At 11.4% CAGR, South & Central America Travel and Expense Management Software Market is Speculated to be Worth US$ 403.29 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America travel and expense management software market was valued at US$ 169.95 million in 2023 and is expected to reach US$ 403.29 million by 2031, registering a CAGR of 11.4% 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 South & Central 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. Similarly, in March 2023, Travelsoft acquired Spain-based Travel Compositor to expand its presence in Southern Europe, Latin America, and Asia Pacific. 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 South & Central America travel and expense management software market.

By deployment mode, the South & Central America travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held 69.3% share of South & Central America travel and expense management software market share in 2023, amassing US$ 117.73 million. It is projected to garner US$ 295.56 million by 2031 to register 12.2% CAGR during 2023–2031.

In terms of organization size, the South & Central America travel and expense management software market is segmented into large enterprises and small & medium enterprises. The large enterprises segment held 73.1% share of South & Central America travel and expense management software market share in 2023, amassing US$ 124.17 million. It is projected to garner US$ 284.67 million by 2031 to register 10.9% CAGR during 2023–2031.

By industry, the South & Central 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 19.3% share of South & Central America travel and expense management software market share in 2023, amassing US$ 32.84 million. It is projected to garner US$ 83.75 million by 2031 to register 12.4% CAGR during 2023–2031.

Based on country, the South & Central America travel and expense management software market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 58.4% share of South & Central America travel and expense management software market in 2023. It was assessed at US$ 99.26 million in 2023 and is likely to hit US$ 251.32 million by 2031, registering a CAGR of 12.3% 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, Ryanair launches partnership with SAP Concur. Under the partnership, the Company announced that Ryanair flights are now available for corporate travelers to book via the new Concur Travel through a direct connection.

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