New york, US, May 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Travel Management Software Market BY Component, Deployment, Industry, Application – Global Forecast to 2030, Market to Capture a CAGR of 10.5% Between 2020 and 2030 While Touching Approximately USD 17.4 Billion by 2030-End – Report by Market Research Future (MRFR)
Market Synopsis
Travel Management Software (TMS) is a type of software that helps companies manage their business travel arrangements. It provides a comprehensive solution to manage various aspects of travel, such as booking flights, hotels, car rentals, and managing expenses. The software helps companies to optimize their travel expenses, streamline travel booking processes, and ensure compliance with company policies and regulations.
The primary application of travel management software is in the corporate travel sector. It is used by companies of all sizes to manage their travel requirements, from small businesses to large corporations. TMS is also used in the travel and tourism industry to manage the travel arrangements of tourists and vacationers.
January 2021
SAP Concur, a leading player in the travel management software market, launched a new solution called Concur Locate and Active Monitoring. This solution helps companies to locate and monitor their employees during business travel. It provides real-time location tracking, travel disruption alerts, and communication tools to ensure employee safety and compliance with the duty of care policies.
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Market Competitive Landscape:
The affluent companies in the Travel Management Software industry include
- APPRECIATE Corporation
- ARIETT
- BASWARE
- DATABASIC
- Expense 8
- FRAEDOM
- Oracle Corporation
- NetSuite
- SKYJUNXION
- TRIPPEO Technologies
- INSPERITY
- INTERMIX
- Unit 4
- NEXONIA
- Paychex
Travel Management Software Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 17.4 Billion |
| CAGR during 2020-2030 | 10.5% |
| Base Year | 2021 |
| Forecast | 2020-2030 |
| Key Market Drivers | So to get rid of this hassle process, companies are adopting travel management software |
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Market Drivers:
There are several market driving factors for the travel management software market. First, the increasing adoption of cloud-based solutions is driving the growth of the market. Cloud-based travel management software is more flexible, scalable, and cost-effective than on-premise solutions. Second, the rising demand for integrated travel and expense management solutions is fueling the growth of the market. Integrated solutions help companies to streamline their travel and expense management processes, reducing administrative costs and improving efficiency. Finally, the growing focus on compliance and risk management is also driving the market's growth. Travel management software helps companies to enforce their travel policies and ensure compliance with regulations and duty of care obligations.
Market Restraints:
The travel management software market may face some market restraints. The high cost of implementation and maintenance of travel management software may be a challenge for small and medium-sized enterprises. Additionally, the lack of awareness about the benefits of travel management software may limit the market's growth, particularly in emerging economies.
COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the travel management software market. The pandemic led to a decrease in business travel, which impacted the demand for travel management software. However, as the world recovers from the pandemic, the market is expected to grow as businesses resume their travel operations. The post-COVID scenario is expected to witness a rise in demand for touchless solutions and mobile apps that enable travelers to manage their trips and expenses from their mobile devices.
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Market Segmentation
By Component
The Component in the market includes Solutions and Services
By Deployment
The Deployment in the market includes On-Premise and On-Cloud
By Industry
The Deployment in the market includes Manufacturing, Transportation, Retail & Logistics, Healthcare, and Energy
By End-user
The Deployment in the market includes the Internet, Mobile Applications, and Computer system.
Regional Insights
North America is expected to dominate the travel management software market due to the presence of major players in the region, such as SAP Concur, Oracle, and Expedia. The region has a high adoption rate of cloud-based solutions, which offer greater flexibility and scalability than on-premise solutions. The region also has a high level of digitalization, making it easier for businesses to adopt travel management software.
Europe is also expected to witness significant growth in the travel management software market, driven by the stringent regulations for compliance and duty of care obligations. The European Union has implemented various regulations to ensure the safety and well-being of employees during business travel, which has led to higher adoption of travel management software. The increasing focus on sustainability and reducing carbon footprint is also driving the adoption of travel management software in the region.
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The Asia-Pacific region is expected to witness significant growth in the travel management software market due to the increasing demand for corporate travel and the growing focus on compliance and risk management. Countries such as China and India are expected to be the major contributors to the market's growth in this region. The growing middle class in these countries is leading to an increase in business travel, which is driving the demand for travel management software. Additionally, the growing awareness of the importance of compliance and risk management is leading to the adoption of travel management software by businesses in the region.
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