Global Travel and Expense Management Software Market Size Trend & Opportunity Analysis Report, By Deployment: (Hosted, On-Premise), By Enterprise Size: (SMEs, Large Enterprises), By Industry: (BFSI, Education, Healthcare, IT & Telecom, Manufacturing, Reta

Market Definition and Introduction

The global travel and expense management (TEM) software market is undergoing a profound transformation, underpinned by rapid digitisation, the rise of mobile-first solutions, and increasing demand for streamlined corporate spending. Valued at USD 3.60 billion in 2024, the market is poised to grow to USD 14.50 billion by 2035, expanding at a strong CAGR of 13.5% from 2025 to 2035. This growth reflects a broader trend in enterprise automation, where financial oversight, compliance, and travel logistics are integrated into intuitive, cloud-based platforms.

TEM software enables businesses to automate and manage the end-to-end process of business travel planning, booking, expense tracking, and reimbursement. This includes capturing receipts via mobile apps, ensuring policy compliance, integrating with enterprise systems such as ERP and HCM, and providing real-time analytics. Particularly in a post-pandemic era defined by hybrid work and decentralised teams, the need for mobile-accessible, cloud-hosted expense management platforms has never been greater.

Enterprises today are prioritising transparency, fraud prevention, and cost control. AI and machine learning are transforming how businesses track and optimise spending. Travel policy compliance, mileage tracking, AI-based fraud detection, and personalised travel suggestions have moved from being 'nice-to-have' features to core functionalities. Meanwhile, the increasing regulatory push for audit readiness and data integrity is driving adoption across regulated sectors, including BFSI, healthcare, and telecom.

With travel volumes gradually rebounding to pre-pandemic levels and corporate leaders focusing on operational efficiency, TEM software is no longer a back-office tool; it is a strategic enabler. As mid-sized businesses grow in sophistication and enterprise-level firms demand more integration, the market will see an influx of tailored, scalable solutions that address industry-specific needs. The convergence of financial technology, user experience, and cloud security is positioning this market as a key pillar in modern enterprise infrastructure.

Recent Developments in the Industry

SAP Concur Unveils Generative AI Features to Automate Travel Policies and Expense Reporting

March 2024 - SAP Concur announced AI-powered upgrades to its travel and expense platform. These include automated policy compliance, personalised booking recommendations, and streamlined expense reporting, signalling a move toward fully autonomous travel management.

GBT Travel and American Express Introduce Integrated Spend Management Solution Targeting Global SMEs

March 2024 - GBT Travel Services U.K. Limited partnered with American Express to start an integrated spend management solution for SMEs. The tool enhances visibility into employee expenses and simplifies budgeting, virtual card purchases, and travel booking.

Marqeta and Internet Travel Solutions Introduce EasyCard for Corporate Payments

February 2024 -Marqeta partnered with Internet Travel Solutions to develop a commercial credit card tailored to mid-market enterprises. EasyCard supports flexible payments and improves real-time tracking of travel expenses.

Hotel Planner Acquires Lucid Travel to Expand Event Travel Management

August 2023 - Hotel Planner, a travel tech platform, acquired Lucid Travel, a TEM provider specialising in sports teams and universities. This expands Hotel Planner’s market share in niche travel verticals.

Workday Introduces OCR-Powered Mobile Receipt Scanner to Automate and Simplify Expense Claim Processing

September 2022 - Workday introduced a mobile receipt scanner using OCR tech to automate vendor detection, dates, and transaction amounts, enhancing the speed and accuracy of expense claims.

Trip Actions Partners with Global Glimpse for Youth Travel Initiatives

October 2022- In a CSR initiative, Trip Actions partnered with Global Glimpse to improve youth travel experiences and broaden educational outreach through technology and financial support.

Market Dynamics

Digital-first enterprise strategies are accelerating cloud-based adoption of TEM software.

