Travel Management Software Industry 2020: Development Strategy
Travel Management Software Industry – Overview
The escalation in business travel is increasing the reliance on travel management software. Market reports linked with the information and communication technology industry have been put forward by Market Research Future which generates reports on other industry verticals that seeks to study the current market scenarios better. The Travel Management Software Industry is projected to diversify with a CAGR of 8% while making revenues worth USD 1 Billion by 2023.
The varied expenses incurred in the day to day business operations include a huge chunk of traveling done by executives. Thus, the use of software enables tracking and managing travel expenses effectively. The market for travel management software is encouraged by the increasing use of devices such as smartphones and laptops. The tailoring of customer-centric solutions in the travel management software is anticipated to boost the expansion of the market in the forecast period.
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The segmentation of the Travel Management Software Industry is carried out on the basis of component, deployment, industry, organization, application, and region. On the basis of the component, the travel management software market is segmented into services, solution and managed services. On the basis of deployment, the travel management software market is segmented into on cloud and on premise. Based on the industry, the travel management software market is segmented into transportation, manufacturing retail and logistics, energy and healthcare. The segmentation of the travel management software market based on organization includes small & medium enterprises, large enterprises. On the basis of application, the travel management software market consists of internet, mobile applications, and computer system. The regions considered in the travel management software market are Europe, North America, Asia Pacific and Rest of the World.
The major players in Travel Management Software Industry 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.).
The regional analysis of the travel management software consists of regions such as Europe, Asia Pacific, North America, and the rest of the world. The North American region is estimated to be a significant region in the travel management software market due to the incidence of great titans of technologies such as Nexonia, Oracle Corporation and SAP in the U.S. and Canada. Also, the growing number of small startups in developing economies such as India, China, and South Korea in the Asia Pacific region is expected to enhance the travel management software market’s growth. The manufacturing segment is expected to propel the market in this region. This is accredited to a large number of small and medium manufacturing companies related to low-cost labor. Moreover, e-commerce is a mounting sector globally, which has currently has reinforced the logistics supply chains and is consequently motivating the growth of the market in the forecast period. Therefore, the retail & logistics segment is anticipated to have substantial growth in the travel management software market in the course of the forecast period.
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