Industry Background:
The expense management software helps in controlling the travel and expense costs, automate compliance, and provide real-time insights regarding travel spending. The major issues this software handles unauthorized travel booking, poor travel policy compliance, issue related to GST compliance, hands travel reimbursements, poor visibility into T&E spending, and others. With the increase in trend of international tours related to business meetings, along with multiple centers of business outlets. This software is having strong growth in the future.This growth is primarily driven by Need to Reduce Operational Cost and Expenses in End-User Industries, Growing Requirements for Hassle-Free Claim of Travel & Expenses and Increase Number Multiple Business Location in MNCs Organizations.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies in Study | SAP (Germany), Certify (United States), Expensify (United States), Chrome River Technologies (United States), Infor (United States), Appricity Corporation (United States), Basware (Finland), DATABASIC (United States), Expense 8 (Australia) and Oracle Corporation (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Globally, a noticeable market trend is evident Development in Technology Such as Emergence of Artificial Intelligence. Major Players, such as SAP (Germany), Certify (United States), Expensify (United States), Chrome River Technologies (United States), Infor (United States), Appricity Corporation (United States), Basware (Finland), DATABASIC (United States), Expense 8 (Australia) and Oracle Corporation (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In Sep 2019, Deem announced the partnership with Deltek, through this collaboration Deem’s travel management platform into Deltek’s time and expense management solution. With this partnership the company is aiming to enhance its customer base in travel and expense management software including business travelers, government contracting, and professional service industries.
Market Drivers
- Need to Reduce Operational Cost and Expenses in End-User Industries
- Growing Requirements for Hassle-Free Claim of Travel & Expenses
- Increase Number Multiple Business Location in MNCs Organizations
Market Trend
- Development in Technology Such as Emergence of Artificial Intelligence
Restraints
- Increasing Concern Related to the Data and Privacy
Opportunities
Rapid Adoption of Software as a Service Platform and Increase in Availability of Systems Supporting Multiple Languages
Challenges
The Rise in Availability of Open-Source Travel and Expense Management Solutions
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Travel and Expense Management Software Study Sheds Light on
The Travel and Expense Management Software Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Travel and Expense Management Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Travel and Expense Management Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.