The global travel and expense management software market size is expected to reach USD 17.4 billion by 2027, expanding at a CAGR of 12.4%, according to a study conducted by Grand View Research, Inc. Travel and expense management software provides travel, expense, and invoice management services on a single platform, which helps organizations to approve and automate processes like submitting travel plans and expense reports. Several companies are engaged in introducing the software on cloud platform and providing its access to the employees on their mobile phones. The mobile access has made it easier for employees to remotely update their travel expense data. In addition, the software can be integrated with functions like Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Human Capital Management (HCM) systems, which ensures streamlined data flow between these systems.
The
implementation of artificial intelligence in the software helps the companies
to automate and optimize the report approvals and payment processes for their
employees. Artificial intelligence offers the organizations with risk
management solutions as the software analyzes travel histories and spending’s
of an employee to fall in line with the policies. Companies like Concur
technologies, Inc., Infor, Oracle, and Certify, Inc. are working on inducing
artificial intelligence in the software, which will open up a wide array of
features to the users. Companies have introduced solutions that support
multiple currencies and languages and can detect and make automatic conversion
using AI-based tools.
Machine
learning is a technology which provides a system with the ability to
automatically learn to predict and improve future outcomes. The integration of
machine learning with the system will allow companies to keep a track on
employee expenses and will get real-time data in the form of an image of travel
receipts from the employee. For instance, Concur Technologies, Inc. offers a
feature that allows a user to take pictures of the receipt and digitally store
it in the database. Additionally, the text from the receipt image can be
extracted using Optical Character Recognition (OCR), and essential fields
like date, currency, total amount, and spending type can be identified with the
help of machine learning. The software then creates an expense entry using the
above field and can be added to spending reports. The system is embedded with
chat-bots based on machine learning, which uses natural language processing to
respond to a conversational request made by a user. Such technologies are
expected to influence the company’s travel budgets in a positive way and are
anticipated to drive the market.
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Travel And Expense
Management Software Market Report Highlights
- Travel and expense
management software is gaining traction owing to its availability on
smartphones
- Small and medium enterprises
held over 30.0% of market share in 2019 and is anticipated to witness
significant growth over the forecast period owing to the early return on
investment and reduced administrative expenses
- The cloud segment is
expected to capture substantial portion of the market and is expected to
witness a CAGR of more than 10.0% during the forecast period considering
that it provides remote access
- Due to the increase in
expenditure on business trips and higher accumulation of spending reports,
the market is expected to witness significant growth over the forecast
period.
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Travel And Expense
Management Software Market Segmentation
Grand View Research has segmented
the global travel and expense management software market based on deployment
type, organization size, and region:
Travel and Expense
Management Software Deployment Type Outlook (Revenue, USD Million, 2016 - 2027)
- Cloud based
- On-premise
Travel and Expense
Management Software Organization Size Outlook (Revenue, USD Million, 2016 -
2027)
- Small and Medium Scale
Enterprises (SMES)
- Large Enterprises
Travel and Expense
Management Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
List of Key Players
of Travel and Expense Management Software Market
- Chrome River Technologies,
Inc.
- Coupa Software Inc.
- Infor
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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