Middle East & Africa Travel and Expense Management Software Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The travel and expense management software market in the Middle East and Africa was valued at approximately US$ 221.33 million in 2023, with projections indicating it will grow to US$ 583.70 million by 2031. This growth represents a compound annual growth rate (CAGR) of 12.9% from 2023 to 2031.

Impact of Travel Tech Companies on Market Growth

The travel and tourism industry has undergone a significant transformation due to technological advancements, fundamentally altering how individuals plan, book, and experience their travels. Online booking platforms have simplified the process of researching and reserving trips, making it easier for travelers to manage their itineraries and expenses. In response, travel tech companies are increasingly adopting travel and expense management software to enhance financial efficiency and streamline corporate travel processes.

These companies are focusing on automating travel-related tasks to save time and reduce costs for businesses. The demand for simplified travel experiences, efficient booking, and straightforward expense management is driving the need for such software solutions. As a result, businesses worldwide are investing heavily in technology that enhances travel and expense management, which in turn encourages travel tech companies to broaden their global reach and meet the evolving needs of their customers. Notable companies in this sector include Amadeus, Provab Technosoft, Navan, Zoho Corporation, Expensify Inc., Travelsoft, and Emburse, Inc. For example, in May 2024, Amadeus expanded its partnership with Navan to enhance its business travel services and accelerate growth in both new and existing markets. This trend of expanding travel tech companies is expected to be a significant driver of market growth in the coming years.

Overview of the Market

The Middle East and Africa travel and expense management software market is being propelled by technological innovations and the entry of new players. These new entrants are launching advanced travel and expense management solutions, gaining traction in the market. A notable example is Pemo, a fintech startup based in the UAE, which introduced an all-in-one spend management platform in May 2022 aimed at small and medium-sized enterprises (SMEs) across the Middle East, North Africa, and Pakistan (MENAP). This platform provides fast, transparent, and simplified solutions for invoice payments and expense management, along with corporate smart cards tailored for SMEs. The diverse offerings, including reimbursements, automated policy compliance, and seamless reconciliation, are expected to further stimulate the growth of the travel and expense management software market.

Market Segmentation Analysis

The Middle East and Africa travel and expense management software market can be segmented based on deployment mode, organization size, industry, and country.

1. Deployment Mode: The market is divided into on-premises and cloud-based solutions. In 2023, the cloud segment dominated the market share, reflecting a growing preference for cloud solutions due to their flexibility and scalability.

2. Organization Size: The market is categorized into large enterprises and small & medium enterprises (SMEs). The large enterprises segment held a larger share of the market in 2023, indicating that larger organizations are more likely to invest in comprehensive travel and expense management solutions.

3. Industry: The market is segmented into various industries, including Banking, Financial Services, and Insurance (BFSI), IT and Telecom, manufacturing, healthcare, government and defense, retail, transport and logistics, among others. The BFSI sector accounted for the largest share of the market in 2023, highlighting the critical need for effective travel and expense management in this industry.

4. Country: The market is further segmented by country, including the UAE, Saudi Arabia, South Africa, and the rest of the Middle East and Africa. The UAE emerged as the leading market in 2023, driven by its robust travel and tourism sector and the adoption of advanced technology solutions.

Key Players in the Market

Prominent companies operating in the travel and expense management software market include Basware Corporation, Coupa Software Inc., DATABASICS Inc., Ellucian Company LLC, Emburse, Inc., Expensify, Inc., Fyle Technologies Private Limited, GB Business Global, Global Business Travel Group Inc., Infor Inc., Kissflow Inc., Navan, Inc., Oracle Corp, Oversight, Inc., SAP SE, TravelPerk S.L.U., VA Tech Ventures Private Limited (Happay), VV Finly Technology Pvt Ltd, Zaggle Prepaid Ocean Services Limited, and Zoho Corp Pvt Ltd. These companies are at the forefront of providing innovative solutions that cater to the evolving needs of businesses in the travel and expense management sector.

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