Travel and Expense Management Software Market Size, Share & Trends Analysis Report By Deployment (Hosted, On-Premise), By Enterprise Size (SMEs, Large Enterprises), By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global travel and expense management software market size was valued at USD 3.75 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 16.9% from 2024 to 2030. The growth of this market is driven by key factors such as the increasing use of mobile devices, growing demand for reduced operating costs, and the surging need for easy reimbursement. Additionally, the quick expansion of travel tech companies brings forth opportunities for growth that fuel market expansion. Travel and expense management software is designed to automate and oversee processes related to travel and expenses and is purchased and utilized by businesses and organizations. This market involves creating, selling, and integrating customized software solutions for managing travel, monitoring expenses, and improving financial operations.

Another contributing factor is the shift toward digital transformation in corporate environments. Organizations increasingly adopt cloud-based solutions to improve operational efficiency, reduce administrative burdens, and enhance employee productivity. Travel and expense management software fits well within this framework, offering mobile access and integration with other enterprise resource planning (ERP) systems. Employees can submit their expenses on the go, and managers can approve or reject claims remotely, reducing delays and ensuring timely reimbursements. Moreover, the software's ability to integrate with accounting systems and provide analytics on spending patterns allows companies to optimize their travel policies and identify cost-saving opportunities.

The increasing emphasis on regulatory compliance and the prevention of expense fraud has also fueled demand. Governments and industries have introduced stringent reporting requirements, and businesses must ensure they meet these regulations. Travel and expense management software helps companies maintain accurate records, generate detailed audit trails, and reduce the risk of fraud by automating policy enforcement and flagging suspicious claims. This focus on compliance is particularly critical for companies operating in highly regulated sectors, such as finance and healthcare.

Deployment Insights

The hosted segment held the largest market revenue share of 63.0% in 2023. Hosted solutions, often cloud-based, allow businesses to manage travel expenses without needing heavy upfront investments in IT infrastructure. This model reduces maintenance costs and offers flexibility, enabling enterprises to scale their operations as required. Furthermore, hosted solutions provide real-time access to data from any location, enhancing the efficiency of expense tracking and reporting for employees on the go.

The on-premise segment is expected to grow significantly over the forecast period. On-premise deployments offer companies full ownership of their infrastructure, allowing them to store sensitive travel and expense data within their internal servers, reducing concerns about data breaches or compliance issues. This is particularly appealing to organizations in industries with strict regulatory requirements, such as finance and healthcare. Additionally, on-premise solutions provide more customization options and can be tailored to fit specific business processes, making them a preferred choice for larger enterprises seeking flexibility and enhanced control.

Enterprise Size Insights

The large enterprises segment held the largest market revenue share in 2023. Large enterprises typically have higher volumes of business travel, creating a need for automated solutions to streamline expense reporting, reduce errors, and enhance policy compliance. Additionally, these organizations are focused on improving cost efficiency and gaining real-time insights into travel expenditures. Integrating advanced features such as analytics, reporting, and mobile accessibility further drives large enterprises to adopt travel and expense management software to ensure better control and transparency in their financial processes.

The SMEs segment is expected to grow at the fastest CAGR over the forecast period. SMEs often need more resources and manual processes, leading to errors, inefficiencies, and higher operational costs. By adopting travel and expense management software, these companies can automate tasks such as expense tracking, reimbursement, and compliance with travel policies. This reduces administrative overhead and provides better visibility into spending patterns, helping SMEs optimize their budgets and improve decision-making. Additionally, as SMEs increasingly engage in global business, having a streamlined system for managing travel-related expenses becomes essential to staying competitive and compliant with regulatory requirements.

Regional Insights

North America held the largest market revenue share of 37.0% in 2023. The region's growing emphasis on corporate transparency, financial accountability, and cost optimization drives market growth. Companies are increasingly adopting these software solutions to streamline the process of managing business travel expenses, ensuring compliance with internal policies and government regulations. The rise of remote work and hybrid work models has led to more complex travel patterns, further necessitating efficient tracking and reporting systems. Additionally, integrating advanced technologies such as AI and automation in these platforms offers North American businesses enhanced analytics and insights, helping them make data-driven decisions and reduce costs.

