Global Travel and Expense Management Software Market: Travel and expense (T&E) management software is a software that is deployed by enterprises to manage and audit employee-initiated expenses that include travel and entertainment. These T&E software’s are very beneficial to an enterprise as they provide a faster, more efficient, and a flexible way to handle expenses. These T&E software’s allow employees to take a photo of receipts with the help of mobile phone and route them electronically. Moreover, managers are also able to give approval to the expense reports or travel requests by using mobile application.
Primary factors driving growth of the global travel and expense management software market are increasing use of mobile devices such as smartphones, tablets, and laptops coupled with hassle-free claims and reimbursement procedures. In addition, ease of access to the application, increasing demand for T&E management software’s from small and medium enterprises (SME’s) are other major factors expected to drive growth of the global travel and expense management software market.
However, lack of skilled personnel for installation of cloud based travel and expense software in an enterprise, and privacy concerns related to T&E management software are key factors restraining growth of the global travel and expense management software market. In addition, lack of control, and flexibility over travel and expense management software are other factors hampering growth of the global travel and expense management software.
The global travel and expense management software market report has been segmented on the basis of deployment, industry, and region. On the basis of region market is segmented into , North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America dominates the global travel and expense management software market in terms of revenue, and is expected to maintain its dominance over the forecast period. This dominance is attributed to, technological advancements in cloud-based services in the region. Asia Pacific travel and expense management software market is expected to have the highest growth over the forecast period, owing to increase in disposable income, and rising demand for travel and expense management software’s by SME’s in the region.
Key players in the global travel and expense management software market includes Concur (SAP), Certify, Expensify, Chrome River Technologies, Infor, Baseware, Coupa Software, DATABASICS, Expense8, and Oracle.