At 14.4% CAGR, North America Travel and Expense Management Software Market is Speculated to be Worth US$ 4,017.06 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America travel and expense management software market was valued at US$ 1,372.70 million in 2023 and is expected to reach US$ 4,017.06 million by 2031, registering a CAGR of 14.4% from 2023 to 2031. Expanding travel tech companies worldwide and growing demand for real-time travel and expense tracking software are among the critical factors attributed to drive the North America travel and expense management software market growth.

The travel and tourism sector has been significantly impacted by technology, which has changed how people book, plan, and enjoy their vacations. Travelers can now research and plan their trips easily through online booking platforms that facilitate easy booking and payment procedures. Travel tech companies are promoting the use of travel and expense management software to support their customers to improve financial efficiency and expedite corporate travel procedures. These companies are increasingly focusing on automating travel procedures to save time and business expenses. The growing need among businesses and consumers to simplify their travel experiences, make reservations and itineraries, and easily manage their expenses is creating demand for travel and expense management software. Businesses across the globe are heavily investing in technology that improves travel and expense management aspects to increase operational efficiency. This encourages travel tech companies to expand their global presence and fulfill customers' dynamic needs. Travel tech companies such as Amadeus, Provab Technosoft, Navan, Zoho Corporation, Expensify Inc., Travelsoft, and Emburse, Inc. are expanding their presence to attract new customers. For instance, in May 2024, Amadeus extended its partnership with Navan to enhance its business travel offerings, improve customer-facing services, and accelerate expansion in new and existing markets. Moreover, the company is planning to invest over US$ 5.3 million per year in its research and development activities. This will help Travelsoft to develop software products focused on travel bookings. Hence, the expansion of travel tech companies is expected to be the key market trends during the forecast period.

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

By deployment mode, the North America travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held 77.6% share of North America travel and expense management software market share in 2023, amassing US$ 1,059.43 million. It is projected to garner US$ 3,232.71 million by 2031 to register 15.0% CAGR during 2023–2031.

In terms of organization size, the North America travel and expense management software market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment held 61.9% share of North America travel and expense management software market share in 2023, amassing US$ 849.86 million. It is projected to garner US$ 2,400.55 million by 2031 to register 13.9% CAGR during 2023–2031.

By industry, the North America 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 North America travel and expense management software market share in 2023, amassing US$ 296.11 million. It is projected to garner US$ 929.94 million by 2031 to register 15.4% CAGR during 2023–2031.

Based on country, the North America travel and expense management software market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.7% share of North America travel and expense management software market in 2023. It was assessed at US$ 1,148.60 million in 2023 and is likely to hit US$ 3,430.41 million by 2031, registering a CAGR of 14.7% 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.

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