Market Overview
The market size of the travel management software market is expected to hit 17.4 billion dollars by the end of the year 2030. During the forecast period of 2020 to 2030, the travel management software market is expected to grow with a CAGR or Compound Annual Growth Rate of 10.5% according to expert analysts. Travel management software refers to a tool that provides analysis, tracking and booking services to travel managers for business travel. After the Covid-19 pandemic the number of tourists has increased globally. Organizations have started to make changes in their outdated ways and unorganized expenditure management which has brought a huge change in the marketing value for travel management software especially for companies that organize business trips frequently. Usage of advanced technology has increased along with the increase in usage of the internet and mobile applications in the market more rapidly.
Also, changing the booking processes of online tour agencies acts profitable to the overall market. Travel management software today are smart and integrated with advanced technology such that they can solve issues that are related with expense management system which is incompetent. They also provide insights in the invested funds, workflows and paying salaries to employees. All transport modes and options for accommodation are available in a single platform in online travel booking agencies. All these factors have led to an increase in adoption of these solutions for the purpose of travel management. With rising demand, the market of travel management software is also boosting.
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Market Segmentation
The market can be segmented on four bases. These are segmentation by application, by industry, by deployment and by component.
- On the grounds of industry, the divisions are Energy, Healthcare, Logistics and Retail, Transportation and Manufacturing.
- On the grounds of application, the segments include Computer system, mobile apps, Internet.
- On the grounds of deployment, the segments are On-cloud and on-premise.
- On the grounds of component, the segments are services and solutions.
Regional Classification
On the basis of region, the segments are Europe, Africa, Latin America, Middle East and Asia Pacific. North America has led the market share previously and is expected to continue to dominate the Travel Management Software market in the projected period of 2020 to 2030. This can be attributed to the rise in demand for these solutions in various industries. Also, the surge in mobile users and hence, increased booking through mobile apps is a contributing factor. The ease of use and convenience offered by mobile applications has increased over all bookings. The second largest share in the market is held by the European continent. The regional growth of the market can be attributed greatly to IoT or Internet of Things and the connectivity that it has facilitated across various devices. In the APAC or Asia Pacific, the market is expected to grow at the fastest rate as compared to other regional segments.
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Industry News
There are many main players in the industry for travel management software. Some are APPRICITY Corporation, BASWARE, ARIETT, DATABASIC, FRAEDOM, Expense 8, Oracle Corporation, SKYJUNXION, NetSuite, TRIPPEO Technologies, INTERPIX, INSPERITY, NEXONIA, Unit 4 and Paychex.
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