The global travel and expense management software market is anticipated to grow at a considerable CAGR of 12.1% during the forecast period. The increasing budget of military expenses in various nations across the globe has allowed the military to provide travel allowance (T.A.) to the soldiers. Additionally, the presence of software-as-a-service (SAAS) for travel expenses analysis with travel and expense management software on smartphones has allowed penetration of this software in the military, which in turn drives the growth of the market. Moreover, employees that travel globally, use mobile expense reporting apps to streamline their expense reporting. For instance, in July 2021, Bookings Holdings Priceline, and American Forces Travel announced they expanded their two-year-old partnership. As part of the expansion, Priceline enabled members of the US military and their families to book thousands of participating hotels using the Military Star Card. Moreover, American Forces Travel offers exclusive leisure travel deals, purported to be at a 40-60% discount for eligible users, to members of the US military in all branches and civilian employees.
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In addition, new product development and launches by key market players which include Vv Finly Technology Pvt Ltd., Wsg Systems Corparete, and Divvy, are other factors that fuel the market growth during the forecast period. In March 2022, Bill.com announced that Divvy, a Bill.com company, has been named CPA.com’s new exclusive partner for expense management, corporate cards, and spend management. This move expands the partnership between CPA.com and Bill.com, CPA.com replaces the previous expense management solution with a new offering that unites all bill payments, expense management, and card spending in one comprehensive solution. Moreover, in April 2022, ExpensePoint announced a partnership with dnata Travel Management. This new partnership offers dnata clients a fully automated expense management system. Clients now have the ability to enhance the process of employee expense reporting with dnata’s fully ‘white labeled’ ExpensePoint system. Corporate users can now quickly and efficiently manage their expense reports with features such as Receipt Reader and Receipt Matching, which create expenses directly from uploaded receipts and automatically match receipts to integrated corporate travel and bank card data.
Global Travel and Expense Management System Market Report Segment
By Deployment Mode
- Cloud-based
- On-Premises
By Organization Size
- Small and Medium Scale
- Large Scale
By Industry
- Manufacturing
- Aerospace and Defense
- Transportation
- Retail and Logistics
- Healthcare
- Energy
- Others
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Travel and Expense Management Software Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Basware Corp.
- Concur Technologies, Inc.
- Costpocket Oü
- Coupa Software Inc.
- Crm travel
- Databasics Inc.
- Emburse, Inc.
- Com, Inc.
- Infor
- Ovation Travel, Llc
- Serko Ltd.
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