Report : Asia-Pacific 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 9.4% CAGR, the Asia-Pacific Travel and Expense Management Software Market is speculated to be worth US$ 1,333.96 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific travel and expense management software market was valued at US$ 780.20 million in 2022 and is expected to reach US$ 1,333.96 million by 2028, registering a CAGR of 9.4% from 2022 to 2028. Rising adoption of SaaS applications and emergence of artificial intelligence (AI) and machine learning (ML) are the critical factors attributed to the Asia-Pacific travel and expense management software market expansion.
Software as a service (SaaS) application are web-based alternatives to the usual offline software. SaaS can run 24/7 via an internet browser from any device. It does not require installation, equipment updates, and traditional licensing management. Also, it is cost effective, it saves the data in the cloud, etc. Companies use SaaS when they don’t have the time, capital, or expertise to build their own applications or host on-premise applications. The maintenance costs are also minimum as SaaS service providers have total control on hosting environments. SaaS applications dramatically reduce the time spent on the configuration of resources. Also, it keeps the data safe compared to any traditional software. Moreover, the SaaS service provider hosts the software centrally on a server; so one can change the usage plan as per their need, without informing in advance. The benefits of SaaS have led to the rising adoption of SaaS applications in various organizations. This factor is expected to offer lucrative opportunities for the growth of the Asia-Pacific travel and expense management software market in the coming years. Travel and expense management software is a SaaS application which is useful for remote work scenarios where several people from multiple locations work on a similar project and access the centralized product for managing their travel expenses and reimbursements.
On the contrary, constant threat of data breach hurdles the growth of Asia-Pacific travel and expense management software market.
Based on deployment, the Asia-Pacific travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held 70.1% share of Asia-Pacific travel and expense management software market in 2022, amassing US$ 546.86 million. It is projected to garner US$ 964.45 million by 2028 to expand at 9.9% CAGR during 2022–2028.
Based on enterprise size, the Asia-Pacific travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 67.8% market share in 2022, amassing US$ 529.33 million. It is projected to garner US$ 864.54 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on industry, the Asia-Pacific 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 IT and telecom segment held 20.2% market share in 2022, amassing US$ 157.65 million. It is projected to garner US$ 264.75 million by 2028 to expand at 9.0% CAGR during 2022–2028.
Based on country, the Asia-Pacific travel and expense management software market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Our regional analysis states that China captured 31.6% market share in 2022. It was assessed at US$ 246.54 million in 2022 and is likely to hit US$ 432.20 million by 2028, exhibiting a CAGR of 9.8% during the forecast period.
Key players dominating the Asia-Pacific travel and expense management software market are Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; Expensify, Inc.; 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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