At 12.9% CAGR, Middle East & Africa Travel and Expense Management Software Market is Projected to be Worth US$ 583.70 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa travel and expense management software market was valued at US$ 221.33 million in 2023 and is expected to reach US$ 583.70 million by 2031, registering a CAGR of 12.9% from 2023 to 2031. Growing demand for real-time travel and expense tracking software and expanding travel tech companies worldwide are among the critical factors attributed to drive the Middle East & Africa travel and expense management software market growth.

Businesses across the globe are highly demanding real-time expense tracking software to maintain agility and transparency in their financial operations. This feature enables proactive budget management by giving businesses instant insight into their spending. The software allows employees to use mobile apps to take pictures of receipts and instantly capture information, allowing them to record and submit expenses instantly. This will not only reduce the possibility of lost receipts but also accelerate the smooth approval and reimbursement process. Moreover, real-time expense tracking software offers up-to-date data to finance teams and allows them to quickly identify any irregularities by monitoring corporate policy compliance. The software also helps finance teams with accurate financial forecasting and offers companies a continuous overview of their financial commitments. The demand for real-time expense tracking software is continuously increasing among businesses worldwide. Nowadays, businesspeople have increased their requirement for an all-in-one travel platform that encourages market players to develop and strengthen their expense management platform based on customer requirements. For instance, in July 2024, BCD Travel Services B.V. introduced GetGoing, the all-in-one travel platform for small and medium-sized businesses. The GetGoing platform enables companies to digitalize their expenses, eliminate the need for paper, and promote hassle-free travel and expense experiences. The platform also has a dashboard containing important metrics and highlights of travel data. It also includes real-time data by traveler, date, location, and other factors, which allows businesses to empower their team, save time, and discover new ways to maximize their travel budget. However, the need for agility, control, and transparency in financial management increases the demand for real-time expense tracking software. These tools are becoming crucial for efficient resource management and strategic decision-making as companies continue to navigate a complex and quickly evolving environment.

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

By deployment mode, the Middle East & Africa travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held 70.6% share of Middle East & Africa travel and expense management software market share in 2023, amassing US$ 156.16 million. It is projected to garner US$ 433.65 million by 2031 to register 13.6% CAGR during 2023–2031.

In terms of organization size, the Middle East & Africa travel and expense management software market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment held 72.0% share of Middle East & Africa travel and expense management software market share in 2023, amassing US$ 159.33 million. It is projected to garner US$ 405.29 million by 2031 to register 12.4% CAGR during 2023–2031.

By industry, the Middle East & Africa 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 19.7% share of Middle East & Africa travel and expense management software market share in 2023, amassing US$ 43.54 million. It is projected to garner US$ 123.78 million by 2031 to register 14.0% CAGR during 2023–2031.

Based on country, the Middle East & Africa travel and expense management software market is categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 43.3% share of Middle East & Africa travel and expense management software market in 2023. It was assessed at US$ 95.76 million in 2023 and is likely to hit US$ 278.04 million by 2031, registering a CAGR of 14.3% 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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