U.S. Travel and Expense Management Software Market Insights

The U.S. held the largest market revenue share regionally in 2023. Many U.S. companies seek solutions that streamline travel booking, automate expense reporting, and ensure compliance with company policies. As businesses adopt remote and hybrid work models, the need for software that provides real-time tracking, integration with financial systems, and detailed analytics has grown. Additionally, rising regulatory requirements and the importance of minimizing fraud and errors in expense claims have further driven U.S. businesses to adopt these software solutions to improve efficiency and cost management.

Europe Travel and Expense Management Software Market Insights

Europe market is projected to grow prominently in the coming years. European businesses, especially in countries such as Germany, the UK, and France, focus on improving operational efficiency and compliance with stringent financial regulations. These solutions help organizations automate expense tracking, streamline approvals, and ensure adherence to local tax and expense reporting laws, which vary across European nations. Additionally, the rise of remote and hybrid work arrangements has led to more decentralized teams, increasing the need for cloud-based systems that can manage travel expenses effectively from multiple locations.

The UK market is anticipated to witness prominent growth in the coming years. UK companies, especially in the finance and professional services sectors, are adopting travel and expense management software to reduce the administrative burden associated with manual expense reporting. Additionally, the rise in domestic and international business travel has created a need for efficient solutions that offer real-time tracking, policy compliance, and cost control.

Asia Pacific Travel and Expense Management Software Market Insights

Asia Pacific is expected to grow at the fastest CAGR over the forecast period. The region's expanding corporate sector and the rise in business travel drive the market growth. The growing adoption of digital solutions across industries in Asia-Pacific, coupled with the increasing need for automation to handle complex travel policies and reimbursement processes, is further propelling the demand. Moreover, as regional organizations focus on enhancing employee productivity and compliance with financial regulations, travel and expense management software becomes essential for efficient resource management and cost control.

India market is projected to grow rapidly in the coming years. The rapid growth of businesses and the rising need for streamlined financial processes drive market growth. As Indian companies expand domestically and globally, managing employee travel and related expenses has become more complex. Businesses seek efficient solutions to automate these processes, reduce errors, and improve compliance with corporate policies. Additionally, India's digital transformation and increasing adoption of cloud-based technologies further contribute to the popularity of travel and expense management software.

Key Companies and Market Share Insights

Some key companies in the travel and expense management software market include Chrome River Technologies Inc.; Concur Technologies, Inc.; GBT Travel Services U.K. Limited; Infor; Oracle; and others.

• Concur Technologies, Inc., provides a strong suite of software for managing travel and expenses, aimed at optimizing business operations. Their main solutions consist of Concur Expense for automating expense reports, Concur Travel for booking compliant travel, and Concur Invoice for streamlining accounts payable. Extra functions such as ExpenseIt to capture receipts, TripIt Pro for detailed itineraries, and Concur Detect for auditing improve productivity, compliance, and spending control.

• Chrome River Technologies Inc. offers robust travel and expense management solutions created to simplify business operations. Their software works with different travel management companies and booking tools, offering live reporting and guaranteeing traveler safety via collaborations such as WorldAware. It makes expense reporting easier by automating itemization and compliance checks and enables managing expenses on the move with mobile access.

Recent Developments

• In March 2024, SAP Concur announced new enhancements to its travel and expense management solutions, focusing on generative AI integration. These advancements aim to improve business user experience and operational efficiency. The AI features streamline processes such as expense reporting, travel booking, and policy compliance by offering more personalized recommendations and automating repetitive tasks.

• In March 2024, GBT Travel Services U.K. Limited announced a collaboration with American Express, a leader in global business payments to introduce a new integration aimed at simplifying spend management for small businesses. The new integration of American Express and Amex GBT offers improved visibility and management for small and medium enterprises in various areas of employee spending, such as budgeting, virtual Card purchases, business travel bookings, and expense processing.

Travel and Expense Management Software Market Report Scope

Global Travel and Expense Management Software Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the travel and expense management software market report based on deployment, enterprise size, and region. 

• Travel and Expense Management Software Market Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hosted

  • On-Premise

• Travel and Expense Management Software Market Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

  • SMEs

  • Large Enterprises

• Travel and Expense Management Software Market Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • South Africa

    • UAE