North America Travel and Expense Management Software Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The North America travel and expense management software market was valued at approximately $1.37 billion in 2023 and is projected to grow to around $4.02 billion by 2031, reflecting a compound annual growth rate (CAGR) of 14.4% during the forecast period.

Increasing Demand for Real-Time Tracking Solutions

The rising need for real-time travel and expense tracking solutions is a significant driver of growth in the North American market. Companies are increasingly seeking software that enhances agility and transparency in financial operations. Real-time tracking allows businesses to manage budgets proactively by providing immediate insights into spending. Employees can utilize mobile applications to photograph receipts and quickly capture expense information, facilitating instant recording and submission. This capability minimizes the risk of lost receipts and streamlines the approval and reimbursement processes. Additionally, real-time tracking software provides finance teams with current data, enabling them to swiftly identify any discrepancies and ensure compliance with corporate policies. This software also aids in accurate financial forecasting and offers a continuous overview of financial commitments.

The demand for such real-time expense tracking solutions is on the rise globally. Business professionals are increasingly looking for comprehensive travel platforms, prompting market players to enhance their expense management offerings based on customer needs. For example, in July 2024, BCD Travel Services B.V. launched GetGoing, an all-in-one travel platform designed for small and medium-sized enterprises. This platform digitizes expenses, eliminates paper usage, and promotes seamless travel and expense experiences. It features a dashboard with key metrics and travel data insights, including real-time information categorized by traveler, date, and location, empowering businesses to optimize their travel budgets and save time.

Overview of the North America Market

The North American travel and expense management software market is divided into three main regions: Canada, the US, and Mexico. Over the past decade, sectors such as IT and telecom, manufacturing, and tourism have experienced significant growth in North America, driven by technological advancements, increased demand for digitization, and the implementation of advanced software solutions. The rise in both domestic and international employee travel, coupled with simplified claims and reimbursement processes facilitated by travel and expense management software, is propelling market growth. Furthermore, the robust tourism industry in the US is a key factor, as it significantly contributes to the GDP and encourages the adoption of user-friendly software solutions by tour operators.

Market Segmentation Analysis

The North America travel and expense management software market is segmented by deployment mode, organization size, industry, and country:

Deployment Mode: The market is divided into on-premises and cloud solutions, with the cloud segment holding a larger market share in 2023.
Organization Size: The market is categorized into large enterprises and small to medium enterprises, with large enterprises dominating the market share in 2023.
Industry: The market is segmented into various industries, including BFSI (Banking, Financial Services, and Insurance), IT and Telecom, manufacturing, healthcare, government and defense, retail, transport and logistics, among others. The BFSI sector accounted for the largest share in 2023.
Country: The market is further segmented into the US, Canada, and Mexico, with the US holding the largest share in 2023.

Key Players in the Market

Several prominent companies are operating in the North American travel and expense management software market, including:

Basware Corporation
Coupa Software Inc
DATABASICS Inc
Ellucian Company LLC
Emburse, Inc.
Expensify, Inc
Fyle Technologies Private Limited
GB Business Global
Global Business Travel Group Inc
Infor Inc
Kissflow Inc
Navan, Inc.
Oracle Corp
Oversight, Inc
SAP SE
TravelPerk S.L.U.
VA Tech Ventures Private Limited (Happay)
VV Finly Technology Pvt Ltd
Zaggle Prepaid Ocean Services Limited
Zoho Corp Pvt Ltd

These companies are at the forefront of developing innovative solutions that cater to the evolving needs of businesses in managing travel and expenses efficiently.

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