Travel and Expense Management Software Market 2020
A new report recently added to the online inventory of Wise Guys Reports (WGR) reveals that the Global Travel and Expense Management Software Market is expected to surge rapidly at a compound annual growth rate of impressive 7.66% between the forecast period 2017 and 2021. Widespread adoption of travel and expense management software integrated with the mobile application and introduction of AI are the major reasons governing the upward trend in the market.
The Key vendors covered in this report
American Express Global Business Travel
Chrome River Technologies
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Businesses use the travel and expense management software to handle and audit their workers ‘ costs which also comprises travel. The software helps to sustain the level of transparency between the company and its staff about the business trip expenditures of the latter. Corporations use the software to observe and regulate expense reports that assist in streamlining business processes and deter fraud and human error. It also improves clarity for the entire reimbursement claim process between staff and businesses, besides decreasing travel expenses and enhancing enterprise effectiveness.
Various businesses are frequently using mobile apps for travel and expense management to remain connected around the clock. Linking the travel and expense management software with the mobile application provides staff with the liberty to handle expenditure on the go. It also allows companies to check the services offered by travel agents, including arranging the booking, cancelation, and departure. Thus, the integration of travel and expense management software with mobile apps is anticipated to propel the market growth during the forecast period.
By auditing the authenticity of the expense presented by staff, the use of Artificial Intelligence in travel and expense software can minimize or even eradicate the chances of fraud. Businesses can conduct an automated policy check and audit trail using AI and easily flag the non-complaint staff. Such advantages will lead to the increased use and incorporation of the AI techniques during the forecast period in the travel and expense management software market globally. However, the high implementation and maintenance costs of the Travel and Expense Management Software could pose a challenge to market growth.
Global Travel and Expense Management Software Market: Segmental Analysis
The Global Travel and Expense Management Software Market is segmented into deployment type, component.
On the basis of deployment type, the market is split into SaaS-based deployment and on-premises deployment.
On the basis of component, the market is divided into travel management software and expense management software
Global Travel and Expense Management Software Market: Regional Analysis
On the basis of the region, the Global Travel and Expense Management Software Market is divided into the Americas, APAC, and EMEA.
North America’s market commands the worldwide market in revenue-related travel and expense management software and is anticipated to keep its dominance over the forecast period. The APAC region travel and expense management software industry is anticipated to have the most significant development over the projection timeline due to increased disposable income and rising demand for the software amongst the SMEs based in the region.
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