At 16.8% CAGR, Asia Pacific Travel and Expense Management Software Market is Speculated to be Worth US$ 3,488.67 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific travel and expense management software market was valued at US$ 1,005.81 million in 2023 and is expected to reach US$ 3,488.67 million by 2031, registering a CAGR of 16.8% from 2023 to 2031. Increasing adoption of cloud-based expense management software and expense management software and expanding travel tech companies worldwide are among the critical factors attributed to drive the Asia Pacific travel and expense management software market growth.

Businesses across the globe are adopting advanced software to automate entire travel and expense management processes and reduce manual work. Companies increasingly adopt cloud-based expense management software to streamline and simplify the management of business expenses through automation. The cloud-based expense management software automates the expense management process, from tracking expenses to processing reimbursements, and increases the demand for cloud-based software among businesses to precisely trace activities. Moreover, many market players provide cloud-based expense management software that enhances end-user experiences. For instance, in January 2023, Uber for Business collaborated with Coupa Software to automate expenses. Coupa is the first BSM platform to use Uber for Business's Receipts API for expenditure automation. Coupa uses Uber for Business' Receipts API to automatically generate expense reports with attached receipts for rides taken through Uber for Business. This process eliminates the need for staff to manually find and attach receipts for Uber for Business journeys, thus saving their valuable time. This process also reduces the risk of incomplete or erroneous compliance reporting. Moreover, the cloud-based expense management software provides users with significant benefits such as real-time updates of the expense claims status and access to expense management tools from any location. Real-time updates related to the progress in expense claims status make it easier for field managers or accounting teams to track and analyze claims. Cloud-based expense management systems allow users to access expense management tools from any location with an internet connection. The software is compatible with numerous devices such as smartphones, laptops, and tablets, which helps in cross-functionality and flexibility to operate it from anywhere. Significant benefits offered by cloud-based expense management software, such as cost efficiency, ease of integration with accounting software, reduced errors, and real-time updates, are driving the market.

On the contrary, growing data security concerns among customers hamper the growth of Asia Pacific travel and expense management software market.

By deployment mode, the Asia Pacific travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held 72.3% share of Asia Pacific travel and expense management software market share in 2023, amassing US$ 726.79 million. It is projected to garner US$ 2,658.31 million by 2031 to register 17.6% CAGR during 2023–2031.

In terms of organization size, the Asia Pacific travel and expense management software market is segmented into large enterprises and small & medium enterprises. The large enterprises segment held 68.1% share of Asia Pacific travel and expense management software market share in 2023, amassing US$ 684.53 million. It is projected to garner US$ 2,288.29 million by 2031 to register 16.3% CAGR during 2023–2031.

By industry, the Asia Pacific travel and expense management software market is segmented into BFSI, IT and Telecom, manufacturing, healthcare, government and defense, retail, transport and logistics, and others. The BFSI segments segment held 21.6% share of Asia Pacific travel and expense management software market share in 2023, amassing US$ 217.26 million. It is projected to garner US$ 808.57 million by 2031 to register 17.9% CAGR during 2023–2031.

Based on country, the Asia Pacific travel and expense management software market is categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.5% share of Asia Pacific travel and expense management software market in 2023. It was assessed at US$ 337.05 million in 2023 and is likely to hit US$ 1,355.15 million by 2031, registering a CAGR of 19.0% during 2023–2031.

Key players operating in the travel and expense management software market are 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; and Zoho Corp Pvt Ltd, among others.

• In 2024, The partnership will strengthen Zaggle's product suite and add to its expense management solutions with multi-wallet functionalities.

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