The global travel management software market, as studied by Market Research Future (MRFR), can reach a valuation of USD 1 billion with a CAGR of 8% during the forecast period (2017-2023). Travel management software supports expenditure of any personal or business-related travel and monitor costs to help investors. The software enables flexibility of tours at a reduced cost. Among its many facilities, self-booking application of the technology is expected to become one of the major driving factors for the market in the coming years.
The global Travel Management Software Market is expected to ride on the prospects of emerging small & medium enterprises. At the same time, on-cloud software systems are becoming a trend that is expected to facilitate business workflow.
However, the global travel management software market may find it a daunting to task to maintain the upscale growth as lack of expertise in handling such a software and initial installation cost can hamper the expected rise during the forecast period.
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The market pros are making efforts to establish strong value chains that can bring in amplified profits. The chances for growth in the market are demonstrating ample area for progress in the forecast period. The competitors are avidly tackling the challenges to development and are making strategies that can lead to an advantageous overall effect on the market’s growth. The competitive viewpoint for the market is expected to expand considerably in the approaching period. The market contestants find themselves in a favorable place with the ability to deal with the speed of change. The advances in the market are expected to be encouraged by the escalation in investments and product developments. The perceived tendency for the market’s advance has enhanced following the improved approachability to encouraging aspects of the market.
The key companies functioning in the Travel Management Software Market are Certify (Portland), Expensify (U.S.), Chrome River Technologies (U.S.), Concur (SAP) (U.S.), NetSuite (U.S.), Infor(U.S.), Ariett (U.S.), Basware (Finland), DATABASIC (U.S.), Expense 8 (Australia), Appricity Corporation (U.S.), Oracle Corporation (U.S.), Interpix, (U.S.), Skyjunxion, (Beirut) Trippeo Technologies (Canada), Fraedom (U.K), Insperity (U.S.), Unit 4 (Netherlands), Nexonia (Canada) and Paychex (U.S.).
The segmentation of the Travel Management Software Market is carried out on the basis of component, deployment, industry, organization, application, and region. On the basis of the component, the travel management software market is segmented into services, solution and managed services. On the basis of deployment, the travel management software market is segmented into on cloud and on premise. Based on the industry, the travel management software market is segmented into transportation, manufacturing retail and logistics, energy and healthcare. The segmentation of the travel management software market based on organization includes small & medium enterprises, large enterprises. On the basis of application, the travel management software market consists of internet, mobile applications, and computer system. The regions considered in the travel management software market are Europe, North America, Asia Pacific and Rest of the World.
Detailed Regional Analysis
The regional analysis of the travel management software consists of regions such as Europe, Asia Pacific, North America, and the rest of the world. The North American region is estimated to be a significant region in the travel management software market due to the incidence of great titans of technologies such as Nexonia, Oracle Corporation and SAP in the U.S. and Canada. Also, the growing number of small startups in developing economies such as India, China, and South Korea in the Asia Pacific region is expected to enhance the travel management software market’s growth. The manufacturing segment is expected to propel the market in this region. This is accredited to a large number of small and medium manufacturing companies related to low-cost labor. Moreover, e-commerce is a mounting sector globally, which has currently has reinforced the logistics supply chains and is consequently motivating the growth of the market in the forecast period. Therefore, the retail & logistics segment is anticipated to have substantial growth in the travel management software market in the course of the forecast period.
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- Travel management software provider.
- Software Solution providers
- Small and Medium Enterprises
- Travel Agencies
- Tour operators
- Research Firms
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