Industry Background:
The global Travel Management Software market is witnessing high growth in the forecasted period due to rising need to reduce operational cost and expenses in organizations, adoption of mobile devices. Travel-management software allows organizations to track and approve the expenses accrued during a business travel by the employees on the business-related travel along with submission, processing, reimbursement, and reporting of the employee expenditure. There are various advantages of this software such as Receipt tracking, itemized report creation, and automation of the reimbursement.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Expensify (United States), Chrome River Technologies (United States), Infor (United States), Concur (SAP) (United States), Oracle Corporation (United States), NetSuite (United States), Appricity Corporation (United States), Ariett (United States), Basware (Finland) and DATABASIC (United States) |
According to AMA, the market for Travel Management Software is expected to register a CAGR of 8.1% during the forecast period to 2027. This growth is primarily driven by Increasing Number of Electronic Gadgets and Rising Number of Small and Medium Business.
Globally, a noticeable market trend is evident Growing Demand for Various Features such as Self Booking Application
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Expensify (United States), Chrome River Technologies (United States), Infor (United States), Concur (SAP) (United States), Oracle Corporation (United States), NetSuite (United States), Appricity Corporation (United States), Ariett (United States), Basware (Finland) and DATABASIC (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. The travel management software market is characterized by several regional and a few international vendors with intense competition. The international vendors are adopting an acquisition strategy to expand their market reach.
Key Developments in the Market:
On 5th March 2019, Certify and Chrome River Technologies, two leading travel, expense and invoice management software companies have announced the merger. The Deal was established for 1 billion.
On 23rd April 2019, Expensify, the most widely used expense software in the world, has teamed up with Grab, Southeast Asia’s leading ride-sharing company, to automate expense tracking and reimbursement from rideshares.
Influencing Trend:
Growing Demand for Various Features such as Self Booking Application, Constant Technological Innovations and Emergence Of Software as a Service
Market Growth Drivers:
Increasing Number of Electronic Gadgets and Rising Number of Small and Medium Business
Challenges:
The Growing Concern Regarding Privacy and Security Issues
Restraints:
Lack of Expertise for in Installation with Associated Technique
Opportunities:
Growing Demand due to Broder Access to the Traveling Portal, Increasing Adoption of Travel Management Software by the Small & Mid-Size Organizations and Technological Advancement in the Travel Management Software
AMA Research follows 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 showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze 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 includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Travel Management Software Market
- Analysis about New Entrants in Travel Management Software Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Travel Management Software Study Sheds Light on
The Travel Management Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Travel 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 Management Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, 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 the value they currently claim or capture the new addressable opportunity.