Global Travel and Expense Management Software Market 2019-2023 | 12% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Nov 18, 2019--
The travel and expense management software market size is expected to post a CAGR of close to 12% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global travel and expense management software market 2019-2023 (Graphic: Business Wire)
The growing integration of travel and expense management software with mobile apps is one of the major reasons for the travel and expense management software market growth. Organizations worldwide are increasingly adopting mobile devices such as smartphones to allow employees to work remotely. In addition, enterprises are focusing more on adopting travel and expense management mobile applications to stay connected around the clock via mobile devices. These applications enable employees to create expense reports and immediately send them to the reporting manager, who in turn, can quickly authorize reimbursement. Thus, the integration of travel and expense management software with mobile app helps store and sync data in real time which helps to simplify and expedite the process.
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As per Technavio, the rise in the adoption of travel and expense management software among SMEs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Travel and Expense Management Software Market: Adoption of Travel and Expense Management Software among SMEs
The rise in the adoption of travel and expense management software among SMEs is identified as one of the key trends that will drive market growth. With the aim to efficiently manage their employee expenses, several small and medium sized enterprise are adopting travel and expense management software. The rise in adoption is attributed to the increased penetration of SaaS-based travel and expense management software which enables SMEs to use travel and expense management software at a lower cost.
“Other factors such as the incorporation of analytics with travel and expense management software, and the increasing use of AI will have a significant impact on the growth of the travel and expense management software market value during the forecast period,” says a senior analyst at Technavio.
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Travel and Expense Management Software Market: Segmentation Analysis
This market research report segments the travel and expense management software market by deployment (SaaS-based and on-premises), component (travel management software and expense management software), and geography (Americas, APAC, and EMEA).
The Americas led the travel and expense management software market in 2018, followed by EMEA and APAC respectively. Although the APAC region held the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period. This is due to the growing penetration of technology and enterprise software in emerging economies such as China and India.
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Some of the key topics covered in the report include:
Five Forces Analysis
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