No. of Pages: 190 | Report Code: BMIRE00027911 | Category: Technology, Media and Telecommunications
The Asia Pacific travel and expense management software market was valued at US$ 1,005.81 million in 2023 and is expected to reach US$ 3,488.67 million by 2031; it is estimated to register a CAGR of 16.8% from 2023 to 2031.
The evolution of automation and the integration of artificial intelligence (AI) in travel expense management software are transforming the travel and expense management software market. The integration of AI in travel expense management software supports businesses to automate repetitive tasks, streamline traveling and expense management procedures, and lessen the amount of manual labor required to track and approve expenses. For example, repetitive tasks such as data entry and receipt matching can be automated and completed effectively by reducing errors and giving employees more time to perform other significant tasks. Moreover, AI provides intelligent insights and predictive analytics, forecasts budget requirements, and identifies areas for cost savings by examining spending trends. This increases the adoption of AI among businesses focusing on digital transformation. For instance, in May 2024, Yatra Online Private Limited enhanced its offerings by launching a new expense management solution for small, medium, and large enterprises. The company developed a generative AI-powered expense management solution to guarantee thorough and accurate expense tracking in order to cut down on mistakes and save time. This solution also offers seamless integration of travel booking expense tracking and assists businesses in managing their travel and non-travel expenses. The company plans to develop an expense management solution by using large language models (LLMs) that help users analyze receipts and guarantee precise tracking of expenses. Similarly, in September 2023, Emburse, Inc., a leader in travel and expense management, launched an AI-powered receipt scanning engine to automate expense management. This launch supports Emburse's goal of 100% automated expense management. The solution automated the entire process and supported error-free transactions without requiring human involvement.
Additionally, AI-powered chatbots can help staff members with expense reports and travel reservations, enhancing user experience. Incorporating advanced technologies such as AI-powered chatbots into expense management systems will continue to improve decision-making and operational efficiency as they develop. Hence, by implementing AI powered technologies, businesses can anticipate faster reimbursement cycles, more accurate data management, boost business output, and reduce operational costs.
The Asia Pacific travel and expense management software market is segmented into China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific is expected to hold a significant share in the travel and expense management software market, owing to the presence of small and medium enterprises and their inclination toward adopting travel and expense management software. The Asia Pacific is one of the fastest-growing travel destinations and is the second-largest destination for international visitors. The region has the most significant global outbound tourist spending, with most spending on intraregional travel. As per the GDP figure, the region has the largest aggregate domestic travel market. In addition, countries in the region are concentrating on remaining competitive to attract growing international travel.
Along with the increasing tourism market, the region is also experiencing the rising adoption of new technologies and software to manage tasks in different industries. The mounting use of the internet creates a dynamic and interactive source for managing travel and expenses. Therefore, the surge in the tourism market, coupled with the rise in technological advancements, has fueled the demand for travel and expense management software. Moreover, the region is the fastest-growing destination for medical tourism, with Thailand, India, Singapore, South Korea, and Malaysia among the top medical tourism destinations. Thus, the increasing medical tourism may create growing demand for travel and expense management software in the region.
The Asia Pacific travel and expense management software market is categorized as deployment mode, organization size, industry, and country.
By Deployment Mode, the Asia Pacific travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held a larger share of the Asia Pacific travel and expense management software market share in 2023.
In terms of organization size, the Asia Pacific travel and expense management software market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment held a larger share of the Asia Pacific travel and expense management software market share in 2023.
By application, the Asia Pacific 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 held the largest share of the Asia Pacific travel and expense management software market share in 2023.
Based on country, the Asia Pacific travel and expense management software market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China held the largest share of the Asia Pacific travel and expense management software market in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,005.81 Million |
| Market Size by 2031 | US$ 3,488.67 Million |
| Global CAGR (2023 - 2031) | 16.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Deployment Mode
|
| Regions and Countries Covered | Asia Pacific
|
| Market leaders and key company profiles |
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 are some of the leading companies operating in the travel and expense management software market.
The Asia Pacific Travel and Expense Management Software Market is valued at US$ 1,005.81 Million in 2023, it is projected to reach US$ 3,488.67 Million by 2031.
As per our report Asia Pacific Travel and Expense Management Software Market, the market size is valued at US$ 1,005.81 Million in 2023, projecting it to reach US$ 3,488.67 Million by 2031. This translates to a CAGR of approximately 16.8% during the forecast period.
The Asia Pacific Travel and Expense Management Software Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Travel and Expense Management Software Market report:
The Asia Pacific Travel and Expense Management Software Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Travel and Expense Management Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Travel and Expense Management Software Market value chain can benefit from the information contained in a comprehensive market report.
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