Travel and expense management software market is valued over US$ 1,890 million in 2018 and is forecast to register a CAGR of 8.5% to create high incremental opportunity during the forecast period.
Expense management software are largely used by the companies to manage and track their spending on company’s operational purpose. Advent of cloud based platform has largely boosted overall deployment of these software across various industry verticals. Most of the leading an midsize companies are already leveraging these software to maximize revenue output.
Complex business hierarchy and demand for efficient employee management has further boosted overall sales of travel and expense management software worldwide. As of 2017, the industry is characterized by higher consolidation with leading vendors accounting for the largest market share. While competition has increased in last few years, opportunities has increased over 3X in last five years. Mergers and acquisitions will play a significant role in overall industry development.
By Industry Verticals: BFSI and Tourism Sector to Account for over 61% of Global Share
By industry verticals, BFSI, tourism, aerospace, healthcare, IT and telecom, and retail are key sectors wherein T&E management software finds the maximum usage. BFSI and tourism sector to account for highest share owing to the demand for large scale processing of customer data and claim processing.
Global Travel and Expense Management Software Market Analysis, By Deployment Type
Cloud based deployment has surpassed on-premise server in 2017. Cloud based deployment is registering a CAGR of 15.7%. Cloud based server offers higher flexibility and can be adjusted according to organization needs.
Global Travel and Expense Management Software Market Analysis, By Organization
Mid-size and large scale enterprises will account for majority of the global share. As per the estimates, mid-size industry represents nearly 73% of established units. As such there exists high potential to tap.
Global Travel and Expense Management Software Market Share and Forecast, Regional Analysis:
North America accounted for 49% of global share in 2017. This will lose its market share to Asia Pacific owing to higher digitization and increase in IT spending especially in china. The rise of SaaS has created favorable business environment in China and rest of Asia Pacific.
Global Travel and Expense Management Software Market Size and Forecast: Competition Landscape
Some key Travel and Expense Management Software market players are Data-Basics, Inc., BasWare, Inc., Coupa Software Incorporated, Apptricity Copr., Fraedom UK Limited, Ariett Business Solutions, Inc., 8common Limited, Insperity Payroll Services, LLC, Interplx, Inc., and KDS Inc.,