North America Travel and Expense Management Software Market to Reach US$ 1,887.58 Million by 2028 at a CAGR of 7.6%
According to Business Market Insights, the North America travel and expense management software market was valued at US$ 1,219.55 million in 2022 and is projected to reach US$ 1,887.58 million by 2028, growing at a CAGR of 7.6% during the forecast period. Key drivers of this growth include the increasing mobile workforce and the need for hassle-free claims and reimbursements.
Market Dynamics
Rising Mobile Workforce Driving Market Growth
The adoption of advanced technologies and improved enterprise connectivity has led to a significant rise in the mobile workforce. Professionals such as pharmaceutical representatives, sales personnel, and merchandisers frequently travel for work, leading to increased corporate travel expenses. Travel and expense management software aids businesses in tracking, managing, and auditing expenses, reducing risks related to financial fraud and noncompliance. Additionally, mobile employees can seamlessly submit expense reports, improving reimbursement efficiency and eliminating manual errors.
Moreover, increasing international business operations, military movements, and defense outposts further propel the demand for efficient travel and expense management solutions.
Data Security Concerns Restraining Market Growth
Despite its advantages, the market faces challenges due to the constant threat of data breaches. As travel and expense management software handles sensitive financial and business data, security vulnerabilities remain a concern, hindering market expansion.
Market Segmentation
By Deployment
- Cloud-based solutions dominated the market in 2022, accounting for 73.7% market share (US$ 899.24 million). This segment is expected to reach US$ 1,435.70 million by 2028, expanding at a CAGR of 8.1%.
- On-premise solutions constitute the remaining market share, catering to organizations with strict data security policies.
By Enterprise Size
- Large Enterprises held 63.9% market share in 2022 (US$ 778.96 million) and are expected to reach US$ 1,161.25 million by 2028, growing at a CAGR of 6.9%.
- Small and Medium Enterprises (SMEs) are also experiencing growing adoption, driven by cost-efficient cloud solutions.
By Industry
- IT & Telecom led the market with 22.7% share in 2022 (US$ 277.34 million), projected to reach US$ 442.50 million by 2028 at a CAGR of 8.1%.
- Other key industries include BFSI, manufacturing, healthcare, government & defense, transport & logistics, and retail.
By Country
- The United States dominated with a 77.2% market share in 2022 (US$ 941.49 million) and is expected to reach US$ 1,442.11 million by 2028 at a CAGR of 7.4%.
- Canada and Mexico also contribute to regional growth, benefiting from increasing business travel activities.
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Key Market Players
Major companies operating in the North America travel and expense management software market include:
- Basware Corporation
- Certify, Inc.
- Chrome River Technologies, Inc.
- Concur Technologies, Inc.
- Coupa Software Inc.
- DATABASICS Inc.
- Expensify, Inc.
- Infor, Inc.
- Oracle Corporation
Recent Developments
In 2019, Certify, Inc. launched Certify Purchasing, a cloud-based procure-to-pay (P2P) platform designed to enhance accounts payable management. This platform aims to provide businesses with an improved travel and expense management experience, further solidifying Certifyโs position in the market.
Conclusion
The North America travel and expense management software market is set for substantial growth, driven by an expanding mobile workforce and increasing enterprise demand for automated expense tracking. While security concerns pose challenges, advancements in cloud-based solutions and enhanced cybersecurity measures are expected to mitigate these risks, ensuring sustained market expansion.
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Dรฉfense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications Authorโs Bio:
Akshay
Senior Market Research Expert at Business Market Insights
