In 2020, the travel management software market was estimated to be worth US$ 95.7 billion, with a CAGR of more than 12.1 percent. By monitoring and controlling expense reports, travel management software helps to eliminate human mistakes, and fraud, and streamline the business process.
This program improves the efficiency of the expense-handling process while also lowering trip costs. It gives you more control over your spending and avoids reporting inaccuracies. It has advantages such as lowering travel costs, improving operational efficiency, and speeding up operations to deliver cost savings.
According to a recent study, the travel management software market is expected to increase at a faster rate between 2021 and 2031. Because of the increased adoption of mobile devices in recent years, the market will grow the most in the next years.
Demand Forecast for Travel Management Software in Europe
Due to technical improvements in cloud-based services, Europe is the second-largest contributor to the travel management software industry. The dominant economies in Europe are France, Germany, Italy, France, and the United Kingdom.
The use of cloud-based services in developed economies like Germany, France, and the United Kingdom is fueling the growth of the travel management software market in Europe. SMEs and big companies’ demand for travel management software in the area are also fueling the growth of the travel management software market.
Who are the leading players in the travel management software market?
The following are some of the main providers and firms in the travel management software market:
- chrome River Technologies,
- Coupa Software
- IBM Corporation
- Oracle Corporation