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Reports
The global travel and expense management software market is expected to witness strong growth during the forecast period between 2021 and 2031.
Travel and expense management softwares are products that assist in tracking and approving costs incurred during business travel by employees.
Travel and expense management softwares have proven beneficial in offering complete understanding of business travel expenditure and customer support when an issue arises.
Some of the benefits of using travel and expense management softwares include receipt tracking, automation of the reimbursement, and itemized report creation.
The outbreak of the COVID-19 pandemic negatively impacted growth in global travel and expense management software market. Increasing number of cases worldwide led to governments imposing strict social distancing regulations and restrictions in a bid to contain the spread of the virus.
This led to reduction in international travel between locations globally, which decreased the need for travel and expenses management softwares and in turn, affected the market growth.
Increasing need to lower operational expenditure and other expenses in firms worldwide is the key growth driver of travel and expense management software market.
Also, continuous growth witnessed in the field of SaaS is expected to help create revenue-generating opportunities for leading players in global market, in the coming years.
In addition to this, rising need for seamless claim of expenses is anticipated to stimulate the growth in overall travel and expense management software market, in years to come.
Furthermore, increasing number of international travel in organizations across different end-use industries is projected to help create revenue-generating opportunities for leading market players, in the years ahead.
Cloud-based deployment type is expected to emerge as largest contributor, in terms of revenue, to overall market because of rising number of small and medium-scale enterprises adopting cloud solutions in prominent countries worldwide.
The global travel and expense management software market is competitive, with prominent presence of well-established market players. Many of these players are expected to account for a large share in overall market, in the coming years.
New software launch could help prominent market players in gaining an edge over other players and in creating revenue-generating opportunities in years to come.
Research and development undertakings could be key, revenue-generating growth strategy for well-established travel and expense management software market, in the years ahead.
Other strategies such as signing of collaborative agreements with smaller players could assist prominent market players in expanding their presence in global market and increasing their revenue shares.
Few leading players in global market include Zoho Corporation, TravelPerk S.L.U., Coupa Software Inc., Oversight Systems Inc., and TripActions.
The global travel and expense management software market is classified into four regions, namely, North America, Europe, Asia Pacific, and rest of the world.
North America is expected to emerge as the dominant region in global travel and expense management software market owing to increasing adoption of cloud computing among enterprises in countries such as the U.S. and Canada.
Asia Pacific is anticipated to witness significant growth in overall travel and expense management software market because of increasing number of small and medium-scale enterprises in both developed and developing economies such as China and India.
Europe is projected to witness strong growth in global market in future due to rising adoption of technological advancements in countries such as the U.K. and Germany.
The rest of the world is expected to witness moderate growth in global travel and expense management market, in years to come.
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Travel & Expense Management Market
