The corporate travel expense management solutions market is valued at USD 6.69 billion. and is projected to reach USD 16.62 billion by 2029, growing at a CAGR of 12% from 2023 to 2030.
Market Overview
The research firm Contrive Datum Insights has just recently added to its database a report with the heading global Corporate Travel Expense Management Solutions Market .Both primary and secondary research methodologies have been utilised in order to conduct an analysis of the worldwide Corporate Travel Expense Management Solutions Market . In order to provide a comprehensive comprehension of the topic at hand, it has been summed up using appropriate and accurate market insights. According to Contrive Datum Insights, this worldwide comprehensive report is broken up into several categories in order to present the data in a way that is understandable, succinct, and presented in a professional manner. Corporate travel expense management solutions are systems and programs that help employees create, track, control, and send expense reports to company management so they can get paid for their travel. These solutions help manage travel bookings, make itineraries, and keep track of the expenses that employees incur while traveling. They also give management a consolidated view of all expenses, which helps them manage budgets and make sure everyone follows the rules. Contrive Datum Insights just added Corporate Travel Expense Management Solutions to its huge database, which helps businesses shape their futures by making well-informed business decisions. It gives a thorough look at many business topics, such as global market trends, new technological developments, market size, market shares, and new ideas. Also, this analytical data was put together with the help of data exploration methods like primary and secondary research. A team of expert researchers also sheds light on both static and changing parts of the global Corporate Travel Expense Management Solutions market.
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Segment Analysis
It encompasses the most important key players in the world’s various regions and contains them. In this research report, several different techniques that high-level industries have utilised to achieve their goals are discussed. In order to obtain a more in-depth analysis of a number of different businesses, player profiles of the most important top players have been developed. It is beneficial to have an understanding of the worldwide competition on both the domestic and international platforms.
It provides a detailed description of the drivers and opportunities in the Corporate Travel Expense Management Solutions Market , which assists current customers and potential customers in gaining a clear vision and making decisions that are most effective for them. In order to discover the desired facts regarding the target market, various types of analysis models, such as Corporate Travel Expense Management Solutions Market , are utilised. In addition to this, it includes a variety of different techniques for strategic planning, which encourages the way to define and develop the framework of the various industries. The market is split into two groups based on how they are used: on-premise and cloud. Cloud-based deployment has a bigger share of the market, and our research shows that it will grow at the fastest rate over the next few years. Cloud-based deployment allows for remote access and virtual bookings, which help to make the service better. Enterprises are combining TEM software with other important solutions, such as Enterprise Resource Planning (ERP) and Human Capital Management (HCM) software, and customizing the interfaces. This aids in improving customer engagement and clientele demands. The market is divided into large enterprises and small and medium enterprises based on the type of business (SME). Our research shows that SMEs should grow a little bit faster than large businesses over the next few years. This means that their CAGR will be higher than that of large businesses. SMEs use TEM software because digital transformation is becoming more popular and the price of the software is not too high. Based on industry, the market is divided into BFSI, education, healthcare, IT & telecom, manufacturing, retail & e-commerce, and others. In terms of market share, the BFSI segment is likely to stay in the lead for the next few years. Employees in the BFSI industry travel most often to handle projects, meet with clients about projects, and visit sites. These things, like the use of integrated corporate cards, make the customer experience even better and push the industry toward using TEM software.
Based on types, the Corporate Travel Expense Management Solutions Market is segmented into:
- Сlоud Ваѕеd
- Оn Рrеmіѕе
Based on application, the Corporate Travel Expense Management Solutions Market is segmented into:
- Тrаnѕроrtаtіоn & Lоgіѕtісѕ
- Gоvеrnmеnt & Dеfеnѕ
- Еnеrgу & Utіlіtіеѕ
- Неаlthсаrе
- Others
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Recent Development
In October 2022, TripActions joined forces with Global Glimpse, a non-profit organization that helps students of the next generation by improving their travel, service learning, cultural immersion, and leadership skills. By recycling monitors and laptops, they also raised money for scholarships.
In October 2022, Infor Inc. opened a research and development center in Hyderabad to add to its infrastructure in India. This building has 3,700 workers and uses digital technologies like data analytics, data structuring, artificial intelligence, and cloud IoT to give client organizations features and functions. This also made them bigger and gave them more business options in the Asia-Pacific region.
Workday added a receipt-scanning feature to their Workday Mobile Suite in September 2022. This added new features, such as the ability to automatically scan transaction dates, vendor/merchant information, and transaction amounts. This feature used OCR technology, which made it possible for organizations to get a lot of information from scanned or captured documents. In August 2022, World Travel Inc. and the U.S. Bank worked together to put virtual cards on their platform. The cards worked with all U.S. booking platforms to help employees keep track of their travel and expenses. Also, non-U.S. banks got help to improve the travel experiences of both domestic and international clients.
In July 2022, Expensify teamed up with PLAID, a U.K. company that offered a solution for variable recurring payments. The partnership made it easier for customers to pay back loans and balances from their bank accounts.
Regional Analysis
In 2022, North America was by far the largest market, with a value of USD 1.16 billion. In the time after the pandemic, the U.S. was one of the countries that grew by up to 27%. By the end of 2021, there were more business trips in the U.S. because there were so many vaccines available. According to Deloitte, 34% of corporate travel managers expected to spend half as much on business travel in 2019 as they did in 2018, but only 8% were able to do so. Many businesses also make plans for how they will spend their money on things like strategic mergers, acquisitions, and improvements that will help them launch new products and come up with new ideas. It made people want TEM software even more. Due to more business travel opportunities in Europe, it has the second largest market share. Also, it is expected to grow at a healthy rate during the period covered by the forecast. In IT, telecom, retail, and e-commerce, businesses in the region are coming up with new ideas to expand their product lines and use new technologies. For example, TripActions launched LIQUID in Europe in December 2021. LIQUID was an all-in-one travel and expense management system that worked with corporate cards. This allowed the business to grow and expand into new areas. Due to more people using the cloud, which leads to digital transformation, the Asia-Pacific region is expected to have the highest CAGR during the forecast period. During the next few years, India and China are expected to gain the most market share. The Indian National Investment Promotion and Facilitation Agency says that India is expected to be one of the top five business travel markets in the world.
Regional Corporate Travel Expense Management Solutions Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in the Corporate Travel Expense Management Solutions Market include:
- Corporate Travel Expense Management Solutions Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
Report Customization:
This report will be customized to your needs for additional data up to 5 companies or 5 countries or nearly 40 analyst hours.
https://www.contrivedatuminsights.com/product-report/corporate-travel-expense-management-solutions-market-45662Key Market Participants in the Corporate Travel Expense Management Solutions Market :
Oracle Corporation, Apptricity Corp., SAP SE (Concur), Basware, Expensify, Chrome River Technologies, Infor, Coupa Software, Trippeo Technologies, Certify, Journyx, Xero, Harvest, Ariett, Abila., and others.
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