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Global Travel and Expense Management Software Market 2019-2023
SKU ID : TNV-13683991 | Publishing Date : 17-Dec-2018 | No. of pages : 114
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About this market
Use of artificial intelligence (AI) with travel and expense management software to trend in the market. AI in travel and expense software can reduce or even eliminate frauds by auditing the authenticity of the expense submitted by employees. One of the primary problems faced by enterprises is the increasing volume of travel and expense report submitted by the employees every year as it becomes difficult for the finance departments to audit these reports in detail. Using AI, enterprises can perform an automated policy check and audit trail and flag non-compliant employees. Technavio’ s analysts have predicted that the travel and expense management software market will register a CAGR of almost 12% by 2023.
Market Overview
Increasing mobile workforce Owing to the growing adoption of technologies and enhanced connectivity among enterprises, mobile workforces are becoming a norm among enterprises in industries such as healthcare. Employees such as sales representatives, pharmaceutical representatives, and merchandisers are examples of mobile workforces.
Growing threat to data security
Cyberattacks by hackers and cybercriminals are growing at an alarming rate. The number of cyberattacks such as network attack by hackers is rising globally. In this market, most of the vendors are offering SaaS-based travel and expense management solution, which is increasing the chances of network attacks.
For the detailed list of factors that will drive and challenge the growth of the travel and expense management software market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Infor and SAP (Concur) the competitive environment is quite intense. Factors such as the use of artificial intelligence (AI) with travel and expense management software and the increasing mobile workforce, will provide considerable growth opportunities to travel and expense management software manufactures. Certify, Chrome River Technologies, Expensify, Infor, and SAP (Concur) are some of the major companies covered in this report.
Use of artificial intelligence (AI) with travel and expense management software to trend in the market. AI in travel and expense software can reduce or even eliminate frauds by auditing the authenticity of the expense submitted by employees. One of the primary problems faced by enterprises is the increasing volume of travel and expense report submitted by the employees every year as it becomes difficult for the finance departments to audit these reports in detail. Using AI, enterprises can perform an automated policy check and audit trail and flag non-compliant employees. Technavio’ s analysts have predicted that the travel and expense management software market will register a CAGR of almost 12% by 2023.
Market Overview
Increasing mobile workforce Owing to the growing adoption of technologies and enhanced connectivity among enterprises, mobile workforces are becoming a norm among enterprises in industries such as healthcare. Employees such as sales representatives, pharmaceutical representatives, and merchandisers are examples of mobile workforces.
Growing threat to data security
Cyberattacks by hackers and cybercriminals are growing at an alarming rate. The number of cyberattacks such as network attack by hackers is rising globally. In this market, most of the vendors are offering SaaS-based travel and expense management solution, which is increasing the chances of network attacks.
For the detailed list of factors that will drive and challenge the growth of the travel and expense management software market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Infor and SAP (Concur) the competitive environment is quite intense. Factors such as the use of artificial intelligence (AI) with travel and expense management software and the increasing mobile workforce, will provide considerable growth opportunities to travel and expense management software manufactures. Certify, Chrome River Technologies, Expensify, Infor, and SAP (Concur) are some of the major companies covered in this report.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
