Technavio, a tech-focused market research firm, has published a new report on the global travel and expense management software market, which is expected to generate an impressive revenue of more than USD 3 billion during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global travel and expense management software market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global travel and expense management software market into the following key regions: APAC, Europe, MEA, North America and South America.
Geographical segmentation of the global travel and expense management software market for 2015 (market share %)
|
North America |
45.81% |
|
Europe |
23.21% |
|
APAC |
13.43% |
|
MEA |
10.74% |
|
South America |
6.81% |
Source: Technavio
Travel and expense management software market in North America
In 2015, North America accounted for the largest share of around 46 of the global travel and expense management software market. The economic recovery in North America such as falling unemployment rate and GDP growth as well as the continual rise of travel budgets and fewer travel restrictions affects the market growth. The increased use of mobile and cloud applications among enterprises for managing the entire business travel, from booking travel to managing and capturing receipts, and submitting expense reports influences this market to a great extent.
According to Ishmeet Kaur, a lead analyst at Technavio, specializing in research on IT security, “The travel and expense management software market in North America is highly affected by the availability of ample IT and business infrastructure. The presence of many large enterprises and global institutions also influences the market. The greater acceptance of the software among large, small and mid-size enterprises needs to enhance employee experience and satisfaction which has direct influence on the growth of the market.”
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Travel and expense management software market in Europe
The European market is higly influenced by the growing awareness among end-users about the benefits of travel and expense management software such as better business continuity, approval, pre-trip authorization, reconciliation and expense reimbursement, and enhanced employee experience. Countries like France, the UK, Germany, Spain, and Italy are the key contributors in this region owing to the increased awareness about the cost saving benefits of travel and expense management software in these countries. The global expansion and growth of business is the primary reason behind the growing travel and expense management software market in this region. Moreover, the increased acceptance of mobile applications for approvals, requests, bookings and alerts to meet the needs and preferences of the new generation travelers will influence the market.
Travel and expense management software market in APAC
Technavio expects the market share of APAC to increase considerably over the forecast period owing to the shift of SMEs from on-premises to SaaS-based travel and expense management software. The highest adopters of on-premises travel and expense management software in APAC are India, Australia, South Korea, China, and Japan. Small enterprises in these countries are widely adopting the software because it is cost effective. Small enterprises also adopt these solutions to avoid heavy capital investments.
The developed APAC countries such as Australia, New Zealand, Japan, South Korea, and Singapore are more advanced in managing their business travel expenses. However, a few emerging APAC nations such as Hong Kong, India, China, Thailand, Taiwan, Indonesia, Vietnam, and Myanmar are still in the learning phase of using corporate cards and control travel spending. There are several complex, country-specific taxation requirements that drives the demand for travel and expense management software in APAC.
Travel and expense management software market in MEA
The UAE and Saudi Arabia are the highest adopters of travel and expense management software in MEA because of the increased adoption of cloud among enterprises. MEA is still an emerging market for travel and expense management software. The market in the Middle East is gradually growing; however, the African market continues to decline. The Middle East is expected to grow during the forecast period with the increasing advances in technology and growing awareness of the software such as integration with ERP systems, integration with airline and hotel loyalty programs, and support for traditional and virtual credit cards.
Travel and expense management software market in South America
Submission of expense reports in paper format is still popular in South America that represents the status of the market. The economic growth of Peru was more than Brazil during the period 2010-2015, leading to rise in corporate travel in Peru. There is a greater acceptance of SaaS-based travel and expense management software between large and medium-sized enterprises in Brazil and Mexico leading to the growth in the market of the region. However, Argentina, Ecuador, and Chile are still in the phase of adoption of travel and expense management software to maintain control over every aspect of spending, through real-time policy management.
The top leading vendors operating in the global travel and expense management software market are:
- Concur (SAP)
- Certify
- Expensify
- Chrome River Technologies
- Infor
Other prominent vendors in the market include Apptricity Corp., Ariett, Basware, Coupa Software, DATABASICS, Expense8, Fraedom, Insperity, InterplX, KDS, NetSuite, Nexonia, Nexstep Infotech, Oracle, Paychex, Serko, Skyjunxion, Tallie, Trippeo Technologies, Traveldoo SAS, TraveluXion, Unit4, and Virtual Communications.
A more detailed analysis is available in the Technavio report tilted, ‘Global Travel and Expense Management Software Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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