Published on : Dec 02, 2016
ALBANY, NY, Dec 02, 2016: This study presents a detailed understanding of the global travel and expense management software market. The study covers a comprehensive understanding of the main factors impacting the growth of the market. It also presents the development opportunities, risk factors, and prime trends prevalent in the market. The study conducts both secondary and primary research and comprises information from resources such as newspapers, magazines, white papers, search engineers, news, etc.
The first section of the report presents the introduction of the market and includes the prime market highlights. The current size of the market and its predicted size by the end of the forecast period has also been encapsulated under this section of the report. The global travel and expense management software market is predicted to rise at a 6.96% CAGR and 7.70% CAGR, respectively, from 2016 to 2020. The growing requirement of organizations to control and monitor the total travel and other expenses of their employees has resulted in the high adoption of expense and travel management software. This software also aids enterprises in prioritizing spending categories, in the identification of savings opportunities, and in improving their operational efficiency, and thus are being highly implemented by SMEs.
The increasing development of emerging nations and the growing demand from SMEs will fuel the development of the travel and expense management software market in forthcoming years. In addition, the introduction of SaaS-based travel and expense management software and easy claims and reimbursements for this software are also amongst the main factors that will work in favor of the market. On the other hand, factors such as absence of skilled labor and growing threat from expense management and open-source travel may impede the development of this market.
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In the next section of the report, the segmentation of the global travel and expense management software market has been presented. In terms of deployment model, the market is segmented into SaaS-based and on-premises. Of these, the segment of SaaS-based deployment model held the most dominant share in the market in 2015. This is owing to the fact that this deployment model is cost-effective and doesn’t require installation of any type of additional software.
In terms of region, the study segments the global travel and expense management software market into Europe, Asia Pacific (APAC), South America, North America, and the Middle East, and Africa (MEA). Of these, North America emerged as the key market, in terms of revenue, all through the forecast horizon. This is due to the growing utilization of cloud and mobile applications in businesses and the proliferation of numerous large-scale institutions and enterprises in this region.
The prime players operating in the global travel and expense management software market are Concur (SAP), Expensify, Certify, Infor, Trippeo Technologies, and Chrome River Technologies, among others, as per this study.
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