Global travel management market to upsoar, says Allied Market Research
Wednesday, January 10, 2024
Favorite
A recent report unveiled by the Allied Market Research with the title – Travel and Expense Management Software Market by Deployment Mode, Organization Size, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2022–2032.
As per the report, in 2022, the global travel and expense management software industry produced around $3 billion and by 2032, it’s anticipated to produce around $15.7 billion, registering a CAGR of 18.3% from 2022 to 2032.
The major determinants behind growth
The growth and development of the market of global travel and expense management software is influenced by an upsurge in adoption of mobile devices, drop in the expenses related to operation, and increase in the urgency for seamless claim of expenses. But the factor of shortage of expert workforce mainly hinders the growth of market.
Contrariwise, growth of the companies related to travel technology is anticipated to offer profitable opportunities for the growth of the market during the forecast period.
Because of deployment mode, the on-premise segment in 2022 embraced the uppermost market share, accounting for over two-thirds of the market revenue of the global travel and expense management software and is hoped to maintain its leadership status all through the forecast period. This is because of the large number of on-premise travel and expense management software providers easily obtainable in the market.