Organisations across industries are increasingly retiring manual spreadsheets and legacy systems in favour of agile, cloud-native travel and expense management platforms. These systems offer real-time access, seamless mobile functionality, and integrations with ERP, CRM, and payroll tools. In hybrid and decentralised work settings, the ability to manage expenses and approvals remotely is vital. Cloud platforms also allow easier updates, reduce infrastructure burden, and support scalable deployments aligned with company growth.

Regulated industries are prioritising fraud prevention and audit readiness through automation.

The BFSI, healthcare, and government sectors operate under high regulatory scrutiny. They require advanced tools to detect suspicious transactions, enforce travel policies, and maintain detailed audit trails. TEM software equipped with automated compliance checks and real-time alerts allows organisations to manage risk, improve transparency, and pass audits with greater ease. These capabilities make TEM platforms indispensable in sectors where non-compliance has high operational or reputational costs.

AI and machine learning are unlocking smarter, context-aware financial workflows.

Artificial intelligence is transforming how businesses handle travel planning and expense reimbursements. Dynamic policy enforcement, predictive cost analysis, and automated fraud detection are now possible. Machine learning enhances features like automatic receipt categorisation, mileage tracking, and employee spend analysis, allowing finance teams to reduce manual overhead and make more strategic decisions. These innovations are particularly valuable in large enterprises with complex approval hierarchies and global travel footprints.

Security and third-party data risks hinder adoption among risk-sensitive enterprises.

Travel and expense systems process sensitive data employee IDs, credit card information, and itineraries. Data breaches, especially via third-party vendors, are a critical concern. Organisations with heightened data security mandates, such as those in defence or legal sectors, often hesitate to adopt cloud solutions without strong cybersecurity assurances. This concern also applies to businesses lacking internal resources to manage incidents or compliance properly.

The cost of onboarding and low digital maturity slow SME adoption in some regions

While SaaS-based TEM tools are cost-efficient, small and medium-sized enterprises often face barriers in adoption due to limited training capacity, change management issues, and a general lack of digital readiness. In emerging markets, where infrastructure and digital literacy are uneven, these challenges can delay or dilute the value of TEM investments despite long-term savings potential.

Attractive Opportunities in the Market

Hosted Cloud Platforms upgrading: Growing shift to cloud-hosted platforms driven by remote work and mobile-first access models.
Healthcare and BFSI Compliance Needs: Stringent regulations in the healthcare and finance sectors are accelerating TEM adoption.
Increased Mobile App Penetration: Mobile-first expense apps enable on-the-go submissions, approvals, and real-time tracking.
Digital Transformation in APAC: fast digitisation and cloud uptake in Asia-Pacific fuel regional market expansion.
Analytics-Driven Policy Optimisation: Advanced analytics help identify trends, leakages, and optimise travel policies.
Rising Demand for Bleisure Management: Enterprises are adopting platforms that allow blending business and leisure travel.
Eco-Friendly Travel Initiatives: TEM solutions now help organisations track carbon footprints and align with ESG goals.

Report Segmentation

By Deployment: Hosted, On-Premise

By Enterprise Size: SMEs, Large Enterprises

By Industry: BFSI, Education, Healthcare, IT & Telecom, Manufacturing, Retail and E-commerce, Others (Logistics, Hospitality)

By Region: North America: ( U.S., Canada, Mexico)Europe: ( UK, Germany, France, Spain, Italy, Rest of Europe)Asia-Pacific : (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific) LAMEA: (Brazil, Argentina, UAE, Saudi Arabia, Africa, Rest of Latin America)

Key Players: Chrome River Technologies Inc.; Concur Technologies, Inc.; GBT Travel Services U.K. Limited; Infor; Oracle; Oversight; Sodexo; Happay; VV Finly Technologies Pvt. Ltd.; Zoho Corporation Pvt. Ltd.

Dominating Segments

Hosted Deployment Leads Adoption with Flexible Access, Lower IT Burden, and Faster Time to Value

Hosted or cloud-based deployment models accounted for over 63% of the market share in 2023. These platforms are popular among both SMEs and large enterprises due to their ease of setup, low upfront investment, and reduced IT maintenance. Cloud-based systems offer seamless updates, scalability, and integrations with HR, ERP, and finance tools. Businesses prefer hosted models for enabling remote access, ensuring compliance, and accelerating deployment without needing in-house infrastructure or lengthy implementation timelines.

