North America Travel and Expense Management Software Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 180 | Report Code: BMIRE00027961 | Category: Technology, Media and Telecommunications
No. of Pages: 180 | Report Code: BMIRE00027961 | Category: Technology, Media and Telecommunications
The North America travel and expense management software market was valued at US$ 1,372.70 million in 2023 and is expected to reach US$ 4,017.06 million by 2031; it is estimated to register a CAGR of 14.4% from 2023 to 2031.
Businesses across the globe are highly demanding real-time expense tracking software to maintain agility and transparency in their financial operations. This feature enables proactive budget management by giving businesses instant insight into their spending. The software allows employees to use mobile apps to take pictures of receipts and instantly capture information, allowing them to record and submit expenses instantly. This will not only reduce the possibility of lost receipts but also accelerate the smooth approval and reimbursement process. Moreover, real-time expense tracking software offers up-to-date data to finance teams and allows them to quickly identify any irregularities by monitoring corporate policy compliance. The software also helps finance teams with accurate financial forecasting and offers companies a continuous overview of their financial commitments.
The demand for real-time expense tracking software is continuously increasing among businesses worldwide. Nowadays, businesspeople have increased their requirement for an all-in-one travel platform that encourages market players to develop and strengthen their expense management platform based on customer requirements. For instance, in July 2024, BCD Travel Services B.V. introduced GetGoing, the all-in-one travel platform for small and medium-sized businesses. The GetGoing platform enables companies to digitalize their expenses, eliminate the need for paper, and promote hassle-free travel and expense experiences. The platform also has a dashboard containing important metrics and highlights of travel data. It also includes real-time data by traveler, date, location, and other factors, which allows businesses to empower their team, save time, and discover new ways to maximize their travel budget. However, the need for agility, control, and transparency in financial management increases the demand for real-time expense tracking software. These tools are becoming crucial for efficient resource management and strategic decision-making as companies continue to navigate a complex and quickly evolving environment.
The North America travel and expense management software market is segmented into Canada, the US, and Mexico. In the past decade, IT and telecom, manufacturing, and tourism industries in North America have seen tremendous growth, owing to factors such as the implementation and advancement of technologies, an increase in demand for digitization and online services, and the deployment of several advanced software across the region. The increase in national and international visits by employees and hassle-free claims and reimbursement through travel and expense management software drive the market's overall growth. Also, the well-established and growing tourism industry is boosting the deployment of travel and expense management software in the region, owing to the increasing adoption of simplified software solutions by tour operators to offer their customers fascinating itineraries and services. Tourism has become one of the notable industries contributing significantly to the GDP of the US. A few well-established travel and expense management software developers across the region are SAP Concur and Expensify Payments, LLC., among others. The presence of travel and expense management software leaders across the region offers great potential for the travel and expense management software market to grow in North America.
The North America travel and expense management software market is categorized as deployment mode, organization size, industry, and country.
By deployment mode, the North America travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held a larger share of the North America travel and expense management software market share in 2023.
In terms of organization size, the North America travel and expense management software market is bifurcated into large enterprises and small and medium enterprises. The large enterprises segment held a larger share of the North America travel and expense management software market share in 2023.
By industry, the North 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 segment held the largest share of the North America travel and expense management software market share in 2023.
Based on country, the North America travel and expense management software market is segmented into the US, Canada, and Mexico. The US held the largest share of the North America travel and expense management software market in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,372.70 Million |
| Market Size by 2031 | US$ 4,017.06 Million |
| CAGR (2023 - 2031) | 14.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Deployment Mode
|
| Regions and Countries Covered | North America
|
| 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 North America Travel and Expense Management Software Market is valued at US$ 1,372.70 Million in 2023, it is projected to reach US$ 4,017.06 Million by 2031.
As per our report North America Travel and Expense Management Software Market, the market size is valued at US$ 1,372.70 Million in 2023, projecting it to reach US$ 4,017.06 Million by 2031. This translates to a CAGR of approximately 14.4% during the forecast period.
The North America 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 North America Travel and Expense Management Software Market report:
The North America 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 North America Travel and Expense Management Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Travel and Expense Management Software Market value chain can benefit from the information contained in a comprehensive market report.
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