USD 3.6 Billion
Global Travel Management Software Market Size, Share, Growth Analysis, By Deployment(Cloud Based, and On-premises), By Organization Size(SMES, and Large Enterprises) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2317 |
Region:
Global |
Published Date: April, 2024
Pages:
199
|
Tables:
61 |
Figures:
72
Global Travel Management Software Market Insights
Global Travel Management Software Market size was valued at USD 3.6 Billion in 2022 and is poised to grow from USD 3.97 Billion in 2023 to USD 8.70 Billion by 2031, growing at a CAGR of 10.3% in the forecast period (2024-2031).
Travel expense management software provides employees with an easy way to generate expense reports, send reports to employees for reimbursement. Software also helps to manage travel documents and make travel plans for an employee. Thus, it provides a structured approach to data processing. Many vendors software to make it available to users, they integrate with mobile applications. This is also expected to help users access the software remotely while travelling. Thus, the availability and accessibility of smartphone-based software are some of the innovative factors expected to drive the global travel management software market.
The global travel planning software market follows a steady growth, driven by various factors such as technological advancements, increasing business travel, need to manage transportation costs but is designed for sustainable growth and market movements overcome by challenges such as market saturation in mature regions such as North America. Strategies needed as companies prioritize cost efficiency and operational efficiency in their logistics strategy, they expect that logistics the demand for innovative and advanced software solutions will increase globally.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud Based
Fastest Growth
On-premises
Growth Rate
10.3% CAGR
Global Travel Management Software Market ($ Bn)
Country Share for North America Region (%)
Global Travel Management Software Market By Deployment ($ Bn)
Global Travel Management Software Market By Deployment (%)
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Global Travel Management Software Market Segmental Analysis
Global travel expense management software market is segmented based on the deployment, organization size, and region. Based on the deployment, the Travel Expense Management Software Market is segmented as cloud based, and on-premises. Based on organization size, the Travel Expense Management Software Market is segmented into SMES, and large enterprises. Based on region, Travel Expense Management Software Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Deployment
Cloud based dominated the global market with a significant share. This high share is due to the increasing adoption of cloud computing by small and medium enterprises. However, lack of technical know-how and skilled personnel will make it more difficult to implement cloud-based deployment types. Issues such as data privacy and security are expected to hamper the growth of the segment in the global travel management software market. The ability to remotely access applications from multiple devices is facilitated by cloud-based software.
However, with benefits such as improved security and lower overall cost of ownership compared to cloud systems, the on-premises segment is expected to account for a larger portion of the industry. However, the cloud component offers flexibility as it can be integrated with other company operations, which reduces administrative tasks and is expected to further increase the demand for the cloud component.
Analysis by Organization Size
The large corporate group had the largest market share. A few organizations have adopted this software due to increased employee mobility in the workplace, which accounts for its high share.
However, the small and medium enterprise segment is expected to expand rapidly over the forecast period as these companies look to adopt transportation cost management software to improve ROI and automate their craft. The software also provides a convenient business management ledger, helping organizations circumvent traditional methods of managing accounts.
Global Travel Management Software Market By Deployment (%), 2022 (%)
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Global Travel Management Software Market Regional Insights
North America is expected to dominate the global travel management software market share. This is a result of the commercial adoption and growth of cloud technologies and the increasing adoption of software accessibility on mobile devices and technology advancements.
The global travel management software market in Asia Pacific is expected to expand at a rapid pace during the forecast period. Apart from the large number of small and medium enterprises and their growing appetite for travel expense management software, the growth of the industry is expected to increase the demand for software due to increasing business travel in countries like China, India and Hong Kong. Asia-Pacific is experiencing significant economic growth, fueling increasing domestic and international business activities. As companies expand their operations, the need for efficient logistics becomes paramount, thus increasing the demand for logistics software in the region.
