Travel Management Software Market Size
Travel Management Software Market Size was valued at USD 8.2 Billion in 2022. The Travel Management Software market is projected to grow from USD 9.1 Billion in 2023 to USD 20.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.50% during the forecast period (2023 – 2032).
Key Players:
- APPRICITY Corporation
- ARIETT
- BASWARE
- DATABASIC
- Expense 8
- FRAEDOM
- Oracle Corporation
- NetSuite
- SKYJUNXION
- TRIPPEO Technologies
- INSPERITY
- INTERPIX
- Unit 4
- NEXONIA
- Paychex
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Drivers:
- Cloud-based adoption: Ease of implementation and lower costs are driving the shift towards cloud-based TMS solutions.
- Automation and efficiency: Businesses seek software to streamline travel booking, expense management, and travel policy enforcement.
- Online booking popularity: Increased online booking adoption necessitates integration with TMS for centralized control.
- Travel risk management: Growing concerns about duty of care and employee safety are pushing companies towards robust risk management features in TMS.
Market Segmentation:
- Deployment mode: Cloud-based solutions are projected to grow faster due to their advantages.
- Organization size: Large enterprises dominate due to complex travel needs, but SMEs are the fastest-growing segment with increased access to affordable TMS options.
- Industry verticals: IT & telecom and BFSI (banking, financial services, and insurance) remain dominant, but healthcare is expected to see the fastest growth due to medical tourism.
- Region: North America leads due to established vendors and early technology adoption, but Asia Pacific is projected for the fastest growth due to economic development and a rising middle class.
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