Travel Management Software Market Size is expected to grow at a CAGR of 10.5% by 2030

Published February 20, 2023

Mobile phones have created the need for travel and expense management software and are expected to augment the market at a healthy CAGR of ~ 10.5% during the forecast period of 2020 to 2030.

Market Research Future Insights

According to MRFR analysis, the global Travel Management Software Market is expected to register a CAGR of 10.5% from 2020 to 2030 and hold a value of over USD 17.4 billion by 2030.

Travel management software is a comprehensive system that can contribute to managing and monitoring your business travel expenses. T&E management software is vital for companies sending staff on business trips, whether for planning trips, supervising personnel on the road, or producing expenditure reports. Businesses of all kinds can help from corporate travel and expense management software. It's vital to make sure you have a thorough understanding of your business travel expenses and knowledgeable customer support in case of problems. Additionally, it assistances in optimizing your billing process and scheduling travel according to your company's travel policy. The increasing need to reduce operational costs and expenses in organizations, the adoption of mobile devices, and the need for a hassle-free claim of expenses drive the travel management software market. Further, the emergence of the software-as-a-service gave drive to the development of travel management software and indirectly fueled the market to growth segment.

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Regional Analysis

North America is anticipated to be the largest market and may witness significant growth over the forecast period with a CAGR of 7%. The reason attributed to it is having the giants of technology existing in that region such as oracle, expense 8, unit 4, etc. also the increasing number of small start-ups in these developing economies like China, India, Singapore, etc. will give a huge boost to the global travel management software market. China will be the leading country that will lift the CAGR OF the Asia Pacific region to second place after North America. 

Market Segmentation

The global Travel Management Software Market has been segmented into component, deployment, industry, and application

Based on Components, The Global Travel Management Software Market has been segmented into Solutions and Services

Based on Deployment, The Global Travel Management Software has been segmented into On-Premise and On-Cloud

Based on Industry, The Global Travel Management Software Market has been segmented into Manufacturing, Transportation, Retail & Logistics, Healthcare, and Energy

Based on Application, The Global Travel Management Software has been segmented into the Internet, Mobile Applications, and Computer system

Key Players

Some of the key market players are FRAEDOM (U.K), Oracle Corporation (California), NetSuite (U.S.), SKYJUNXION (Beirut), TRIPPEO Technologies (Canada), INSPERITY (U.S.), INTERPIX (U.S.), Unit 4 (Netherlands), APPRICITY Corporation (U.S.), ARIETTA (U.S.), BASWARE (Finland), DATABASE (U.S.), Expense 8 (Australia), NEXONIA (Canada), and Paychex (U.S.)

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