Travel And Expense Management Software Industry

The global travel and expense management software market size is expected to reach USD 10.69 billion by 2030, registering a CAGR of 16.9% from 2024 to 2030, according to a new report 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.

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.

Gather more insights about the market drivers, restrains and growth of the Global Travel And Expense Management Software market

Travel And Expense Management Software Market Segments Highlights:

• The hosted segment held the largest market revenue share of 63.0% in 2023. Hosted solutions, often cloud-based, allow businesses to manage travel expenses without needing heavy upfront investments in IT infrastructure.
• The large enterprises segment held the largest market revenue share in 2023. Large enterprises typically have higher volumes of business travel, creating a need for automated solutions to streamline expense reporting, reduce errors, and enhance policy compliance.
• North America held the largest market revenue share of 37.0% in 2023. The region's growing emphasis on corporate transparency, financial accountability, and cost optimization drives market growth.
• Asia Pacific is expected to grow at the fastest CAGR over the forecast period. The region's expanding corporate sector and the rise in business travel drive the market growth.

Travel And Expense Management Software Market Report Segmentation

Grand View Research has segmented the global travel and expense management software market on the basis of on deployment, enterprise size, and region:

Travel And Expense Management Software Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Hosted
• On-premise

Travel And Expense Management Software Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• SMEs
• Large Enterprises

Travel And Expense Management Software Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa
  • UAE

Key Travel And Expense Management Software Company Insights

• Chrome River Technologies Inc.
• Concur Technologies, Inc.
• GBT Travel Services U.K. Limited
• Infor
• Oracle
• Oversight
• Sodexo
• Happay
• VV Finly Technologies Pvt. Ltd.
• Zoho Corporation Pvt. Ltd.

Order a free sample PDF of the Travel And Expense Management Software Market Intelligence Study, published by Grand View Research.