In a recent published report, Kenneth Research has updated the market report for Travel Management Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 Â billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Travel Management Software Market products.
Market Synopsis:
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.
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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.Global Travel Management Software Market, 2017-2023 (USD Billion):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.
Segmentation:
Travel management software market has been bifurcated into component, deployment, industry, application, and organization.Travel management software market has been categorized based on components, which includes solution and services. Based on the solutions, the market is further segmented into business intelligence, integrations, customer experience. Based on the services, the market is categorized into professional services and managed services. Moreover, the managed services segment is categorized into application management, consulting services, and service& support .The professional services is differentiated into financial management, business performance management. Based on the deployment, the market is categorized into on-premises and on- clouds.
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Based on the industry, the market is classified into manufacturing, transportation, retail& logistics, healthcare, and energy..Application segment has been categorized into the internet, mobile applications, and computer system.Based on the organization, the market has been categorized into large, small, and medium enterprises.
Regional Analysis:
Geographically, the travel management software is categorized into North America, Europe Asia-Pacific and Rest of the World. The North American market is expected to be the prominent region in the travel management software owing to the presence of big giants of technologies such as Oracle Corporation, Nexonia and SAP concur in the U.S. and Canada. Furthermore, increasing number of small startups in the emerging economies such as China, India, and South Korea of APAC region is projected to boost the global travel management software market growth China, one of the manufacturing based on economies of the world has supposed to be the leading country in the APAC region.
This is attributed to large number of small and medium manufacturing companies associated with the low-cost labor. Therefore, the manufacturing segment is anticipated to drive the market in this region. Additionally, e-commerce is a growing sector across the globe, which currently has fastened the logistics supply and delivers the goods to the customer on time. Consequently, the retail& logistics segment is expected to have a significant growth in the travel management software market over the review period 2017-2023.
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.).
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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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