detailed breakup and analysis of the travel and expense management software market based on the deployment type. This includes cloud-based and on-premises. According to the report, cloud-based represented the largest segment.

Organization Size Insights:

Small and Medium-sized Enterprises
Large Enterprises

A detailed breakup and analysis of the travel and expense management software market based on the organization size has also been provided in the report. This includes small and medium-sized, and large enterprises. According to the report, large enterprises accounted for the largest market share.

Industry Vertical Insights:

Banking, Financial Services, Insurance (BFSI)
IT and Telecom
Manufacturing
Public Sector
Healthcare
Retail
Others

The report has provided a detailed breakup and analysis of the travel and expense management software market based on the industry vertical. This includes banking, financial services, insurance (BFSI), IT and telecom, manufacturing, public sector, healthcare, retail, and others. According to the report, banking, financial services, insurance (BFSI) represented the largest segment.

Regional Insights:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for travel and expense management software. Some of the factors driving the North America travel and expense management software market included the large scale integration of novel technologies, the availability of advanced features, such as AI-powered receipt scanning and expense categorization, and the adoption of travel and expense management software that supports sustainable travel practices, including carbon footprint tracking and offsetting.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global travel and expense management software market. Detailed profiles of all major companies have been provided. Some of the companies covered include 8Common Limited, Apptricity Corporation, Chrome River Technologies Inc., Concur Technologies Inc. (SAP SE), Coupa Software Inc., Expensify Inc., GlobalPoint Technologies Inc., Infor (Koch Industries Inc.), InterplX Expense Management (Serko Limited), Saigun Technologies?Private Limited, Sutisoft Inc., Workday Inc., Zoho Corporation Pvt. Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:
How has the global travel and expense management software market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global travel and expense management software market?
What is the impact of each driver, restraint, and opportunity on the global travel and expense management software market?
What are the key regional markets?
Which countries represent the most attractive travel and expense management software market?
What is the breakup of the market based on the deployment type?
Which is the most attractive deployment type in the travel and expense management software market?
What is the breakup of the market based on the organizational size?
Which is the most attractive organizational size in the travel and expense management software market?
What is the breakup of the market based on the industry vertical?
Which is the most attractive industry vertical in the travel and expense management software market?
What is the competitive structure of the global travel and expense management software market?
Who are the key players/companies in the global travel and expense management software market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Travel and Expense Management Software Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Deployment Type
6.1 Cloud-based
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 On-premises
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Organization Size
7.1 Small and Medium-sized Enterprises
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Large Enterprises
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Industry Vertical
8.1 Banking, Financial Services, Insurance (BFSI)
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 IT and Telecom
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Manufacturing
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Public Sector
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Healthcare
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Retail
8.6.1 Market Trends
8.6.2 Market Forecast
8.7 Others
8.7.1 Market Trends
8.7.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
10.1 Overview
10.2 Drivers
10.3 Restraints
10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 8Common Limited
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.2 Apptricity Corporation
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Chrome River Technologies Inc.
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 Concur Technologies Inc. (SAP SE)
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 SWOT Analysis
14.3.5 Coupa Software Inc.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.6 Expensify Inc.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.7 GlobalPoint Technologies Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Infor (Koch Industries Inc.)
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.9 InterplX Expense Management (Serko Limited)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Saigun Technologies Private Limited
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 Sutisoft Inc.
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Workday Inc.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Zoho Corporation Pvt. Ltd.
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.


List of Figures

Figure 1: Global: Travel and Expense Management Software Market: Major Drivers and Challenges
Figure 2: Global: Travel and Expense Management Software Market: Sales Value (in Billion US$),2017-2022
Figure 3: Global: Travel and Expense Management Software Market Forecast: Sales Value (in Billion US$),2023-2028
Figure 4: Global: Travel and Expense Management Software Market: Breakup by Deployment Type (in %), 2022
Figure 5: Global: Travel and Expense Management Software Market: Breakup by Organization Size (in %), 2022
Figure 6: Global: Travel and Expense Management Software Market: Breakup by Industry Vertical (in %), 2022
Figure 7: Global: Travel and Expense Management Software Market: Breakup by Region (in %), 2022
Figure 8: Global: Travel and Expense Management Software (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Travel and Expense Management Software (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Travel and Expense Management Software (On-premises) Market: Sales Value (in Million US$),2017 & 2022
Figure 11: Global: Travel and Expense Management Software (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Travel and Expense Management Software (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Travel and Expense Management Software (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Travel and Expense Management Software (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Travel and Expense Management Software (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Travel and Expense Management Software (Banking, Financial Services, Insurance (BFSI)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Travel and Expense Management Software (Banking, Financial Services, Insurance (BFSI)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Travel and Expense Management Software (IT and Telecom) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Travel and Expense Management Software (IT and Telecom) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Travel and Expense Management Software (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Travel and Expense Management Software (Manufacturing) Market Forecast: Sales Value (in Million US$),2023-2028
Figure 22: Global: Travel and Expense Management Software (Public Sector) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Travel and Expense Management Software (Public Sector) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Travel and Expense Management Software (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Travel and Expense Management Software (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Travel and Expense Management Software (Retail) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Travel and Expense Management Software (Retail) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Travel and Expense Management Software (Other Industry Verticals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Travel and Expense Management Software (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: North America: Travel and Expense Management Software Market: Sales Value (in Million US$),2017 & 2022
Figure 31: North America: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: United States: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: United States: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Canada: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Canada: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Asia-Pacific: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Asia-Pacific: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: China: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: China: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Japan: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Japan: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: India: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: India: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: South Korea: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: South Korea: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Australia: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Australia: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Indonesia: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Indonesia: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$),2023-2028
Figure 50: Others: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Others: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Europe: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Europe: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Germany: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Germany: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: France: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: France: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: United Kingdom: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: United Kingdom: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Italy: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Italy: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Spain: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Spain: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Russia: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Russia: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Others: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Others: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Latin America: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Latin America: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Brazil: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Brazil: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Mexico: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Mexico: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Others: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Others: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Middle East and Africa: Travel and Expense Management Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Middle East and Africa: Travel and Expense Management Software Market: Breakup by Country (in %), 2022
Figure 78: Middle East and Africa: Travel and Expense Management Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Global: Travel and Expense Management Software Industry: Drivers, Restraints, and Opportunities
Figure 80: Global: Travel and Expense Management Software Industry: Value Chain Analysis
Figure 81: Global: Travel and Expense Management Software Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Travel and Expense Management Software Market: Key Industry Highlights, 2022 & 2028
Table 2: Global: Travel and Expense Management Software Market Forecast: Breakup by Deployment Type (in Million US$), 2023-2028
Table 3: Global: Travel and Expense Management Software Market Forecast: Breakup by Organization Size (in Million US$),2023-2028
Table 4: Global: Travel and Expense Management Software Market Forecast: Breakup by Industry Vertical (in Million US$), 2023-2028
Table 5: Global: Travel and Expense Management Software Market Forecast: Breakup by Region (in Million US$),2023-2028
Table 6: Global: Travel and Expense Management Software Market: Competitive Structure
Table 7: Global: Travel and Expense Management Software Market: Key Players