Europe Travel and Expense Management Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government and Defense, Transport and Logistics, Retail, and Others)
The Europe travel and expense management software market is expected to grow from US$ 994.90 million in 2022 to US$ 1,608.13 million by 2028. It is estimated to grow at a CAGR of 8.3% from 2022 to 2028.
Increasing Mobile Workforce is Fueling the Europe Travel and Expense Management Software Market
Mobile workforce is surging due to the growing adoption of technologies and enhancing connectivity among enterprises.Pharmaceutical representatives, sales representatives, and merchandisers are a few examples of mobile workforces.
The number of employees traveling abroad is rising with the expansion of several businesses across the region, which increases travel-related expenses.In corporate travel, there is a risk of noncompliance and financial fraud, which makes it tough for enterprises to audit travel and expense reports.
Travel and expense management software helps track and manage travel expenses.Moreover, the software enables organizations to make the business process smooth.
Also, the mobile workforce can conveniently submit their expenditure details by using the software. The adoption of travel and expense management software improves business reporting and simplifies the expense reimbursement and reconciliation process by eliminating paper use and reducing manual errors. Thus, the rising mobile workforce augments the growth of the travel and expense software market. Furthermore, surge in international exercises and presence of military outposts and postings has surged the movement of the military which is surging the demand for travel and expense management software in various nations, hence contributing to the Europe travel and expense management software market growth.
Europe Travel and Expense Management Software Market Overview
The European countries have more GDP per capita than other countries.Increased economic progress is a good indicator of opportunities for software developers in European countries.
From an organization’s point of view, the region is the hub for several well-known IT companies.Moreover, tourism is one of the most significant sectors supporting the growth of the region’s GDP.
Business tours are majorly hosted online, where travel and expense management software is considered an effective tool.Hence, businesses are adopting such solutions so employees can access these online platforms remotely.
From the end user’s point of view, cloud apps are among the most prominent apps used by employees and customers in the tourism industry. Further, the banking sector in Europe has been inclining toward digital transformation. The COVID-19 pandemic significantly impacted digital transformation, creating an immediate need for banks to communicate with their employees and arrange necessary business tours through digital channels, such as platforms and apps, while social distancing was the norm. According to the European Central Bank’s published report on January 13, 2022, the number of digital users in the banking sector has increased by 23% since the COVID-19 pandemic. Factors such as easy booking, cost savings, personalization, streamlined approvals, extensive travel inventory, travel data analytics, online travel consultancy, and policy compliance are contributing to the growth of the travel and expense management software market across Europe. Moreover, leading European players are expanding their roots at the global level by forming strategic alliances. For instance, on August 4, 2022, travel platform "HRS" acquired German Expense Management Firm "Paypense." Therefore, expansion strategies by the key players are anticipated to provide lucrative growth opportunities for Europe travel and expense management software market.
Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Europe Travel and Expense Management Software Market Segmentation
The Europe travel and expense management software market is segmented into deployment, enterprise size, industry, and country.
Based on deployment, the Europe travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held a larger market share in 2022.
Based on enterprise size, the Europe travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held a larger market share in 2022.
Based on industry, the Europe travel and expense management software market is segmented into BFSI, IT and telecom, manufacturing, healthcare, government and defense, transport and logistics, retail, and others. The manufacturing segment held the largest market share in 2022.
Based on country, the Europe travel and expense management software market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK dominated the market share in 2022.
Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; Expensify, Inc.; GB Business Global; Infor, Inc.; and Oracle Corporation are the leading companies operating in the Europe travel and expense management software market.