LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global travel and expense management software market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The report further segments the global travel and expense management software market by component (travel management software and expense management software), deployment type (on-premise and cloud-based) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global travel and expense management software market:
- Pricing strategies of vendors
- Increased demand for SaaS-based travel and expense management software
- Need for hassle-free claims and reimbursement
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Pricing strategies of vendors
To prosper in a competitive market environment, travel and expense management software vendors are implementing customer-centric pricing strategies enabled by advances in technology. Several vendors in the travel and expense management software market are concentrating on providing value-based pricing models depending on the customer's needs. The pricing of the software is based on differentiating features of the software solution and the value-added features provided to the customers.
According to Amrita Choudhury, a lead analyst at Technavio for enterprise application research, “The customers focus on certain economic and market factors such as ROI, the ability to opt for free models, and constrained IT budgets. The vendors must accommodate varying customer pricing preferences and budgets. Thus, vendors are providing SaaS, commercial open-source models, and term licensing to be in sync with the changing demands. Varying pricing structures of the travel and expense management software will increase its adoption among end-users during the forecast period.”
Increased demand for SaaS-based travel and expense management software
With the rise of cloud computing in the global travel and expense management software market, several enterprises are choosing to host this software solution on data centers. For these enterprises, switching to a cloud-based SaaS model eases the burden on IT departments and permits external service providers to provide maintenance and support to their users. Enterprises of all sizes are deploying SaaS-based solutions as they are economical, can be accessed from anywhere, and provide all functions of the software at a minimum total cost of ownership.
The growing acceptance of SaaS-based travel and expense management software can be attributed to its fast deployment speed, lower upfront costs, and flexibility that can be changed according to the company's requirements. SaaS-based travel and expense management software further enables organizations to access data and services remotely through a web-browser without installing application software.
Need for hassle-free claims and reimbursement
Enterprises are increasingly spending on travel expenses of employees. A substantial amount of capital is also spent on maintaining reports on various expenses. Therefore, there is a strong requirement for a software that aids to provide a unified solution to maintain travel booking and expense reports, while giving employees the time to focus on their core business activities. This requirement can be met by travel and expense management software. This software helps streamline expense reports and increase employee productivity. It makes the claim process better controlled and easier for employees.
“The travel and expense management software assists employees in creating their own expenditure reports to understand and manage expenses. Such reports help increase the accuracy of the information and reduce human errors, thereby increasing enterprises' productivity and revenue. This software also saves an employee from the hassle and stress of planning and creating expense reports while focusing on its assignments and clients,” says Amrita.
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