Worldwide Travel and Expense Management Software Forecast, 2017–2021
This IDC study examines the market for travel and expense management software, which is growing at a very strong pace (with a CAGR of 10.0%, it's expected to reach $2.49 billion by 2021). Demand for public cloud (CAGR of 12.7%) is clearly outpacing that of on-premises/other software (CAGR of -10.7%), with businesses of all sizes and industries adopting T&E applications in the cloud."Organizations are increasingly strategically investing in best-of-breed SaaS travel and expense management applications to better manage their spend," said Jordan Jewell, research analyst for Enterprise Applications and Digital Commerce with IDC. "As the competitive landscape for travel and expense applications continues to mature, vendors will be required to embed analytics and machine learning into the applications, further automating the processes and integration with third-party applications and services encompassing the extended processes."
Please Note: Extended description available upon request.