Large Enterprises Dominate Due to High Travel Volumes and Complex Global Compliance Requirements

Large enterprises lead the market with their need for robust travel and expense (T&E) systems that can manage global operations. These organisations handle high employee mobility, multi-region compliance mandates, and diverse travel policies. They rely on advanced analytics, automated policy enforcement, and integration with procurement and financial systems. Their scale and complexity make them ideal candidates for enterprise-grade platforms that offer control, visibility, and governance across business units and geographies.

BFSI Sector Leads with High Travel Frequency, Regulatory Stringency, and Spend Control Objectives

The banking, financial services, and insurance (BFSI) sector remains a key adopter of travel and expense management (TEM) tools. Frequent travel for client meetings, regulatory audits, and on-site evaluations demands efficient, policy-driven expense workflows. Integrated corporate cards, real-time fraud alerts, and audit-ready reporting are critical in this highly regulated industry. The need to reduce operational risk while ensuring spend visibility and cost control makes TEM essential for BFSI institutions.

IT and Telecom Sector Shows Strong Uptake Driven by Global Teams and Innovation-Led Travel

IT and telecom companies are among the most frequent travellers due to global product launches, trade shows, and cross-border team collaborations. These businesses require mobile-friendly, real-time expense tracking with support for multi-currency and complex tax regulations. Their tech-forward mindset pushes early adoption of AI-enabled auditing, predictive spend analytics, and automated approvals, making them one of the fastest-evolving users of modern TEM systems.

Retail and E-Commerce Drive Usage Through Field Teams and Demand for Real-Time Expense Insights

Retail and e-commerce businesses depend heavily on decentralised teams—such as store managers, field staff, and regional sales executives. These teams generate high volumes of frequent, low-value expenses. TEM tools offer real-time spend visibility, mobile receipt capture, and rule-based approvals. By ensuring compliance, reducing manual entry, and tracking mileage and per diem claims, these platforms help streamline T&E processes across distributed and fast-moving workforces.

Key Takeaways

Cloud-led Shift: The Majority of businesses are migrating to cloud-hosted TEM platforms.
AI Integration: Advanced AI features like OCR and policy enforcement are reshaping the user experience.
SMEs Catching Up: SaaS affordability makes SMEs a growing power user segment.
ERP Integration: Seamless tie-ins with finance and HR parts enhance adoption.
Compliance Priority: BFSI and healthcare industries demand audit-ready and fraud-resistant systems.
Mobile-first Tools: Real-time booking and approval workflows are now standard features.
Data Security Challenge: Breach concerns limit adoption among security-conscious firms.

Regional Insights

North America Leads the Market with SaaS Adoption, High Travel Spend, and Digital Readiness

North America remained the largest regional market in 2024, accounting for USD 1.42 billion in revenue. The U.S. continues to drive adoption thanks to rapid recovery in corporate travel, widespread cloud infrastructure, and strong appetite for SaaS platforms. Companies like SAP Concur, Coupa Software, and Navan lead innovation with AI-based automation, mobile-first solutions, and seamless ERP integrations. The region’s mature enterprise ecosystem and strong focus on operational efficiency make it a clear frontrunner in the travel and expense management (TEM) space.

Europe Maintains Growth with GDPR-Compliant Innovation and Strong Enterprise Travel Recovery

Europe remains a key region for TEM adoption, backed by strict regulatory frameworks and steady enterprise investment. Markets such as the UK, Germany, and France show continued demand for GDPR-compliant, secure platforms that support audit trails and policy enforcement. The recovery in cross-border business travel, combined with ongoing digital transformation across the e-commerce and IT sectors, is creating a stable growth environment. Local vendors and global players alike are expanding their presence through regional partnerships and localisation strategies.

