No. of Pages: 179 | Report Code: BMIRE00027977 | Category: Technology, Media and Telecommunications
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; it is estimated to register a CAGR of 11.4% 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 South and Central America travel and expense management software market is segmented into Brazil, Argentina, and the Rest of South & Central America. Countries in the region are substantially adopting various technologies to overcome challenges across different industries. Argentina, like many other Latin American countries, has seen a considerable surge in digital technology use across a wide range of sectors. Companies are increasingly using software solutions to automate typical operations such as expense tracking, approval processing, and reporting. The growing healthcare industry is expected to boost travel and expense management software deployment in this region. As the travel and expense management software in the healthcare industry can integrated with travel service providers, offering real-time quotes, bookings, and trip logistics in one place, thus the growing healthcare industry drives the demand for travel and expense management software.
The South & Central America travel and expense management software market is categorized as deployment mode, organization size, industry, and country.
By deployment mode, the South & Central America travel and expense management software market is bifurcated into on-premises and cloud. The cloud segment held a larger share of the South & Central America travel and expense management software market share in 2023.
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 a larger share of the South & Central America travel and expense management software market share in 2023.
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 held the largest share of the South & Central America travel and expense management software market share in 2023.
Based on country, the South & Central America travel and expense management software market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held the largest share of the South & Central America travel and expense management software market in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 169.95 Million |
| Market Size by 2031 | US$ 403.29 Million |
| Global CAGR (2023 - 2031) | 11.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Deployment Mode
|
| Regions and Countries Covered | South and Central 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 South & Central America Travel and Expense Management Software Market is valued at US$ 169.95 Million in 2023, it is projected to reach US$ 403.29 Million by 2031.
As per our report South & Central America Travel and Expense Management Software Market, the market size is valued at US$ 169.95 Million in 2023, projecting it to reach US$ 403.29 Million by 2031. This translates to a CAGR of approximately 11.4% during the forecast period.
The South & Central 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 South & Central America Travel and Expense Management Software Market report:
The South & Central 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 South & Central America Travel and Expense Management Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Travel and Expense Management Software Market value chain can benefit from the information contained in a comprehensive market report.
E 1803, Panchshil Towers, Vagholi, Haveli, Pune- 412207, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For South & Central America Travel and Expense Management Software Market
