Travel Management Software Market Size, Analytical Overview, Global Trends, Development Status, Revenue Analysis, Industrial Insights and Comprehensive Research Study Till 2023

Travel Management Software Market Size, Analytical Overview, Global Trends, Development Status, Revenue Analysis, Industrial Insights and Comprehensive Research Study Till 2023

Travel Management Software Market Size, Analytical Overview, Global Trends, Development Status, Revenue Analysis, Industrial Insights and Comprehensive Research Study Till 2023

May 16, 2018 (AB Digital via COMTEX) —

Travel Management Software Management Market – 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 Market 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.

Also, the rapidly burgeoning eCommerce sector worldwide, backed by the improved logistics supply, ensuring the on-time delivery provides impetus to the market growth of TMS. In addition, other factors contributing to the market growth include, increasing urbanization and industrialization worldwide. Improving economic conditions that enhance consumers’ affordability worldwide foster the market growth of the Travel Management Software, globally.

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Conversely, security concerns related to software as a service-based TMS solutions present challenges to the market growth. However, the ever-increasing demand for the software coupled with the increasing uptake of TMS will support the market growth of Travel Management Software. Besides, lack of expertise in installation associated with operational techniques of a cloud-based software system will pose challenges to the market growth over the forecast period.

Industry/ Innovations/ Related News

April 24, 2018 – TripAdvisor, Inc. (US) a global travel company announced the acquisition of Bokun (Iceland), a leading provider of business management technology for the tours, attractions and experiences industry. The deal is expected to help TripAdvisor to cover the largest distribution channel while expanding its offering with adept technical solutions.

April 23, 2018 – InterplX Expense Management (US), one of the global providers for the expense management software solutions launched its new software – ExpenseNet® 8.0 that can deliver a simplified enterprise-class expense reporting for corporate travelers, accessible anywhere from any device.

April 10, 2018 – Deem – Rearden Commerce (US), a leading mobile and cloud software technology provider for the business travel industry, announced the signing of a strategic partnership with Pinnacle Travel Services (PTS – US) a leading travel management company. According to the agreement between the due, PTS will resell Deem’s business travel management solutions to their customers and prospects for the next three years.

Key Players:

The major players 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.).

Travel Management Software Market – Segments

For the convenience of the report and enhanced understanding the report is segmented into 4 key dynamics;

  • By Component: Comprises Solutions (Business Intelligence, Integrations, and Customer Experience) and Services {Professional Services (business performance management and financial management, etc.) and Managed Services (consulting services, application management, and service & support, etc.)}
  • By Industries: Transportation, Manufacturing, Retail & Logistics, Energy and Healthcare among other.
  • By Deployment: On Cloud & On Premise.
  • By Application: Mobile Applications, Internet, and Computer system among other.

Travel Management Market –Regional Analysis

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.

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Intended Audience:

  • Travel management software provider.
  • Software Solution providers
  • Small and Medium Enterprises
  • Travel Agencies
  • Government
  • Tour operators
  • Research Firms

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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