At 15.6% CAGR, Europe Travel and Expense Management Software Market is Speculated to be Worth US$ 3,774.30 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe travel and expense management software market was valued at US$ 1,182.54 million in 2023 and is expected to reach US$ 3,774.30 million by 2031, registering a CAGR of 15.6% from 2023 to 2031. Development of AI-powered travel and expense management software and expanding travel tech companies worldwide are among the critical factors attributed to drive the Europe travel and expense management software market growth.

The evolution of automation and the integration of artificial intelligence (AI) in travel expense management software are transforming the travel and expense management software market. The integration of AI in travel expense management software supports businesses to automate repetitive tasks, streamline traveling and expense management procedures, and lessen the amount of manual labor required to track and approve expenses. For example, repetitive tasks such as data entry and receipt matching can be automated and completed effectively by reducing errors and giving employees more time to perform other significant tasks. Moreover, AI provides intelligent insights and predictive analytics, forecasts budget requirements, and identifies areas for cost savings by examining spending trends. This increases the adoption of AI among businesses focusing on digital transformation. For instance, in May 2024, Yatra Online Private Limited enhanced its offerings by launching a new expense management solution for small, medium, and large enterprises. The company developed a generative AI-powered expense management solution to guarantee thorough and accurate expense tracking in order to cut down on mistakes and save time. This solution also offers seamless integration of travel booking expense tracking and assists businesses in managing their travel and non-travel expenses. The company plans to develop an expense management solution by using large language models (LLMs) that help users analyze receipts and guarantee precise tracking of expenses. Similarly, in September 2023, Emburse, Inc., a leader in travel and expense management, launched an AI-powered receipt scanning engine to automate expense management. This launch supports Emburse's goal of 100% automated expense management. The solution automated the entire process and supported error-free transactions without requiring human involvement.

Additionally, AI-powered chatbots can help staff members with expense reports and travel reservations, enhancing user experience. Incorporating advanced technologies such as AI-powered chatbots into expense management systems will continue to improve decision-making and operational efficiency as they develop. Hence, by implementing AI powered technologies, businesses can anticipate faster reimbursement cycles, more accurate data management, boost business output, and reduce operational costs.

On the contrary, growing data security concerns among customers hampers the growth of Europe travel and expense management software market.

By deployment mode, the Europe travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held 74.6% share of Europe travel and expense management software market share in 2023, amassing US$ 881.89 million. It is projected to garner US$ 2,957.31 million by 2031 to register 16.3% CAGR during 2023–2031.

In terms of organization size, the Europe travel and expense management software market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment held 65.2% share of Europe travel and expense management software market share in 2023, amassing US$ 771.38 million. It is projected to garner US$ 2,378.12 million by 2031 to register 15.1% CAGR during 2023–2031.

By industry, the Europe 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 22.1% share of Europe travel and expense management software market share in 2023, amassing US$ 261.15 million. It is projected to garner US$ 891.54 million by 2031 to register 16.6% CAGR during 2023–2031.

Based on country, the Europe travel and expense management software market is categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 34.1% share of Europe travel and expense management software market in 2023. It was assessed at US$ 402.89 million in 2023 and is likely to hit US$ 1,444.32 million by 2031, registering a CAGR of 17.3% 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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