According to a new report, published by KBV research, The Global Travel and Expense Management Software Market size is expected to reach $10.33 billion by 2031, rising at a market growth of 14.9% CAGR during the forecast period.
The On-Premise segment is anticipating a CAGR of 15.4% during (2024 - 2031). These businesses prefer in-house infrastructure to maintain full control over sensitive financial data, ensuring compliance with strict regulatory requirements. Additionally, highly customizable features, robust security protocols, and the ability to function without internet dependency make on-premise solutions ideal for large enterprises handling complex financial operations. Organizations value long-term reliability, reduced reliance on third-party servers, and protection against cybersecurity risks, making on-premise solutions a viable choice for security-conscious businesses.
The Large Enterprises segment is leading the Global Travel and Expense Management Software Market by Enterprise Size in 2023; thereby, achieving a market value of $5.7 billion by 2031. The large enterprises segment is driven by the need for advanced automation, centralized expense control, and compliance management across multiple business units and global operations. Large corporations deal with high volumes of travel expenses, requiring sophisticated software that integrates seamlessly with ERP, HR, and financial systems. The demand for customizable reporting,
The Transportation & Logistics segment is registering a CAGR of 14.4% during (2024 - 2031). . The need for real-time expense tracking, mileage reimbursements, and compliance with regulatory requirements primarily drives the transportation & logistics segment. Businesses in this sector manage large fleets, long-haul travel, and fuel expenses, making automated expense management essential for operational efficiency. The growing adoption of GPS-integrated expense tracking, fuel card management, and mobile reporting tools has significantly improved financial control in this segment. Also, logistics companies require multi-currency and tax-compliant solutions to streamline international shipping and transport-related expenses, fueling the demand for robust travel and expense management software.
Full Report: https://www.kbvresearch.com/travel-and-expense-management-software-market/
The North America region dominated the Global Travel and Expense Management Software Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.7billion by 2031. The Europe region would exhibit a CAGR of 14.7% during (2024 - 2031). Additionally, The Asia Pacific region is experiencing a CAGR of 15.5% during (2024 - 2031).
By Deployment Type
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