The North America travel and expense management software market was valued at approximately $1.37 billion in 2023 and is projected to grow to around $4.02 billion by 2031, reflecting a compound annual growth rate (CAGR) of 14.4% during the forecast period.
The demand for such real-time expense tracking solutions is on the rise globally. Business professionals are increasingly looking for comprehensive travel platforms, prompting market players to enhance their expense management offerings based on customer needs. For example, in July 2024, BCD Travel Services B.V. launched GetGoing, an all-in-one travel platform designed for small and medium-sized enterprises. This platform digitizes expenses, eliminates paper usage, and promotes seamless travel and expense experiences. It features a dashboard with key metrics and travel data insights, including real-time information categorized by traveler, date, and location, empowering businesses to optimize their travel budgets and save time.
Reasons to Buy
Increasing Demand for Real-Time Tracking Solutions
The rising need for real-time travel and expense tracking solutions is a significant driver of growth in the North American market. Companies are increasingly seeking software that enhances agility and transparency in financial operations. Real-time tracking allows businesses to manage budgets proactively by providing immediate insights into spending. Employees can utilize mobile applications to photograph receipts and quickly capture expense information, facilitating instant recording and submission. This capability minimizes the risk of lost receipts and streamlines the approval and reimbursement processes. Additionally, real-time tracking software provides finance teams with current data, enabling them to swiftly identify any discrepancies and ensure compliance with corporate policies. This software also aids in accurate financial forecasting and offers a continuous overview of financial commitments.The demand for such real-time expense tracking solutions is on the rise globally. Business professionals are increasingly looking for comprehensive travel platforms, prompting market players to enhance their expense management offerings based on customer needs. For example, in July 2024, BCD Travel Services B.V. launched GetGoing, an all-in-one travel platform designed for small and medium-sized enterprises. This platform digitizes expenses, eliminates paper usage, and promotes seamless travel and expense experiences. It features a dashboard with key metrics and travel data insights, including real-time information categorized by traveler, date, and location, empowering businesses to optimize their travel budgets and save time.
Overview of the North America Market
The North American travel and expense management software market is divided into three main regions: Canada, the US, and Mexico. Over the past decade, sectors such as IT and telecom, manufacturing, and tourism have experienced significant growth in North America, driven by technological advancements, increased demand for digitization, and the implementation of advanced software solutions. The rise in both domestic and international employee travel, coupled with simplified claims and reimbursement processes facilitated by travel and expense management software, is propelling market growth. Furthermore, the robust tourism industry in the US is a key factor, as it significantly contributes to the GDP and encourages the adoption of user-friendly software solutions by tour operators.Market Segmentation Analysis
The North America travel and expense management software market is segmented by deployment mode, organization size, industry, and country:- Deployment Mode: The market is divided into on-premises and cloud solutions, with the cloud segment holding a larger market share in 2023.
- Organization Size: The market is categorized into large enterprises and small to medium enterprises, with large enterprises dominating the market share in 2023.
- Industry: The market is segmented into various industries, including BFSI (Banking, Financial Services, and Insurance), IT and Telecom, manufacturing, healthcare, government and defense, retail, transport and logistics, among others. The BFSI sector accounted for the largest share in 2023.
- Country: The market is further segmented into the US, Canada, and Mexico, with the US holding the largest share in 2023.
Key Players in the Market
Several prominent companies are operating in the North American travel and expense management software market, including:- 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
- Zoho Corp Pvt Ltd
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America travel and expense management software market.
- Highlights key business priorities to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the North America travel and expense management software market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America travel and expense management software market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. North America Travel and Expense Management Software Market Landscape
5. North America Travel and Expense Management Software Market - Key Market Dynamics
6. North America Travel and Expense Management Software Market - Analysis
7. North America Travel and Expense Management Software Market Analysis - by Deployment Mode
8. North America Travel and Expense Management Software Market Analysis - by Organization Size
9. North America Travel and Expense Management Software Market Analysis - by Industry
10. North America Travel and Expense Management Software Market - Country Analysis
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the North America 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
- Zoho Corp Pvt Ltd
