Report : South 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 3.6% CAGR, the South America Travel and Expense Management Software Market is speculated to be worth US$ 137.09 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America travel and expense management software market was valued at US$ 110.67 million in 2022 and is expected to reach US$ 137.09 million by 2028, registering a CAGR of 3.6% from 2022 to 2028. Emergence of artificial intelligence (AI) and machine learning (ML) and rising adoption of SaaS applications are the critical factors attributed to the South America travel and expense management software market expansion.
The use of machine learning (ML) and artificial intelligence (AI) with travel and expense management software provides simplification and efficiency in managing expenses. AI can reduce or eliminate the chances of fraud by examining the authenticity of the expenses submitted by employees. Owing to the increasing volume of travel and expense reports submitted by the employees every year, finance departments face difficulties in auditing these reports in detail. Artificial intelligence is used by various enterprises to perform an audit trail and automated policy check. AI also helps in eliminating manual intervention by analyzing suspicious expenses. The use of AI in travel and expense software also helps extract necessary information from the receipt. As a result, employees can save time spent on entering all the required information, thus improving efficiency, and reducing expense and fraud. Moreover, machine learning is emerging as a mainstream technology in travel and expense management software. It is used to identify important fields of expense receipts using optical character recognition, provide tailored recommendations for business travelers, and implement conversational interfaces using ML for natural language processing. Therefore, emergence of artificial intelligence (AI) and machine learning (ML) and their integration with travel and expense management software is expected to drive the South America travel and expense management software market growth.
On the contrary, constant threat of data breach hurdles the growth of South America travel and expense management software market.
Based on deployment, the South America travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held 65.2% market share in 2022, amassing US$ 72.17 million. It is projected to garner US$ 93.42 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on enterprise size, the South America travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 68.2% market share in 2022, amassing US$ 75.49 million. It is projected to garner US$ 88.43 million by 2028 to expand at 2.7% CAGR during 2022–2028.
Based on industry, the South 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 21.0% market share in 2022, amassing US$ 23.19 million. It is projected to garner US$ 29.11 million by 2028 to expand at 3.9% CAGR during 2022–2028.
Based on country, the South America travel and expense management software market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 70.7% market share in 2022. It was assessed at US$ 78.24 million in 2022 and is likely to hit US$ 99.93 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.
Key players dominating the South America travel and expense management software market are Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software 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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