Asia-Pacific Emerges as the Fastest-Growing Market with Cloud-First and Mobile-Driven Adoption

Asia-Pacific is experiencing the highest growth rate, fuelled by digital-first business strategies in China, India, Japan, and Southeast Asia. SMEs and large enterprises alike are embracing cloud-based and mobile-enabled T&E platforms to modernise expense workflows. Rapid mobile penetration, expanding start-up ecosystems, and national digitalisation programs are accelerating adoption across industries. As remote work, business travel, and hybrid teams rise, the region is fast becoming a focal point for innovation in expense automation and real-time employee engagement.

LAMEA Sees Steady Adoption through Infrastructure Upgrades and Growing Hospitality, Tourism, and Retail Sectors

Latin America, the Middle East, and Africa are seeing gradual but consistent growth in travel and expense technology adoption. Countries like Brazil, the UAE, Nigeria, and South Africa are investing in 5G infrastructure, mobile banking, and enterprise automation. The growing hospitality, tourism, and retail sectors further support the need for scalable, user-friendly T&E platforms. Government-backed digital initiatives and cloud migration trends are creating new opportunities for vendors focused on mid-market and first-time adopters in the region.

Report Aspects:

Base Year: 2024
Historic Years: 2022, 2023, 2024
Forecast Period: 2025-2035
Report Pages: 293

Core Strategic Questions Answered In This Report

Q. What is the expected growth trajectory of the Global Travel and Expense Management Software Market from 2025 to 2035?

The Global Travel and Expense Management Software Market is set to grow strongly, rising from USD 3.60 billion in 2024 to about USD 14.50 billion by 2035, at a CAGR of 13.5%. This growth is driven by businesses embracing mobile-first, AI-enabled solutions to simplify travel booking, automate expense tracking, and improve cost control in a post-pandemic, hybrid work era.

Q. What are the key factors driving the growth of the Global Travel and Expense Management Software Market?
Rising business travel is pushing companies to track expenses smarter and faster.
Shift to mobile and cloud tools is replacing slow paper-based processes.
Leaders want clearer insights to control costs and ensure compliance.
Employees expect quick reimbursements and AI features that simplify travel tasks.

Q. What are the primary challenges hindering the growth of the Global Travel and Expense Management Software Market?

High implementation costs: Smaller firms hesitate to adopt due to upfront expenses and ongoing subscription fees.
Integration headaches: Connecting new software with existing HR, payroll, or ERP systems can be tricky and time-consuming.
Data security concerns: Storing sensitive travel and expense data in the cloud worries many businesses.
Resistance to change: Employees used to manual methods often find it hard to adapt to new tools.

Q. Which regions currently lead the Global Travel and Expense Management Software Market in terms of market share?

North America currently leads the Global Travel and Expense Management Software Market, powered by high corporate travel spending, strong SaaS adoption, and advanced digital readiness. Europe follows as another key leader, driven by GDPR-compliant platforms and steady enterprise travel recovery.

Q. What are the Growing Opportunities in the Global Travel and Expense Management Software Market?
AI-driven tools are making travel booking and expense tracking faster and smarter.
Mobile-first solutions meet the need for on-the-go expense management.
Growing adoption by SMEs looking for affordable and easy-to-use platforms.
Rising opportunities in emerging markets like Asia-Pacific and the Middle East.

Key Benefits for Stakeholders

The report offers a quantitative assessment of market segments, emerging trends, projections, and market dynamics for the period 2024 to 2035.
The report presents comprehensive market research, including insights into key growth drivers, challenges, and potential opportunities.
Porter's Five Forces analysis evaluates the influence of buyers and suppliers, helping stakeholders make strategic, profit-driven decisions and strengthen their supplier-buyer relationships.
A detailed examination of market segmentation helps identify existing and emerging opportunities.
Key countries within each region are analysed based on their revenue contributions to the overall market.
The positioning of market players enables effective benchmarking and provides clarity on their current standing within the industry.
The report covers regional and global market trends, major players, key segments, application areas, and strategies for market expansion. Show more