Travel and expense management solutions help in monitoring and controlling expense reports, thereby preventing fraud and human error and streamlining the business process. It also helps in increasing visibility across the entire reimbursement process, reducing travel costs, and improving the efficiency of the expense handing process. The use of these solutions has grown in many enterprises, by providing more efficient, faster, and flexible options for enterprises in travel and expenses management. Furthermore, enterprises are managing and analyzing their existing expense data and transforming them into accurate insights to take decisions across business operations. It helps the expense manager to reduce reporting errors and have greater control over expense management. In addition, this helps businesses to improve the operational efficiency, significantly lower their travel expense, and speed up the processes by providing cost benefits. These solutions not only track the travel expenses but also perform historical spend analysis, predictive analysis, and other similar functions.
The major factor responsible for driving the travel & expense management market is requirement to have better expense visibility and an increase in the adoption of mobile devices. Using mobile devices, users can book tickets online, locate their luggage, change their flights, and can share expense sheets. Therefore, businesses are increasingly shifting toward travel and expense management solutions for easy access of budget plans through connected devices over the network. In addition, increased adoption of end-to-end travel and expense management solutions and rising need to reduce operational costs for an enterprise also drives the market toward growth trajectory.
However, data security issues and accessibility of in-house expense management systems is expected to hinder the growth of the market during the forecast period. Enterprises are facing challenges in installing cloud based travel and expenses management software. Lack of skilled labor also hampers the growth of the market. However, ease of access to these portals through mobile apps is expected to provide numerous opportunities to the travel & expense management market.
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The global travel & expense management market can be segmented based on product type, component, enterprise size, and vertical. Based on product type, the travel & expense management market can be segmented into web based and cloud based expense management solutions. In terms of component, the travel & expense management market can be bifurcated into two major categories: software (on premise, cloud (public cloud, private cloud) and hybrid) and services (managed service, professional services (maintenance, integration and installation)). By enterprise size, the travel & expense management market can be categorized into SMEs and large enterprises. In terms of vertical, the global travel & expense management market can be segregated into BFSI, telecom & IT, media & entertainment, transportation, retail & e-commerce, utilities, health care, government, and education.
The travel & expense management market can be classified in terms of region into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to account for a major share of the market during the forecast period. This can be ascribed to the increasing popularity of mobile applications among enterprises and growing number of enterprises, and presence of large number of vendors providing solutions to various industries in the region. Moreover, emergence of machine learning & predictive analytics and rise in the number of business applications are the key factors projected to drive the growth of the travel & expense management market in North America. Asia Pacific is expected to be a rapidly growing travel & expense management market owing to the rise in adoption of management software in enterprises in the region.