The global travel management software market is projected to grow at a CAGR of 15.57% to reach US$6.951 billion in 2029 from US$2.525 billion in 2022.
Travel-management software enables people and companies to track and document the expenses incurred by workers and business travelers. It allows companies and organizations to create a budget-friendly, flexible vacation or tour design. Additionally, it facilitates the approval of employee travel expenses and the sending of quotes for processing, submission, and reimbursement of such costs from the company. As a result, the time-consuming processes of documenting expenses, supplying receipts as proof, and requesting refunds from the accounts department are no longer necessary. The company can immediately track actions and costs by documenting travel's minute details in the travel management software. Growing demand from enterprises and booming traveling activities are driving market growth.
Complicated and multi-strategy organizational frameworks and the growing use of mobile phones have brought the need for travel and cost management software to the market. Every business wants to cut costs, and travel management software helps users organize their work trips more comfortably and affordably. However, employees must also carry all bills and receipts to verify the costs they incurred. They can only request for reimbursement after these records have been verified. Companies are utilizing this software to do away with this lengthy process. For example, Optical Character Recognition (OCR) is a machine learning-based technology developed by Concur Technologies Inc. that pulls data from a receipt image and translates it into text. Additionally, it has integrated AI-powered chatbots into the program that can accept or deny reimbursements by corporate policy. Moreover, the travel management software market's expansion is driven by the rising popularity of tablet and mobile devices.
By region, the travel management software market is dominated by North America. The development of mobile booking technologies and travel apps and the rising demand for travel management solutions across businesses are causing the regional market to grow.
Additionally, the region's market shares are boosted by numerous significant firms and the widespread adoption of travel management software solutions. The market for travel and expense management software in North America is also anticipated to be driven by the adoption of machine learning and predictive analytics.
Further, the presence of small and medium-sized businesses in North America's travel and expense management software contributes to expanding the market in that area. Additionally, the increasing travel sector in these countries, technological developments, and rising demand for online booking formats all contribute to higher market revenues. The emergence and adoption of numerous futuristic travel management platforms and the spread of smart connected gadgets and connectivity technologies further contribute to the regional market growth.
Travel and expense management software contains employee names, mail IDs, company credit card information, business-related actions, transaction details, and other financial histories. Because businesses are more careful when choosing a travel and expense management software solution, it becomes a critical issue for firms. Most private and payment data breaches originate from third-party vendors like hotel reservations, airline tickets, or other retailers.
Many travel departments and providers are using multiple payment security applications. Applications for defining payment security policies, educating passengers about security policies, assessing data security standards, and responding to online fraud losses are among the security regulations covered by these programs. As a result, achieving total security becomes quite challenging, negatively affecting growth.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Travel Management Software Market Size Value in 2022 | US$2.525 billion |
| Travel Management Software Market Size Value in 2029 | US$6.951 billion |
| Growth Rate | CAGR of 15.57% from 2022 to 2029 |
| Study Period |
2019 to 2029 |
| Historical Data |
2019 to 2022 |
| Base Year | 2023 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
|
| Companies Covered |
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| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Travel Management Software Market is segmented and analyzed as follows: