New York US, May 03, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Travel Management Software Market” information by Deployment, by Components, by Industry, by Application and Region – Forecast to 2030” market size to reach USD 17.4 billion, growing at a compound annual growth rate of 10.5% by 2030.
Market Scope:
The global travel management software market is expected to garner significant revenue growth, witnessing a spurring rise in corporate travels in the next few years. With offices opening up, corporate travel is witnessing signs of a revival. There is an uptick in travel booking as various countries have relaxed most of the Covid protocols, increasing market demand.
Rising business travels are expected to create healthy demand for travel management solutions. Technology emerged as a great enabler to maintaining operational continuity, realizing business goals, and achieving efficiencies & cost savings. Organizations are increasingly enabling investments in technology, looking forward to switching back to travel.
The travel and tourism industry witnessed a dramatic increase over the last decade. Increasing funding to reboot the tourism sector after the COVID 19 imposed lockdown and rising investments, especially from start-ups, drive market growth. Also, large advances in technology, online booking solutions & services, and travel management software boost the market size.
Dominant Key Players on Travel Management Software Market Covered are:
- APPRICITY Corporation (U.S.)
- ARIETT (U.S.)
- BASWARE (Finland)
- DATABASIC (U.S.)
- Expense 8 (Australia)
- FRAEDOM (U.K)
- Oracle Corporation (California, U.S.)
- NetSuite (California, 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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Market USP Exclusively Encompassed:
Market Drivers
Many organizations are looking to change their outdated practices and inefficient expenditure processing. This can eventually boost the demand for travel management software specifically designed for companies that organize frequent business trips. Travel-management solutions are intuitive and advanced enough to solve several issues associated with an incompetent expense managing system.
In addition to this, great travel-management software can provide valuable insight into travel expenditure, provide customized workflows, and manage employee reimbursements smoothly. These tools are also useful in helping the management comply with corporate travel policies.
Rising usages of advanced technological solutions, alongside the penetration of the Internet and spurring rise in mobile applications and the global distribution system (GDS), have increased the market value exponentially. Besides, changing travel booking processes and service models of online tour agencies positively impact market growth.
Fully integrated travel and expense solutions support employees by offering smart booking engines that can capture industry-leading travel content and present trip options aligning with the organization's policy. The generated expense reports can easily be routed to the right individual whenever required.
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These booking engine solutions integrate corporate travel policy, negotiated airline, hotel & car rental rates into booking methods that synch travel data into the expense solution and pre-trip authorization requirements. Furthermore, approval requests can easily be sent via emails for instant approvals to help comprehensive reporting metrics.
Online travel booking agencies integrate all modes of transport and accommodation options under a single platform. Additionally, the rising adoption of travel management software among booking solutions and service providers creates significant market opportunities. The growing automation and digitalization in the travel industry to develop higher productivity and offer customers a unique travel experience influences the market growth.
Segmentation of Market Covered in the Research:
The travel management software market report is segmented into deployment, organization size, applications, end-use industries, and regions. The deployment segment comprises on-clouds and on-premises. The organization segment comprises large, small, and medium enterprises.
The application segment comprises the Internet, mobile applications, computer systems, and others. The industry segment comprises manufacturing, transportation, retail& logistics, healthcare, energy, and others. The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and Rest-of-the-World.
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Regional Analysis
North America dominates the global travel management software market. The increasing demand for travel management solutions across industries, alongside the adoption of mobile booking technology and travel apps, drives the regional market growth. Moreover, the presence of many notable players and the wide adoption of travel management software solutions in the region foster the region's market shares. The North American travel management software market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global travel management software market. Factors such as technological advancements, the booming travel industry, and rising demand for online booking formats boost market revenues. Additionally, the advent of various futurist travel management platforms and the proliferation of smart connected devices & connectivity technologies propel the growth of the regional market.
The Asia Pacific travel management software market has emerged as the fastest-growing market globally. The increasing adoption of online travel managed services in major businesses and the tourism sector in the region fosters market growth. Countries like China, Japan, Malaysia, and India have shown a considerably fair share in the travel management software market in the region. The APAC travel management software market is expected to create a substantial revenue pocket during the forecast period.
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Competitive Landscape
Highly competitive, the travel management software market appears fragmented due to the presence of several well-established players. These players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.
Technology providers boost investments in product development and improve design concepts. Other strategies these market players adopt are greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration.
For instance, on April 27, 2022, Expedia Group and Qtech Software, a travel technology software provider, announced the expansion of their collaboration to seamlessly provide high-quality hotel content and modern technology to travel businesses. This collaboration would allow customers the access to Expedia Group's travel businesses globally, through Qtech's flagship technology platform, OTRAMS GO.
With greater accessibility to premium hotel content and technology via the OTRAMS GO platform, Travel businesses of all sizes are able to generate higher revenue, grow their businesses, and improve efficiency in the travel ecosystem. In addition, this expansion of their relationship and the combination of OTRAMS GO and Rapid 3 API would help bring more companies into the global ecosystem and create more choices and access to travel for people everywhere.
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