Overview:
Travel and expense management software finds its adoption mainly in large organizations and travel management companies to manage and audit expenses accrued during the business travels. Rising end-users domain for travel and expense management software is one of the most prominent factors, ensuring incremental market growth in coming years. Travel and expense management through mobile app is one of the recent trends observed in T&E management software market. This trend can probably create security risk due to improper handling of devices.
Integration of travel and expense management software increases efficiency of organization by eliminating errors and allows smooth tracking of expenses from streamlined reporting process. Automated expense recording and controlling features are few more advantages offered by T&E management software. Increasing number of large organizations and travel companies are majorly looking for better and efficient management of their expenses and business tours. Additionally, mid-sized organizations are more welcoming towards T&E management software due to higher inclination towards cost savings and enhanced operational efficiency.
T&E management software market is segmented by deployment type into on-premise and cloud-based. Cloud-based segment is expected to lead overall T&E management software market thanking to cost deduction of cloud-based services. Numerous companies are rapidly moving their data on cloud which has increased the growth of cloud segment worldwide. However, requirement of high up-front cost along with complex setup and data security concerns are some of the factors hampering on-premises T&E management software market.
North America is expected to hold the largest market share in the global travel and expenses management software market due to higher penetration for effective and automated back-office solutions in the region. Consistently increasing popularity of mobile devices for T&E management software coupled with presence of major players such as Apptricity Corporation and Coupa Software, Inc. form another prominent factors supporting the market growth. Furthermore, increasing number of startups in countries such as China, India and South Korea among others is projected to ensure high market growth in Asia Pacific over the forecast period.
Major drivers of T&E management software market:
Major challenges of T&E management software market:
The global T&E management software market is segmented on the following basis:
By Deployment Model
By Organization Size
By Industry Verticals
By Geography
Key players identified in T&E management software market:
Apptricity Corporation, Ariett Business Solutions, Inc., BasWare, Inc., Coupa Software, Inc., DATABASICS, Inc., Expense8, 8common Ltd., Fraedom UK Ltd., Insperity Payroll Services, LLC, Interplx, Inc., Oracle Corporation, Replicon, Inc., TriNet Group, Inc., Ellucian Company LP and KDS, Inc. among others.