Middle East & Africa Travel and Expense Management Software Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 183 | Report Code: BMIRE00027942 | Category: Technology, Media and Telecommunications
No. of Pages: 183 | Report Code: BMIRE00027942 | Category: Technology, Media and Telecommunications
The Middle East & Africa travel and expense management software market was valued at US$ 221.33 million in 2023 and is expected to reach US$ 583.70 million by 2031; it is estimated to register a CAGR of 12.9% from 2023 to 2031.
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. Hence, the expansion of travel tech companies is expected to be the key market trends during the forecast period.
Technological innovations and the emergence of new entrants in the travel and expense management software market are driving the market. These entrants are focusing on deploying new travel and expense management software, further gaining traction in the market. For instance, on May 18, 2022, Pemo—a UAE-based fintech startup—launched its all-in-one spend management platform for small and medium-sized enterprises across the Middle East, North Africa, and Pakistan (MENAP) region. The new platform offers fast, transparent, and simplified invoice payment and expense management solutions, as well as corporate smart cards for SMEs in the region. Thus, the diversified offerings such as reimbursements, auto policy compliance, and effortless reconciliation by the leaders are anticipated to boost the growth of the travel and expense management software market during the forecast period.
The Middle East & Africa travel and expense management software market is categorized as deployment mode, organization size, industry, and country.
By deployment mode, the Middle East & Africa travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held a larger share of the Middle East & Africa travel and expense management software market share in 2023.
In terms of organization size, the Middle East & Africa 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 Middle East & Africa travel and expense management software market share in 2023.
By industry, the Middle East & Africa 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 segment held the largest share of the Middle East & Africa travel and expense management software market share in 2023.
Based on country, the Middle East & Africa travel and expense management software market is segmented into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. The UAE held the largest share of the Middle East & Africa travel and expense management software market in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 221.33 Million |
| Market Size by 2031 | US$ 583.70 Million |
| Global CAGR (2023 - 2031) | 12.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Deployment Mode
|
| Regions and Countries Covered | Middle East and Africa
|
| 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 Middle East & Africa Travel and Expense Management Software Market is valued at US$ 221.33 Million in 2023, it is projected to reach US$ 583.70 Million by 2031.
As per our report Middle East & Africa Travel and Expense Management Software Market, the market size is valued at US$ 221.33 Million in 2023, projecting it to reach US$ 583.70 Million by 2031. This translates to a CAGR of approximately 12.9% during the forecast period.
The Middle East & Africa 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 Middle East & Africa Travel and Expense Management Software Market report:
The Middle East & Africa 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 Middle East & Africa Travel and Expense Management Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Travel and Expense Management Software Market value chain can benefit from the information contained in a comprehensive market report.
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