Published Date : Dec 05, 2016
ALBANY, NY, Dec 05, 2016: The global market for travel and expense management software is anticipated to exhibit strong growth in the coming years, according to a report added to MarketResearchReports.biz. The report, titled “Global Travel and Expense Management Software Market 2016-2020”, sheds light on the structure, scope, and dynamics of the global market and offers sharp insights to make profitable decisions.
Travel and expense management software is used by most companies to keep a check on and manage employee expenses pertaining to travel as well as entertainment. By managing and monitoring these expense reports, enterprises are able to streamline their business processes and avoid human errors or fraudulent activities. Travel and expense management software also helps reduce travel costs, improve the transparency of the reimbursement claim process, and enhance the overall efficiency of the organization.
Riding on these benefits, the global market for travel management software is poised to register a 6.96% CAGR from 2016 to 2020, while the market for expense management software will exhibit a CAGR of 7.70% during that time. The travel and expense management software market is also fueled by the growing need to reduce operational costs and overall expenses, the emergence of software as a service (SaaS)-based management software, and the demand for hassle-free reimbursement procedures.
On the flip side, however, the widespread adoption of travel and expense management software is restricted a dearth of skilled professionals required for its implementation and smooth functioning. The market also faces the challenge of regulatory compliances and threat from open-source software specializing in travel and expense management. Nevertheless, the rising adoption of this software in mid-sized companies, the rising need for visibility into enterprise spending, and a wider access to various travel and expense portals via mobile applications offer players in this market immense scope for growth.
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To offer readers a clear understanding of the overall market, the report bifurcates travel and expense management software on the basis of deployment model into on-premise and SaaS-based software. By geography, the global market is segmented into Europe, Asia Pacific, the Middle East and Africa, South America, and North America. The report studies each of these segments in absolute detail, highlighting the strengths and weaknesses of each geographical and deployment category and providing revenue-based statistics for each. The year-on-year growth rate comparison between the major deployment models has also been included in the report.
The study includes a detail section on the competitive landscape, identifying the leading players and offering insights on some of the other prominent participants. Based on the findings of the report, Chrome River Technologies, Expensify, Infor, Certify, and Concur (SAP) are the dominant companies enjoying a significant share in the travel and expense management software market. Other key players include Paychex, Oracle, Apptricity Corp., Ariett, Trippeo Technologies, InterplX, Tallie, Insperity, Serko, Unit4, Fraedom, Nexonia, Coupa Software, Virtual Communications, DATABASICS, Expense8, NetSuite, Traveldoo SAS, Basware, TraveluXion, Skyjunxion, KDS, and Nexstep Infotech.
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