Travel Management Software Market 2018: Historical Analysis, Emerging Technologies, Sales Revenue, Opportunity Assessment, Key Vendors, Future Plans and Global Trends by Forecast 2023

Market Research Future
Market Research Future published a research report on “Travel Management Software Market Research Report – Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Scenario

Travel management software enables the individuals and the business entities to track and monitor the expenses involved in the personal and business travel respectively. Increasing number of electronic gadgets such as a laptop, smartphones, and other devices has created a positive impact on the travel management software market. The travel management software facilitates the businesses to plan their flexible tour at reduced cost. Also, Self-booking application feature is anticipated as one of the strengthening factors to drive the market growth. Constantly evolving technologies and rising number of Small and Medium Businesses (SMB) such as travel agencies and tour operators are expected to drive the Travel Management Software Market over the next few years. Also, small and medium enterprises possess a limited capital for smooth functioning of business. Therefore, increasing awareness of travel management software among the small and medium enterprises to give an essential boost to the operating business.  On the other hand, lack of expertise in installation associated with operational techniques of a cloud-based software system is expected to hinder the growth of the market over the forecast period. Secured transactions and privacy concerns are likely to challenge the market growth during the review period. The companies such as SAP Concur has recently released the powerful solutions to offer customer-centric experiences that enhances their business of all small, medium and large segments .The unified brand allows SAPConcur to expand and evolve the technologies to provide invoice management for transparency and control.

The global travel management software market is expected to generate the market value of approximately USD  1 Billion by 2023 growing at a CAGR of 8% during the forecast period 2017-2023.

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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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