Global Travel Management Software Market By Geography, 2024-2031
- Largest
- Fastest
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Global Travel Management Software Market Dynamics
Drivers
Rising Need for Hassle-free Outstanding Payments
- Business travel expenses are one of the highest expenses of any business and therefore an important part to deal with. Every company wants a structured cost tracking system and a reimbursement system that tracks and controls travel expenses while controlling costs from management and finance managers. Employees can book tickets in one place using a single booking system or software application, eliminating the clutter of tracking receipts and emails. With the help of travel expense management software, businesses can control travel expenses proactively by displaying strategy-aligned, tailored options for hotels and airlines instead of using a fixed amount.
Technological Advancements
- North America is leading the way in technology innovation and adoption. There are many tech companies in the industry that are constantly developing innovative solutions and applying them to various industries, including transportation. This technological trend is driving demand for sophisticated travel management software solutions.
Restraints
Need For Monitoring and Managing Charges
- The need for monitoring and managing charges over the anticipated length has resulted in a huge increase inside the adoption of journey and price control software throughout industries. Additionally, the increase in business journeys and excursions has been sharply growing. Because this control software assists in handling bookings and creating itineraries for employees, many businesses are heavily invested in dealing with the fee record through it. For example, every day, almost 1.3 million human beings travel for paintings inside the United States.
High Cost of Implementation
- One of the most important restraints in the global travel management software market is the high initial implementation costs associated with implementing these solutions Companies may need to invest software licensing, customization, integration with existing systems and in employee training. For small and medium-sized enterprises (SMEs) or businesses with tight budgets, these upfront costs can be a barrier to adoption.
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Global Travel Management Software Market Competitive Landscape
The competitive environment of the Global Travel Management Software Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Key market players are investing heavily in research and development to expand their product offerings, which will further contribute to the growth of the travel management software market. Market participants also develop strategies to expand their global footprint, including new product introductions, contractual agreements, mergers and acquisitions, capital investments, and other collaborations with other companies.
Top Player’s Company Profiles
- Expensify Inc.
- Chrome River Technologies Inc.
- Apptricity Corp
- Basware Corp.
- Infor Inc.
- Nexonia Inc.
- Paychex Inc.
- Fraedom Holdings Limited
- Abacus Labs Inc.
- Rydoo
- Zoho Corporation
- Xpenditure
- Fyle Technologies
- Happay
- Fingage
- TravelBank
- BCD Travel
Recent Developments
- In August 2022, the U.S. multinational technology company Oracle Corporation is set to acquire electronic health records maker Cerner Corporation in a transaction valued at $28.3 Billion (about $87 per person in the US).
- In June 2022, climate technology company Choose partnered with SAP Concur to launch its new Climate App, which automates measuring carbon emissions.
- September 2022: Workday Mobile Suite now has receipt scanning capabilities adding new capabilities such as automatic scan of transaction dates, vendor/merchant details, and transaction transactions When OCR technology was implemented organizations were able to capture a variety of information from scanned or captured documents.
- July 2022: Expensify partners with PLAID, a UK provider of flexible payment plans. The partnership automated customer withdrawals from bank accounts to pay off loans and balances.
Global Travel Management Software Key Market Trends
- Rising Adoption of AI: Adoption of AI and machine studying in tour and cost control software aids in improving employees' corporate tour enjoy via customizing journeys, efficient transportation, price tracking, and language translation, among other operations. Machine getting to know lessens the stress on vacationers concerning protection and privacy through studying vacationer facts which includes non-public info, credit score card information, organization records, and itineraries and guarantees the information is correct.
Global Travel Management Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Increasing adoption of cloud-based technologies in this segment is fueling the growth of the regional market. Besides, the presence of large number of SMEs and their increasing appetite for transportation fare management software is driving the market growth in this region and furthermore, the introduction of machine learning and predictive analytics will drive transportation of the cost management software market has been developing in North America It is expected. The market in Europe is expected to expand at a high CAGR owing to the increasing introduction of advanced technologies. Increasing development of cloud-based infrastructure is going to drive the market growth in this segment.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.6 Billion |
| Market size value in 2031 | USD 8.70 Billion |
| Growth Rate | 10.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Travel Management Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Travel Management Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Travel Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Travel Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Travel Management Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Travel Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Travel Management Software Market Report Snapshots
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