About Travel and Expense Management Software
Travel and expense management software is used by enterprises to manage and audit the expenses by their employees that include travel. This software helps maintain the transparency between enterprise and its employees regarding their expenses on business trips. The software is used by enterprises to control and monitor expense reports, which help streamline the business process and prevent fraud and human error. It also increases the transparency among employees and enterprises for entire reimbursement claim process, reduces travel costs, and improves the efficiency of enterprises.
Technavio’s analysts forecast the global travel and expense management software market to grow at a CAGR of 7.66% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global travel and expense management software market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of software license of travel and expense management software.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Travel and Expense Management Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global travel and expense management software market: American Express Global Business Travel, Apptricity, AvidXchange, Basware, Certify, Chrome River Technologies, Coupa Software, DATABASICS, Expense8, ExpenseAnywhere, Expensify, Expenzing, Infor, InterplX, Oracle, Paychex, SAP, Serko, Skyjunxion, Traveldoo, TraveluXion, Trippeo Technologies, and Unit4.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Introduction of travel and expense management mobile app. The increasing adoption of mobile devices for professional purposes is a major trend in the global travel and expense management software market. Enterprises are increasingly focusing on adopting travel and expense management mobile app to stay connected to the clock via mobile devices. Mobile devices keep employees connected, and it has increased the demand for continuous connectivity between corporate networks and the mobile devices of employees. Employees are encouraged to use their privately owned mobile devices such as cell phones, tablets, and laptops to access and store private information.”
According to the report, one of the major drivers for this market is Pricing strategies of vendors. To thrive in a competitive market environment, travel and expense management software vendors are adopting customer-centric pricing strategies enabled by advances in technology. Several vendors in the travel and expense management software market are focusing on providing value-based pricing models depending on the customer's needs. The pricing of the software is based on differentiating features of the software solution and the value-added features provided to the customers.
Further, the report states that one of the major factors hindering the growth of this market is High implementation and maintenance costs. The high cost of deploying on-premise travel and expense management software is one of the major challenges in the market. The price of travel and expense management software includes the cost of implementation, training, maintenance, software licensing, system design, and customization. Apart from software licensing, enterprises also need to invest in the proper implementation of the software and training for the employees to use the software application. Post implementation, the software requires continuous upgradation to keep up with the market trends. All these factors lead to a rise in the total cost of implementation of travel and expense management software, adversely affecting its adoption among the end-users.
American Express Global Business Travel, Apptricity, AvidXchange, Basware, Certify, Chrome River Technologies, Coupa Software, DATABASICS, Expense8, ExpenseAnywhere, Expensify, Expenzing, Infor, InterplX, Oracle, Paychex, SAP, Serko, Skyjunxion, Traveldoo, TraveluXion, Trippeo Technologies, and Unit4.