Global Travel Management Software Market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 8% during the forecast period.
Global Travel Management Software Market
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Travel management software (TMS) is a computer program, which is designed to regulate, supervise, and organize travel activities and expenses of any business company’s employees. It is also known as corporate travel management software (CTM). TMS tool manages various activities such as booking flights and hotels, documenting travel expenses, and organizing the travel timetables of all travelling members.
Increasing adoption of travel management software tools by individuals and small, medium, and large-sized business companies to reduce the time required for manually plan trips and to record travel expenses. Increasing requirement of traveller security and safety and need to handle operations of travel program, growing market for transportation and tourism industry worldwide, rising adoption of Smartphones, tablets, computers, and others, increasing popularity of self-booking application and growing awareness about travel management software among end-users are expected to improve the growth of the market during the forecast period. Travel management software provides some benefits such as reduced travel expenses, streamlined processes, more cost-conscious culture and provides valuable corporate travel data, which are ultimately propelling the growth of the market.
However, the lack of knowledge associated with the operation and installation processes of a cloud-based software system and privacy and security concerns related to transactions are major restraining factors that could hamper the growth of the market.
Global Travel Management Software Market: Segmentation Analysis
By deployment mode, the cloud-based segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during the forecast period. Increasing the adoption of cloud-based travel management software services in various small and medium enterprises is attributed to the growth of the market. Small and medium sized businesses are experiencing immense benefits by managing travel activities with cloud-based software over traditional management tools. Cloud-based travel management tools manage all travel & expense needs such as online travel booking, policy enforcement, and automated expense invoice reconciliation.
Global Travel Management Software Market: Regional Analysis
Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The US and Canada are major contributors to the growth of the market in the region. The growth is attributed to the massive presence of leading travel management software providers such as Nexonia and Oracle Corporation in the USA and Canada. Increasing governments spending on the tour and travel sectors and the transportation sector is driving the growth of the market. The rising market for the travel and tourism industry in the US and increasing export activities in the US are impelling the growth of the market.
Growing domestic travel funding by the government of the US is further propelling the growth of the market. According to research, it is found that in 2019, the United States domestic travel is raised to 1.7% to a total of 2.3 Bn person-trips and domestic business travel is raised to 1.1% from 2018 to 464 Mn person-trips. Also increasing spending by the domestic and international travellers in the US is directly supporting millions of job opportunities in various sectors, which is further impelling the growth of the market in the region.
Global Travel Management Software Market: Key Development
In Jan 2019, Expensify, the most widely used expense software in the world, and TripActions, the fastest-growing corporate travel platform, announced a strategic partnership to gain a comprehensive business travel experience.
In March 2019, Certify and Chrome River Technologies, two global leaders in travel, expense, and invoice management software, have merged in a transaction valued at over $1 billion.
In Apr 2019, Expensify has teamed up with Grab, Southeast Asia’s leading ridesharing company, to automate expense tracking and reimbursement from rideshares.
The objective of the report is to present a comprehensive analysis of the Global Travel Management Software Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Travel Management Software Market dynamics, structure by analyzing the market segments and projects the Global Travel Management Software Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Travel Management Software Market make the report investor’s guide.
The Scope of Global Travel Management Software Market
Global Travel Management Software Market, By Component
Global Travel Management Software Market, By Deployment Mode
Global Travel Management Software Market, By Industry
• Aerospace and Defense
• Retail & Logistics
Global Travel Management Software Market, By Region
• North America
• Asia Pacific
• South America
• Middle East & Africa
Global Travel Management Software Market, key Players
• Concur (SAP)
• Chrome River Technologies
• Appricity Corporation
• Expense 8
• Oracle Corporation
• Trippeo Technologies
• Unit 4
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