Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Travel and Expense Management Software Market makes an offering of in-depth analysis of segments and
sub-segments in the regional and international Travel and
Expense Management Software Market. The research
also emphasizes on the impact of restraints, drivers, and macro indicators on
the regional and global Travel and Expense Management Software Market
over the short as well as long period of time. A
detailed presentation of forecast, trends, and dollar values of global Travel
and Expense Management Software Market is offered. In accordance with the report, the global
Travel and Expense Management Software Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Travel
and expense management software market is a financial management software
system that is employed by enterprises of different scales. It assists the
enterprises in the automation and streamlining of the process of reporting
expenses. This software allows the managers to book tickets for his/her
employees keeping in mind the employees preferences with regard to traveling.
These software are employed by companies with the aim of keeping an eye and
hand on expenses made on business trips.
Market Drivers
The
prime objective of the deployment of this software is to monitor expenditure.
The expansion in the operation of various enterprises on a global basis has
resulted in the travelling of its employees across nations to carry out
business and trade. These travelling expenses has to kept track of by the
business firms for minimizing the company’s expenditure. This software enables
the company to keep track of a fraudulent practices and human error in process
of managing expenditures. The process of auditing expenditure and making a
report out of it is necessary step in accounting procedure of the enterprises.
The use of this software helps to keep track of expenses. Further, due to the
installation of such software to curb expenditure, operational efficiency of
the organizations has been achieved which is fueling the growth of this market.
The
convenience associated with the deployment of this solutions is empowering the
growth of this market. This software can be installed in smart phones, tablets
and other portable devices. Moreover, the steps involved in accounting the
expenditure is user friendly and can be processed even by a layman.
Travel
and expense management software has resulted in the hassle-free processing of
the reimbursement policies. This software is capable of providing the company
an integrated view of expenditure by combining travel and expense management
software with Customer Relationship Management (CRM), Human Capital Management
(HCM) and Enterprise Resource Planning (ERP). This has resulted in paper and
pen work and is time-efficient and cost-effective which is augmenting the
growth of the travel and expense management software market.
Market Restraints
The
dearth of skilled professional and workforce that can work intelligently and
easily with these software’s is hindering the growth of this market.
The
lack of supervision and control over these solutions and software is impeding
the growth of the travel and expense management software market.
Privacy
and security concerns are taking a toll on this market. The complexity
associated with installing cloud-based software for travel and expense
management is a severe bottleneck to this market. The risk associated with
compromising the identity of the user is severely straining the growth prospects
of the travel and expense management software market.
The
lack of flexibility in this software is restraining the growth of the travel
and expense management software market at large.
Opportunities
The
incorporation of data analytics programs and Artificial Intelligence (AI) in
this software is expected to provide lucrative opportunity to this market.
Internet
penetration and its application on a broad spectrum in numerous business
operation is expected with widen with technological upgradation and provide
good scope to kickstart operation in this market.
The
accessibility of border by these travel portals coupled with the recent upsurge
in the adoption of these software’s especially by small and medium enterprises
is expected to thrive the market in the near future.
Trends
At
present North America is a leader in the market for travel and expense
management software market and is expected to continue its domination in the
forecast period owing the rapid advocacy of cloud technologies and further
development made in that field. The Asia Pacific region is projected to emerge
as the fastest growing region in the forecast period. This progress can be
traced back to the presence of small and medium enterprises on a large scale
complementary to the spurring growth of SMEs at present and in the near future.
The wide acceptance of travel and expense management software by the
enterprises of this region and the widening scope of business travels
especially in China, Hong Kong and India are some of the other factors
propelling such growth. The market in Europe is projected to witness progress
due to technical advancement and the obtainability of these software’s in smart
phones. The market of Latin America, Middle East and Africa is also estimated
to witness progress because of the gaining importance of Cloud technologies and
presence of many local players.
Segment Covered:
This market
intelligence report on the global Travel and Expense Management Software Market
encompasses market segments based on
deployment type, organizational size, industry vertical and country.
By Deployment
Type the global Travel and Expense Management Software Market has been divided
into:
q On-premises
q Cloud
By Organizational Size the global Travel
and Expense Management Software Market has been divided into:
q Large
Scale
q Small
and Medium Scale
By Industry
Verticals the global Travel and Expense Management Software Market has been
divided into:
q Retail
q IT
& Telecom
q Public
Sector
q Healthcare
q Aerospace
& Defence
q Banking,
Financial Services & Insurance
q Others
By country/region,
the global Travel and Expense Management Software Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Coupa
Software Incorporated
q Chrome
River Technologies
q Infor
q KDS Inc
q Interplex,
Inc
q Data-Basics
Inc
q 8Common
Limited
q Expensify
q Concur
q Oracle
Corporation
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Travel and Expense Management Software Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in each
of the geographical segments gives an insight into market share of the global
players.
Few Recent Developments
Coupa Software Incorporated
In January 2017,
Spend360 International Ltd. Was acquired by Coupa Software International. The
prime objective of this acquisition was the expansion of product portfolio and
consumer base.
Chrome River Technologies
In March 2019,
Chrome River Technologies collaborated with Certify to initiate an integrated
suite of product aimed at observing, supervising and analyzing corporate
expenditure.
Infor
In March 2018,
Infor and Deem entered into strategic collaboration. This collaboration was
aimed at the integration of travel and expense management solutions.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Travel and
Expense Management Software Market, size of the
market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of
forecast: 2020-2028, taking into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Travel and Expense Management Software Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Travel and Expense Management Software caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Travel
and Expense Management Software Market. The research also caters to the rising needs of consulting
and research firms, financial analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Travel and Expense Management Software Market
v
Identification
of key factors driving investment opportunities in the Travel and
Expense Management Software Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants
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