LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global travel and expense management software market to grow at a CAGR of close to 12% during the forecast period, according to their latest market research report.
Rise in adoption of travel and expense management software among SMEs is one of the major trends being witnessed in the global travel and expense management software market 2019-2023. With the aim to efficiently manage their employee expense, several small and medium sized enterprise are adopting travel and expense management software. The rise in adoption is attributable to the increased penetration of SaaS-based travel and expense management software. The incorporation of SaaS allows SMEs to use this software at a low cost. Therefore, the increasing adoption of travel and expense management software among these enterprises will fuel the growth of the market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global travel and expense management software market is the growing integration of travel and expense management software with mobile apps:
Global travel and expense management software market: Growing integration of travel and expense management software with mobile apps
Organizations worldwide are increasingly adopting mobile devices such as smartphones to allow employees to work remotely. In addition, enterprises are focusing more on adopting travel and expense management mobile applications to stay connected around the clock. The integration of software with mobile app helps to store and sync data in real time thus, giving employees the freedom to manage expenses from any location. This will lead to an increase in demand for travel and expense management software during the forecast period.
According to a senior analyst at Technavio for research on enterprise application, “Travel and expense management software ensures that the expenses disclosed by the employees are compliant with the standard travel expense reimbursement policy. This will help in reducing the possibility of expense reimbursement frauds. Such benefits will fuel the adoption of travel and expense management software during the forecast period.”
Global travel and expense management software market: Segmentation analysis
The global travel and expense management software market research report provides market segmentation by deployment (SaaS-based, and on-premises) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, followed by EMEA and APAC respectively. Although the APAC region held the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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