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Travel And Expense Management Software Market Growth & Trends
The global travel and expense management software market size is expected to reach USD 17.4 billion by 2027, expanding at a CAGR of 12.4%, according to a study conducted by Grand View Research, Inc. Travel and expense management software provides travel, expense, and invoice management services on a single platform, which helps organizations to approve and automate processes like submitting travel plans and expense reports. Several companies are engaged in introducing the software on cloud platform and providing its access to the employees on their mobile phones. The mobile access has made it easier for employees to remotely update their travel expense data. In addition, the software can be integrated with functions like Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Human Capital Management (HCM) systems, which ensures streamlined data flow between these systems.
The implementation of artificial intelligence in the software helps the companies to automate and optimize the report approvals and payment processes for their employees. Artificial intelligence offers the organizations with risk management solutions as the software analyzes travel histories and spending’s of an employee to fall in line with the policies. Companies like Concur technologies, Inc., Infor, Oracle, and Certify, Inc. are working on inducing artificial intelligence in the software, which will open up a wide array of features to the users. Companies have introduced solutions that support multiple currencies and languages and can detect and make automatic conversion using AI-based tools.
Machine learning is a technology which provides a system with the ability to automatically learn to predict and improve future outcomes. The integration of machine learning with the system will allow companies to keep a track on employee expenses and will get real-time data in the form of an image of travel receipts from the employee. For instance, Concur Technologies, Inc. offers a feature that allows a user to take pictures of the receipt and digitally store it in the database. Additionally, the text from the receipt image can be extracted using Optical Character Recognition (OCR), and essential fields like date, currency, total amount, and spending type can be identified with the help of machine learning. The software then creates an expense entry using the above field and can be added to spending reports. The system is embedded with chat-bots based on machine learning, which uses natural language processing to respond to a conversational request made by a user. Such technologies are expected to influence the company’s travel budgets in a positive way and are anticipated to drive the market.
Travel And Expense Management Software Market Report Highlights
- Travel and expense management software is gaining traction owing to its availability on smartphones
- Small and medium enterprises held over 30.0% of market share in 2019 and is anticipated to witness significant growth over the forecast period owing to the early return on investment and reduced administrative expenses
- The cloud segment is expected to capture substantial portion of the market and is expected to witness a CAGR of more than 10.0% during the forecast period considering that it provides remote access
- Due to the increase in expenditure on business trips and higher accumulation of spending reports, the market is expected to witness significant growth over the forecast period.