No. of Pages: 188 | Report Code: BMIRE00027926 | Category: Technology, Media and Telecommunications
The Europe travel and expense management software market was valued at US$ 1,182.54 million in 2023 and is expected to reach US$ 3,774.30 million by 2031; it is estimated to register a CAGR of 15.6% from 2023 to 2031.
Businesses across the globe are adopting advanced software to automate entire travel and expense management processes and reduce manual work. Companies increasingly adopt cloud-based expense management software to streamline and simplify the management of business expenses through automation. Cloud-based expense management software automates the expense management process, from tracking expenses to processing reimbursements, and increases the demand for cloud-based software among businesses to precisely trace activities. Moreover, many market players provide cloud-based expense management software that enhances end-user experiences. For instance, in January 2023, Uber for Business collaborated with Coupa Software to automate expenses. Coupa is the first BSM platform to use Uber for Business's Receipts API for expenditure automation. Coupa uses Uber for Business' Receipts API to automatically generate expense reports with attached receipts for rides taken through Uber for Business. This process eliminates the need for staff to manually find and attach receipts for Uber for Business journeys, thus saving their valuable time. This process also reduces the risk of incomplete or erroneous compliance reporting. Moreover, the cloud-based expense management software provides users with significant benefits such as real-time updates of the expense claims status and access to expense management tools from any location. Real-time updates related to the progress in expense claims status make it easier for field managers or accounting teams to track and analyze claims. Cloud-based expense management systems allow users to access expense management tools from any location with an internet connection. The software is compatible with numerous devices such as smartphones, laptops, and tablets, which helps in cross-functionality and flexibility to operate it from anywhere.
Significant benefits offered by cloud-based expense management software, such as cost efficiency, ease of integration with accounting software, reduced errors, and real-time updates, are driving the market.
Germany, France, the UK, Italy, Russia, and the Rest of Europe are the prime contributors to the Europe travel and expense management software market. From an organization's point of view, the region is the hub for several well-known IT companies. European businesses are embracing digital transformation by transitioning from traditional, manual procedures to automated, cloud-based alternatives. Travel and expense management software integrates well with other enterprise resource planning (ERP) systems and accounting tools, making it more appealing to firms trying to increase workflow efficiency. Moreover, Europe is the General Data Protection Regulation (GDPR) compliant. It is the most stringent privacy and security law in the world. Though it was designed and ratified by the European Union (EU), it imposes duties on enterprises worldwide as long as they target or collect data about EU citizens. The travel and expense management software helps comply with the GDPR.
The Europe travel and expense management software market is categorized as deployment mode, organization size, industry, and country.
By deployment mode, the Europe travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held a larger share of the Europe travel and expense management software market share in 2023.
In terms of organization size, the Europe 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 Europe travel and expense management software market share in 2023.
By industry, the Europe 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 Europe travel and expense management software market share in 2023.
Based on country, the Europe travel and expense management software market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. The UK held the largest share of the Europe travel and expense management software market in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,182.54 Million |
| Market Size by 2031 | US$ 3,774.30 Million |
| Global CAGR (2023 - 2031) | 15.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Deployment Mode
|
| Regions and Countries Covered | Europe
|
| 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 Europe Travel and Expense Management Software Market is valued at US$ 1,182.54 Million in 2023, it is projected to reach US$ 3,774.30 Million by 2031.
As per our report Europe Travel and Expense Management Software Market, the market size is valued at US$ 1,182.54 Million in 2023, projecting it to reach US$ 3,774.30 Million by 2031. This translates to a CAGR of approximately 15.6% during the forecast period.
The Europe 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 Europe Travel and Expense Management Software Market report:
The Europe 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 Europe Travel and Expense Management Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Travel and Expense Management Software Market value chain can benefit from the information contained in a comprehensive market report.
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