Report : North America 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 7.6% CAGR, the North America Travel and Expense Management Software Market is speculated to be worth US$ 1,887.58 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America travel and expense management software market was valued at US$ 1,219.55 million in 2022 and is expected to reach US$ 1,887.58 million by 2028, registering a CAGR of 7.6% from 2022 to 2028. Increasing mobile workforce and hassle-free claims and reimbursements are the critical factors attributed to the North America travel and expense management software market expansion.
Mobile workforce is surging due to the growing adoption of technologies and enhancing connectivity among enterprises. Pharmaceutical representatives, sales representatives, and merchandisers are a few examples of mobile workforces. The number of employees traveling abroad is rising with the expansion of several businesses across the region, which increases travel-related expenses. In corporate travel, there is a risk of noncompliance and financial fraud, which makes it tough for enterprises to audit travel and expense reports. Travel and expense management software helps track and manage travel expenses. Moreover, the software enables organizations to make the business process smooth. Also, the mobile workforce can conveniently submit their expenditure details by using the software. The adoption of travel and expense management software improves business reporting and simplifies the expense reimbursement and reconciliation process by eliminating paper use and reducing manual errors. Thus, the rising mobile workforce augments the growth of the travel and expense software market. Furthermore, surge in international exercises and presence of military outposts and postings has surged the movement of the military which is surging the demand for travel and expense management software in various nations, hence contributing to the North America travel and expense management software market growth.
On the contrary, constant threat of data breach hurdles the growth of North America travel and expense management software market.
Based on deployment, the North America travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held 73.7% market share in 2022, amassing US$ 899.24 million. It is projected to garner US$ 1,435.70 million by 2028 to expand at 8.1% CAGR during 2022–2028.
Based on enterprise size, the North America travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 63.9% market share in 2022, amassing US$ 778.96 million. It is projected to garner US$ 1,161.25 million by 2028 to expand at 6.9% CAGR during 2022–2028.
Based on industry, the North America 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 22.7% market share in 2022, amassing US$ 277.34 million. It is projected to garner US$ 442.50 million by 2028 to expand at 8.1% CAGR during 2022–2028.
Based on country, the North America travel and expense management software market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 77.2% market share in 2022. It was assessed at US$ 941.49 million in 2022 and is likely to hit US$ 1,442.11 million by 2028, exhibiting a CAGR of 7.4% during the forecast period.
Key players dominating the North America travel and expense management software market are Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; DATABASICS 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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