North America Travel and Expense Management Software Market

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

Analysis – by Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government and Defense, Transport and Logistics, Retail, and Others)  


No. of Pages: 120    |    Report Code: BMIRE00027961    |    Category: Technology, Media and Telecommunications

North America Travel and Expense Management Software Market
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The North America travel and expense management software market is expected to grow from US$ 1,219.55 million in 2022 to US$ 1,887.58 million by 2028. It is estimated to grow at a CAGR of 7.6% from 2022 to 2028.        

 

Hassle-Free Claims and Reimbursements is Expected to Drive the North America Travel and Expense Management Software Market

The detailed procedures of the expense reimbursement cycle make the travel and expense management tasks time-consuming and tedious. It becomes difficult for employees and the finance teams to ensure timely submissions and processing of expenses. By installing travel and expense management software, one can monitor and analyze a large amount of expense data on a single platform, which saves time and money. Organizations ask employees to attach receipts with every claim in their expense reports because those receipts act as proof. Handling the receipts is a tough task for the employees, and this also increases the burden on finance teams to accumulate, verify, and document them. Travel and expense management software tracks all employee receipts and offers a simplified platform to the employees for generating expense reports and submitting them to the management for authorizing reimbursements. The software also helps manage travel bookings and make itineraries for an employee, which provides an organized way to manage the data. Several vendors are integrating the software with mobile applications to ensure easy access for users. The integration allows employees to use their smartphones to capture receipts and put them on a centralized dashboard, route the receipts to the appropriate approvers, manage those approvals or flag those that need attention, check for policy violations, and schedule reimbursement checks for payment. Therefore, users can access the software remotely while traveling. Further, the adoption of software eliminates paper usage and reduces manual and effortful tasks, which helps prevent errors. The software provides consolidated data on all expenses made by employees, which assists in managing budgets and driving policy compliance. All these factors boost the growth of the North America travel and expense management software market.   

 

North America Travel and Expense Management Software Market Overview

 

The travel and expense management software market in North America is segmented into Canada, the US, and Mexico. In the past decade, IT & Telecom, manufacturing, and tourism industries in North America have seen tremendous growth, owing to factors such as the implementation and advancement of technologies, an increase in demand for digitization and online services, and the deployment of several advanced software across the region. The drift in national and international visits by employees and hassle-free claims and reimbursement through travel and expense management software drive the market's overall growth. Also, the well-established and growing tourism industry is boosting the deployment of travel and expense management software in the region, owing to the increasing adoption of simplified software solutions by tour operators to offer their customers fascinating itineraries and services. Tourism has become one of the notable industries contributing significantly to the GDP of the US. Some well-established travel and expense management software developers across the region are SAP Concur and Expensify Payments, LLC., among others actively operating in the region. Therefore, the presence of travel and expense management software leaders across the region offers great potential for North America travel and expense management software market growth.

 

North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)

North America Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
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North America Travel and Expense Management Software Strategic Insights

Strategic insights for the North America Travel and Expense Management Software provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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North America Travel and Expense Management Software Report Scope

Report Attribute Details
Market size in 2022 US$ 1,219.55 Million
Market Size by 2028 US$ 1,887.58 Million
Global CAGR (2022 - 2028) 7.6%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Deployment
  • On-Premise
  • Cloud
By Enterprise Size
  • Large Enterprises
  • Small and Medium Enterprises
By Industry
  • BFSI
  • IT and Telecom
  • Manufacturing
  • Healthcare
  • Government and Defense
  • Transport and Logistics
  • Retail
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Market leaders and key company profiles
  • Basware Corporation
  • Certify, Inc.
  • Chrome River Technologies, Inc.
  • Concur Technologies, Inc.
  • Coupa Software Inc.
  • DATABASICS Inc.
  • Expensify, Inc.
  • Infor, Inc.
  • Oracle Corporation
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    North America Travel and Expense Management Software Regional Insights

    The geographic scope of the North America Travel and Expense Management Software refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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    North America Travel and Expense Management Software Market Segmentation

     

    The North America travel and expense management software market is segmented into deployment, enterprise size, industry, and country.

     

    Based on deployment, the North America travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held a larger market share in 2022.

     

    Based on enterprise size, the North America travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held a larger market share in 2022.

     

    Based on industry, the North America travel and expense management software market is segmented into BFSI, IT and telecom, manufacturing, healthcare, government and defense, transport and logistics, retail, and others. The IT and telecom segment held the largest market share in 2022.

     

    Based on country, the North America travel and expense management software market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US dominated the market share in 2022.      

     

    Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; DATABASICS Inc.; Expensify, Inc.; Infor, Inc.; and Oracle Corporation are the leading companies operating in the North America travel and expense management software market.

    The List of Companies - North America Travel and Expense Management Software Market

    1. Basware Corporation
    2. Certify, Inc.
    3. Chrome River Technologies, Inc.
    4. Concur Technologies, Inc.  
    5. Coupa Software Inc. 
    6. DATABASICS Inc.
    7. Expensify, Inc.
    8. Infor, Inc. 
    9. Oracle Corporation
    Frequently Asked Questions
    How big is the North America Travel and Expense Management Software Market?

    The North America Travel and Expense Management Software Market is valued at US$ 1,219.55 Million in 2022, it is projected to reach US$ 1,887.58 Million by 2028.

    What is the CAGR for North America Travel and Expense Management Software Market by (2022 - 2028)?

    As per our report North America Travel and Expense Management Software Market, the market size is valued at US$ 1,219.55 Million in 2022, projecting it to reach US$ 1,887.58 Million by 2028. This translates to a CAGR of approximately 7.6% during the forecast period.

    What segments are covered in this report?

    The North America Travel and Expense Management Software Market report typically cover these key segments-

    • Deployment (On-Premise, Cloud)
    • Enterprise Size (Large Enterprises, Small and Medium Enterprises)
    • Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government and Defense, Transport and Logistics, Retail)

    What is the historic period, base year, and forecast period taken for North America Travel and Expense Management Software Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Travel and Expense Management Software Market report:

  • Historic Period : 2020-2021
  • Base Year : 2022
  • Forecast Period : 2023-2028
  • Who are the major players in North America Travel and Expense Management Software Market?

    The North America Travel and Expense Management Software Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • Basware Corporation
  • Certify, Inc.
  • Chrome River Technologies, Inc.
  • Concur Technologies, Inc.
  • Coupa Software Inc.
  • DATABASICS Inc.
  • Expensify, Inc.
  • Infor, Inc.
  • Oracle Corporation
  • Who should buy this report?

    The North America Travel and Expense Management Software Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the North America Travel and Expense Management Software Market value chain can benefit from the information contained in a comprehensive market report.

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