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Travel And Expense Management Software Market Worth $17.4 Billion By 2027 | Grand View Research, Inc.

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Travel And Expense Management Software Market Worth $17.4 Billion By 2027 | Grand View Research, Inc.

June 18
08:48 2020
Travel And Expense Management Software Market Worth $17.4 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global travel and expense management software market size was valued at USD 6.9 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.4% from 2020 to 2027. Several businesses have been expanding internationally, resulting in a rise in the number of employees traveling abroad and further leading to an increase in the volume of travel and related expenses.

The global travel and expense management software market size is expected to reach USD 17.4 billion by 2027, expanding at a CAGR of 12.4%, according to a study conducted by Grand View Research, Inc. Travel and expense management software provides travel, expense, and invoice management services on a single platform, which helps organizations to approve and automate processes like submitting travel plans and expense reports. Several companies are engaged in introducing the software on cloud platform and providing its access to the employees on their mobile phones. The mobile access has made it easier for employees to remotely update their travel expense data. In addition, the software can be integrated with functions like Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Human Capital Management (HCM) systems, which ensures streamlined data flow between these systems.

The implementation of artificial intelligence in the software helps the companies to automate and optimize the report approvals and payment processes for their employees. Artificial intelligence offers the organizations with risk management solutions as the software analyzes travel histories and spending’s of an employee to fall in line with the policies. Companies like Concur technologies, Inc., Infor, Oracle, and Certify, Inc. are working on inducing artificial intelligence in the software, which will open up a wide array of features to the users. Companies have introduced solutions that support multiple currencies and languages and can detect and make automatic conversion using AI-based tools.

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Machine learning is a technology which provides a system with the ability to automatically learn to predict and improve future outcomes. The integration of machine learning with the system will allow companies to keep a track on employee expenses and will get real-time data in the form of an image of travel receipts from the employee. For instance, Concur Technologies, Inc. offers a feature that allows a user to take pictures of the receipt and digitally store it in the database. Additionally, the text from the receipt image can be extracted using Optical Character Recognition (OCR), and essential fields like date, currency, total amount, and spending type can be identified with the help of machine learning. The software then creates an expense entry using the above field and can be added to spending reports. The system is embedded with chat-bots based on machine learning, which uses natural language processing to respond to a conversational request made by a user. Such technologies are expected to influence the company’s travel budgets in a positive way and are anticipated to drive the market.

Travel And Expense Management Software Market Report Highlights

  • Travel and expense management software is gaining traction owing to its availability on smartphones
  • Small and medium enterprises held over 30.0% of market share in 2020 and is anticipated to witness significant growth over the forecast period owing to the early return on investment and reduced administrative expenses
  • The cloud segment is expected to capture substantial portion of the market and is expected to witness a CAGR of more than 10.0% during the forecast period considering that it provides remote access
  • Due to the increase in expenditure on business trips and higher accumulation of spending reports, the market is expected to witness significant growth over the forecast period.

The global travel and expense management software market size was valued at USD 6.9 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.4% from 2020 to 2027. Several businesses have been expanding internationally, resulting in a rise in the number of employees traveling abroad and further leading to an increase in the volume of travel and related expenses. In such cases, there is a risk of fraud and non-compliance to company policies, which makes it difficult for enterprises to audit the travel and expense report. The travel and expense management software has seen a rising adoption in the industries owing to the need for tracking and managing the expenses.

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Travel and expense management software offers a simplified platform to the employees for generating expense reports and submitting the reports to the management for authorizing reimbursements. The software also helps in managing the travel bookings and making itineraries for an employee, thus, providing an organized way to manage the data. Several vendors are integrating the software with mobile applications in order to ensure ease of access for the users. This is also expected to assist users to access the software remotely while travelling. Therefore, availability of the software on smartphones and ease of access are some of the additional factors, which are expected to drive the market for travel and expense management software.

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Travel And Expense Management Software Market Segmentation

Grand View Research has segmented the global travel and expense management software market based on deployment type, organization size:

Travel and Expense Management Software Deployment Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Cloud based
  • On-premise

Travel and Expense Management Software Organization Size Outlook (Revenue, USD Million, 2016 – 2027)

  • Small and Medium Scale Enterprises (SMES)
  • Large Enterprises

Cloud-based deployment dominated the market with a share of 80.4% in 2020. This high share is attributable to many small and medium enterprises integrating cloud in their organizations. However, the cloud-based deployment type is expected to witness challenges due to lack of skilled professionals and technical awareness, for the installation of the cloud based platform. Similarly, data privacy and security concerns are also expected to hinder the growth of the segment in the travel and expense management software market.

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Cloud based software makes it easier for a user to access the application on multiple devices remotely. Nevertheless, the on-premise segment is expected to hold significant share owing to factors such as enhanced security and low cost of ownership compared to the cloud system. The deployment of on-premise software is time consuming and demands high initial cost for setting up the infrastructure. However, the cloud segment offers flexibility as it can be integrated with other functions of the company, thus reducing the administrative work, which is further expected to fuel the demand for the cloud segment.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

 

 

 

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Website: https://www.grandviewresearch.com/industry-analysis/travel-expense-management-software-market

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