According to a new report by Expert Market Research titled, “Global Travel and Expense Management Software Market Share, Size, Report and Forecast 2024-2032″, the global travel and expense management software market size reached a value of approximately USD 8.99 billion in 2023. Aided by the rising demand for automated travel and expense management solutions and the increasing adoption of cloud-based technologies, the market is projected to further grow at a CAGR of 12.30% between 2024 and 2032 to reach a value of USD 18.03 billion by 2032.
Travel and Expense Management (TEM) software is an application used by organisations to manage, track, and report employee-initiated expenses. These expenses include travel-related costs such as accommodation, transportation, meals, and client entertainment, among others. TEM software plays a crucial role in streamlining the expense reporting process, ensuring policy compliance, and providing visibility into spending. It also aids in efficient budgeting, financial control, and decision-making, making it a valuable tool in various industrial sectors.
The increasing need for efficient expense management solutions is driving the global travel and expense management software market growth. With the escalating complexity of travel and expense management due to the growing global business operations, there has been a significant shift towards automated solutions. This shift is leading to a surge in demand for TEM software, particularly in sectors like information technology, retail, healthcare, and manufacturing.
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The expanding applications of TEM software in various industries also contribute significantly to travel and expense management software market expansion. In the IT industry, TEM software is utilised for managing the numerous expenses related to frequent business trips, off-site deployments, and client meetings. The retail industry uses TEM software to effectively control and manage expenses associated with supply chain operations, marketing activities, and store visits. Moreover, in the healthcare sector, it is used for tracking and controlling costs related to patient care, equipment procurement, and medical conferences, thus increasing the travel and expense management software market demand.
Additionally, the growing demand for mobile-based TEM solutions has led to an increased focus on TEM software as a vital tool for modern businesses. With the rise of remote work and the increasing popularity of mobile business operations, TEM software has emerged as a critical component in facilitating remote expense management and real-time reporting, thereby boosting the travel and expense management software market expansion.
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Market Segmentation
The market can be divided based on deployment type, organisation size, industry vertical, and region.
Market Breakup by Deployment Type
• Cloud Based
• On-premises
Market Breakup by Organisation Size
• Small and Medium Sized Enterprises
• Large Size Enterprises
Market Breakup by Industry Vertical
• BFSI
• IT and Telecom
• Manufacturing
• Public Sector
• Healthcare
• Retail
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global travel and expense management software companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Infor
• Oracle Corporation
• Oversight Systems Inc
• Navan, Inc.
• SAP SE
• Travelator, Inc.
• Zoho Corporation Pvt. Ltd.
• Emburse, Inc.
• Webexpenses Pty Ltd.
• Coupa Software Inc.
• Others
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