Travel And Expense Management Software Market to Accelerate at a CAGR of over 12% during 2020-2024

Travel And Expense Management Software Market to Accelerate at a CAGR of over 12% during 2020-2024

Technavio has been monitoring the travel and expense management software market and it is poised to grow by USD 2.85 billion during 2020-2024, progressing at a CAGR of over 12% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

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Technavio has announced its latest market research report titled Global Travel and Expense Management Software Market 2020-2024 (Graphic: Business Wire)

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Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a high impact on the travel and expense management software market. The market growth in 2020 is likely to increase compared to market growth in 2019.

Frequently Asked Questions:

  • Based on segmentation by deployment, which is the leading segment in the market?
    The on-premises is the leading segment in the market.

  • What are the major trends in the market?
    The requirement to reduce employee travel and expense reimbursement frauds are the major trends in the market.

  • At what rate is the market projected to grow?
    The market is projected to accelerate at a CAGR of over 12%.

  • Who are the top players in the market?
    Apptricity Corp., Basware Corp., DATABASICS Inc., Emburse, Expensify Inc., IBM Corp., Infor Inc., Oracle Corp., SAP SE (Concur), and Zoho Corporation Pvt Ltd are the top players in the market.

  • What are the key market drivers and challenges?
    The market is driven by the increasing mobile workforce. However, the growing threat from open-source travel and expense management solutions will challenge growth.

  • How big is the North America market?
    Almost 27% of the market’s growth will originate from North America during the forecast period.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Apptricity Corp., Basware Corp., DATABASICS Inc., Emburse, Expensify Inc., IBM Corp., Infor Inc., Oracle Corp., SAP SE (Concur), and Zoho Corporation Pvt Ltd. are some of the major market participants. Although the increasing mobile workforce will offer immense growth opportunities, the growing threat from open-source travel and expense management solutions is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this travel and expense management software market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Travel and Expense Management Software Market 2020-2024: Segmentation

The travel and expense management software market is segmented as below:

  • Deployment

  • Geography

    • North America

    • Europe

    • APAC

    • South America

    • MEA

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR41551

Travel and Expense Management Software Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The travel and expense management software market report covers the following areas:

  • Travel and Expense Management Software Market Size

  • Travel and Expense Management Software Market Trends

  • Travel and Expense Management Software Market Industry Analysis

This study identifies the requirement to reduce employee travel and expense reimbursement frauds as one of the prime reasons driving the travel and expense management software market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Travel and Expense Management Software Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist travel and expense management software market growth during the next five years

  • Estimation of the travel and expense management software market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the travel and expense management software market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of travel and expense management software market vendors

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem

  • Value chain analysis

Market Sizing

Five Forces Analysis

Market Segmentation by Deployment

  • Market segments

  • Comparison by Deployment placement

  • On-premises – Market size and forecast 2019-2024

  • SaaS-based – Market size and forecast 2019-2024

  • Market opportunity by Deployment

Customer landscape

Geographic Landscape

  • Geographic segmentation

  • Geographic comparison

  • North America – Market size and forecast 2019-2024

  • Europe – Market size and forecast 2019-2024

  • APAC – Market size and forecast 2019-2024

  • South America – Market size and forecast 2019-2024

  • MEA – Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers

  • Volume driver – Demand led growth

  • Volume driver – Supply led growth

  • Volume driver – External factors

  • Volume driver – Demand shift in adjacent markets

  • Price driver – Inflation

  • Price driver – Shift from lower to higher-priced units

  • Market challenges

  • Market trends

Vendor Landscape

  • Overview

  • Landscape disruption

  • Vendor Analysis

Vendors covered

Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005695/en/

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