Report : Europe Travel and Expense Management Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government and Defense, Transport and Logistics, Retail, and Others)
At 8.3% CAGR, the Europe Travel and Expense Management Software Market is speculated to be worth US$ 1,608.13 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe travel and expense management software market was valued at US$ 994.90 million in 2022 and is expected to reach US$ 1,608.13 million by 2028, registering a CAGR of 8.3% from 2022 to 2028. Hassle-free claims and reimbursements and increasing mobile workforce are the critical factors attributed to the Europe travel and expense management software market expansion.
The detailed procedures of the expense reimbursement cycle make the travel and expense management tasks time-consuming and tedious. It becomes difficult for employees and the finance teams to ensure timely submissions and processing of expenses. By installing travel and expense management software, one can monitor and analyze a large amount of expense data on a single platform, which saves time and money. Organizations ask employees to attach receipts with every claim in their expense reports because those receipts act as proof. Handling the receipts is a tough task for the employees, and this also increases the burden on finance teams to accumulate, verify, and document them. The software also helps manage travel bookings and make itineraries for an employee, which provides an organized way to manage the data. Several vendors are integrating the software with mobile applications to ensure easy access for users. The integration allows employees to use their smartphones to capture receipts and put them on a centralized dashboard, route the receipts to the appropriate approvers, manage those approvals or flag those that need attention, check for policy violations, and schedule reimbursement checks for payment. Therefore, users can access the software remotely while traveling. All these factors boost the growth of the Europe travel and expense management software market.
On the contrary, constant threat of data breach hurdles the growth of Europe travel and expense management software market.
Based on deployment, the Europe travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held 69.7% market share in 2022, amassing US$ 693.44 million. It is projected to garner US$ 1,163.63 million by 2028 to expand at 9.0% CAGR during 2022–2028.
Based on enterprise size, the Europe travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 64.7% market share in 2022, amassing US$ 643.75 million. It is projected to garner US$ 1,006.36 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on industry, the Europe travel and expense management software market is segmented into BFSI, IT and telecom, manufacturing, healthcare, government and defense, transport and logistics, retail, and others. The manufacturing segment held 20.6% market share in 2022, amassing US$ 204.65 million. It is projected to garner US$ 328.88 million by 2028 to expand at 8.2% CAGR during 2022–2028.
Based on country, the Europe travel and expense management software market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 30.5% market share in 2022. It was assessed at US$ 303.71 million in 2022 and is likely to hit US$ 529.72 million by 2028, exhibiting a CAGR of 9.7% during the forecast period.
Key players dominating the Europe travel and expense management software market are Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; Expensify, Inc.; GB Business Global; Infor, Inc.; and Oracle Corporation, among others.
- In 2019, Certify, Inc. launched Certify Purchasing, a new cloud-based procure-to-pay (P2P) platform to enable business organizations' account payable departments manage their spending. This platform could build a newer travel and expense management experience to the business users.
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