LONDON--(BUSINESS WIRE)--The global travel and expense management software market is expected to grow by USD 2.85 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The mobile workforce remain connected to their enterprise through the internet accessed through various electronic devices. Mobile workforces are becoming a norm in many industries such as healthcare due to enhanced connectivity and growing adoption of technology in organizations. This makes it necessary for enterprises to efficiently manage the travel expenses of their employees. Travel and expense management software helps in avoiding inaccuracies in the filing of expenses and ensures the expenses comply with the enterprise travel policies. Thus, the increase in mobile workforce will boost the growth of the travel and expense management software market during the forecast period.
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As per Technavio, the need to reduce employee travel and expense reimbursement frauds will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Travel and Expense Management Software Market: Need to Reduce Employee Travel and Expense Reimbursement Frauds
Enterprises are increasingly deploying travel and expense management software to check travel and expense reimbursement frauds by employees. This software identifies the expenses that are not part of the standard travel expense reimbursement policy. It denies reimbursement requests of those employees who show their personal expenses as a business expense. It also identifies fake purchases and inflated costs that are not valid as per enterprise policy and deny the associated reimbursements. The software not only provides transparency in case of an audit but also allows real time tracking of activities to manage risks. Thus, the increasing need to reduce employee travel and expense reimbursement frauds is expected to showcase a positive outlook during the forecast period.
“The growing preference for the integration of travel and expense management software with mobile apps is another major factor that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Travel and Expense Management Software Market: Segmentation Analysis
This market research report segments the travel and expense management software market by deployment (on-premises and SaaS-based), and geographic segmentation (North America, APAC, Europe, South America, and MEA).
North America led the travel and expense management software market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, North America is expected to register the highest incremental growth due to the rise in adoption of travel and expense management software by enterprises such as BFSI.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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