Travel and Expense Management Software Market-Opportunities and Forecast, 2017-2023
Travel and expense management software Market 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. Receipt tracking, itemized report creation, and automation of the reimbursement are key advantages of the travel and expense management software. Complex and multi hierarchal models of the organization and high adoption of mobile devices has created the need of the travel and expense management software in the market.
The rising need to reduce operational cost and expenses in organizations, adoption of mobile devices, and need of hassle-free claim of expenses drive the travel and expense management software market. Further, the emergence of the software-as-a-service gave a push to the development of travel and expense management software and indirectly fueled the market to growth segment.
The shortage of skilled workforce in the travel and expense management software market and lack of control over the travel and expense management software are prominent challenges for the market. The threat of compromising user identity is a prime concern for the adoption of travel and expense management software. However, border access to the travel portals and growing adoption of travel and expense management software by the small & mid-size organizations has created many opportunities in the travel and expense management software market.
The travel and expense management software market is characterized by several regional and a few international vendors with intense competition. The international vendors are adopting acquisition strategy to expand their market reach. For instance, Coupa Software Incorporated has acquired Spend360 International Ltd. in January 2017, which helped Coupa Software Incorporated to expand their product portfolio and customer reach.
The market is segmented by deployment type, industry vertical, and region. Based on deployment type the market is segmented into cloud and on-premises deployment. Large and small & medium are the segments across organization size. Based on industry vertical, the global travel and expense management software market is segmented into banking, financial, and insurance (BFSI), aerospace & defense, healthcare, public sector, IT & telecom, retail, and others. The market segmentation based on geography includes North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive analysis and profiles of the major market players such Apptricity Copr., Ariett Business Solutions, Inc., BasWare, Inc., Coupa Software Incorporated, Data-Basics, Inc., 8common Limited, Fraedom UK Limited, Insperity Payroll Services, LLC, Interplx, Inc., and KDS Inc., are also provided in this report.
- This report is an extensive analysis of current and potential market trends in the dynamic global market of travel and expense management software.
- The report contains in depth quantitative analysis of current and future market estimations through 2016-2023, which helps in recognizing the appealing market opportunities.
- Extensive analysis of the global travel and expense management software market by the types helps in understanding the current practices for the better investment decisions.
- Key market players within the travel and expense management software market are profiled in this report and their strategies are analysed thoroughly, which helps in understanding competitive outlook of global travel and expense management software and services.
- Extensive analysis of the travel and expense management software market is conducted by monitoring the top competitors within the market framework.
- Comprehensive analysis of factors that drive and restrict the growth of the global travel and expense management software market is provided. For instance, increasing adoption of mobile device and need of hassle free claim reimbursement drives the global travel and expense management software market however security of the user identity is likely to be a major restraint of the market.
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