Travel Management Software Industry - Poised for Rapid Growth 2023
Posted by Akash Sangshetti on March 26th, 2020
Travel Management Software Industry – Overview
Travel Management Software is a useful platform to record all travel related expenses efficiently, such as planning, purchasing, and mischillinious expenditures occurred for a travel. This software is extensively used by the corporates worldwide to streamline purchasing policies & decisions while maintaining the records of travel expenses occurred by their employees during business trips.
These records further help these corporates to control business travel budget, to ensure that these travels are in accordance with the company policy while maintaining the discernibility between managers and employees regarding corporate travel. The software also provides tools such as online travel booking allowing ticket booking for air /bus/train travels and managing reimbursement for the travel expenses.
Owing to these efficacies, Travel Management Software has proven to be a practical solution to maintain & manage traveling records. This, in turn, increases the uptake of this software, further increasing its market growth globally. Augmented uptake of the internet of things (IoT) has allowed the TMS to garner extensive traction worldwide escalating its market to perceive an exponential growth on the global platform.
Acknowledging the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future (MRFR) has recently published a study report giving out the complete market insight up to 2023. This study report indicates that the Travel Management Software Industry will expand accruing USD ~1 Billion by 2023, registering ~8% of a CAGR during the forecast period (2017 and 2023).
TMS solutions easily integrate with mobile applications, enabling users to manage reports virtually from any device. The proliferation of mobile applications is one of the growth driving factors of the Travel Management Software (TMS) market as it offers a secure and convenient platform, available to access any-time and anywhere across the devices. This convenience factor resultantly, drives the market growth largely.
The major players in Travel Management Software Industry include Concur (SAP) (U.S.), Certify (Portland), Expensify (U.S.), Chrome River Technologies (U.S.), Infor(U.S.) are the leading technologies of the travel management software.
The other prominent market players include Appricity Corporation (U.S.), Ariett (U.S.), Basware (Finland), DATABASIC (U.S.), Expense 8 (Australia), Fraedom (U.K), Oracle Corporation (Calfornia, U.S.), NetSuite (Calfornia, U.S.), Skyjunxion, (Beirut) Trippeo Technologies (Canada), Insperity (U.S.), Interpix, (U.S.) Unit 4 (Netherlands), Nexonia (Canada), Paychex (U.S.).
The North America market leads the global Travel Management Software market with the largest market share. Attributing to the wide uptake & advancement of technology coupled with the increasing investments transpired in the market; the region is likely to retain its dominance over the forecast period.
While the Europe market stands the second largest market for Travel Management Software, attributing to the growing businesses coupled with the advancement of technology especially, in the UK, Germany, France & Italy. Continuing with the same growth trends the market will register the highest CAGR in the next six years.
Whereas Asia Pacific region, emerging as the fastest growing market for Travel Management Software will account for a substantial market share in the next six years. The regional market growth attributes to the rapidly advancing countries such as China, Japan, and India coupled with the improved economy that has spurted the industrialization across the region. Furthermore, growing large number of small and medium manufacturing companies backed by the low-cost labor supports the market growth in the APAC region.
For the convenience of the report and enhanced understanding the report is segmented into 4 key dynamics;
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Travel Management Software Market
5 Industry Overview Of Global Travel Management Software Market
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
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About the AuthorAkash Sangshetti
Joined: October 1st, 2019
Articles Posted: 322
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