Travel Management Software Management Market – Overview
Travel Management Software is a useful platform to record all travel related expenses efficiently, such as planning, purchasing, and mischillinious expenditures occurred for a travel. This software is extensively used by the corporates worldwide to streamline purchasing policies & decisions while maintaining the records of travel expenses occurred by their employees during business trips.
These records further help these corporates to control business travel budget, to ensure that these travels are in accordance with the company policy while maintaining the discernibility between managers and employees regarding corporate travel. The software also provides tools such as online travel booking allowing ticket booking for air /bus/train travels and managing reimbursement for the travel expenses.
Owing to these efficacies, Travel Management Software has proven to be a practical solution to maintain & manage traveling records. This, in turn, increases the uptake of this software, further increasing its market growth globally. Augmented uptake of the internet of things (IoT) has allowed the TMS to garner extensive traction worldwide escalating its market to perceive an exponential growth on the global platform.
Acknowledging the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future (MRFR) has recently published a study report giving out the complete market insight up to 2023. This study report indicates that the Travel Management Software Market will expand accruing USD ~1 Billion by 2023, registering ~8% of a CAGR during the forecast period (2017 and 2023).
TMS solutions easily integrate with mobile applications, enabling users to manage reports virtually from any device. The proliferation of mobile applications is one of the growth driving factors of the Travel Management Software (TMS) market as it offers a secure and convenient platform, available to access any-time and anywhere across the devices. This convenience factor resultantly, drives the market growth largely.
Also, the rapidly burgeoning eCommerce sector worldwide, backed by the improved logistics supply, ensuring the on-time delivery provides impetus to the market growth of TMS. In addition, other factors contributing to the market growth include, increasing urbanization and industrialization worldwide. Improving economic conditions that enhance consumers’ affordability worldwide foster the market growth of the Travel Management Software, globally.
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Conversely, security concerns related to software as a service-based TMS solutions present challenges to the market growth. However, the ever-increasing demand for the software coupled with the increasing uptake of TMS will support the market growth of Travel Management Software. Besides, lack of expertise in installation associated with operational techniques of a cloud-based software system will pose challenges to the market growth over the forecast period.
Industry/ Innovations/ Related News
April 24, 2018 – TripAdvisor, Inc. (US) a global travel company announced the acquisition of Bokun (Iceland), a leading provider of business management technology for the tours, attractions and experiences industry. The deal is expected to help TripAdvisor to cover the largest distribution channel while expanding its offering with adept technical solutions.
April 23, 2018 – InterplX Expense Management (US), one of the global providers for the expense management software solutions launched its new software – ExpenseNet® 8.0 that can deliver a simplified enterprise-class expense reporting for corporate travelers, accessible anywhere from any device.
April 10, 2018 – Deem – Rearden Commerce (US), a leading mobile and cloud software technology provider for the business travel industry, announced the signing of a strategic partnership with Pinnacle Travel Services (PTS – US) a leading travel management company. According to the agreement between the due, PTS will resell Deem’s business travel management solutions to their customers and prospects for the next three years.
The major players include Concur (SAP) (U.S.), Certify (Portland), Expensify (U.S.), Chrome River Technologies (U.S.), Infor(U.S.) are the leading technologies of the travel management software.
The other prominent market players include Appricity Corporation (U.S.), Ariett (U.S.), Basware (Finland), DATABASIC (U.S.), Expense 8 (Australia), Fraedom (U.K), Oracle Corporation (Calfornia, U.S.), NetSuite (Calfornia, U.S.), Skyjunxion, (Beirut) Trippeo Technologies (Canada), Insperity (U.S.), Interpix, (U.S.) Unit 4 (Netherlands), Nexonia (Canada), Paychex (U.S.).
Travel management software market has been bifurcated into component, deployment, industry, application, and organization.
Travel management software market has been categorized based on components, which includes solution and services. Based on the solutions, the market is further segmented into business intelligence, integrations, customer experience. Based on the services, the market is categorized into professional services and managed services. Moreover, the managed services segment is categorized into application management, consulting services, and service& support .The professional services is differentiated into financial management, business performance management. Based on the deployment, the market is categorized into on-premises and on- clouds.
- Based on the industry, the market is classified into manufacturing, transportation, retail& logistics, healthcare, and energy..
- Application segment has been categorized into the internet, mobile applications, and computer system.
- Based on the organization, the market has been categorized into large, small, and medium enterprises.
Geographically, the travel management software is categorized into North America, Europe Asia-Pacific and Rest of the World. The North American market is expected to be the prominent region in the travel management software owing to the presence of big giants of technologies such as Oracle Corporation, Nexonia and SAP concur in the U.S. and Canada. Furthermore, increasing number of small startups in the emerging economies such as China, India, and South Korea of APAC region is projected to boost the global travel management software market growth China, one of the manufacturing based on economies of the world has supposed to be the leading country in the APAC region. This is attributed to large number of small and medium manufacturing companies associated with the low-cost labor. Therefore, the manufacturing segment is anticipated to drive the market in this region. Additionally, e-commerce is a growing sector across the globe, which currently has fastened the logistics supply and delivers the goods to the customer on time. Consequently, the retail& logistics segment is expected to have a significant growth in the travel management software market over the review period 2017-2023.
Travel Management Software Management Market – Competitive Analysis
The embryonic market of Travel Management Software appears to be fiercely competitive and fragmented. Several large and small key players are churning the competition to gain competitive edge accounting for a substantial market share. Collaboration, Acquisition, partnership, product/ technology launch & expansion, remain the prevailing strategies of market players.
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- Travel management software provider.
- Software Solution providers
- Small and Medium Enterprises
- Travel Agencies
- Tour operators
- Research Firms
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Travel Management Software Market
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