Travel Management Software Market Forecast To Cross USD

Travel Management Software Market Forecast To Cross USD

New York, USA, May 3, 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 see significant revenue growth, witnessing an accelerating rise in corporate travel in the coming years. With offices opening, corporate travel is seeing signs of revival. There is an uptick in travel booking as several countries have relaxed most Covid protocols, increasing market demand.

The increase in business travel is expected to create a high demand for travel management solutions. Technology emerged as a great enabler to maintain operational continuity, meet business goals, and achieve efficiencies and cost savings. Organizations are allowing more and more investments in technology, hoping to return to travel.

The travel and tourism industry has witnessed a dramatic rise over the last decade. Increasing funding to restart the tourism sector after the COVID-19 imposed lockdown and increased investments, especially from start-ups, are driving the growth of the market. In addition, major advances in technology, online booking solutions and services, and travel management software are increasing the size of the market.

The dominant key players in the Covered Travel Management Software market are:

  • APPRICITY Corporation (USA)
  • ARIETT (United States)
  • BASWARE (Finland)
  • Expense 8 (Australia)
  • Oracle Corporation (California, USA)
  • NetSuite (California, USA)
  • SKYJUNXION, (Beirut)
  • TRIPPEO Technologies (Canada)
  • Unit 4 (Netherlands)
  • NEXONIA (Canada)
  • Paychex (United States)

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Exclusively Covered USP Market:
market indicators
Many organizations are looking to change outdated practices and inefficient expense processing. Over time, this may drive demand for travel management software designed specifically for companies that organize frequent business trips. Travel management solutions are intuitive and advanced enough to solve various problems associated with an incompetent expense management system.

On top of this, great travel management software can provide valuable travel expense insights, provide personalized workflows, and manage employee reimbursements seamlessly. These tools are also useful in helping management comply with corporate travel policies.

The increasing uses of advanced technology solutions, coupled with the penetration of the Internet and the rise of mobile applications and the global distribution system (GDS), have increased the market value exponentially. In addition, changes in travel booking processes and service models of online travel agencies have a positive impact on market growth.

Fully integrated travel and expense solutions help employees by offering intelligent booking engines that can capture industry-leading travel content and present travel options in alignment with organizational policy. Generated expense reports can be easily routed to the right person when needed.

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These booking engine solutions integrate corporate travel policy, airline, hotel and car rental negotiated rates into booking methods that sync travel data with expense solution and pre-trip authorization requirements. Additionally, approval requests can be easily sent via emails for instant approvals to help comprehensive reporting metrics.

Online travel booking agencies integrate all modes of transportation and accommodation options on a single platform. Additionally, the increasing adoption of travel management software among reservation solutions and service providers creates significant market opportunities. The increasing automation and digitalization in the travel industry to develop higher productivity and offer customers a unique travel experience influences the growth of the market.

Segmentation of the market covered in the research:
The Travel Management Software market report is segmented on implementation, organization size, applications, end-use industries, and regions. The deployment segment comprises in-cloud and on-premises. The organization segment comprises large, small and medium-sized companies.

The application segment comprises the Internet, mobile applications, computer systems and others. The industry segment comprises manufacturing, transportation, retail and logistics, health care, energy, and others. The region segment comprises the Middle East and Africa, Americas, Asia Pacific, Europe and the rest of the world.

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Regional Analysis
North America dominates the global travel management software market. Increasing demand for travel management solutions across industries, coupled with the adoption of mobile booking technology and travel apps, is driving regional market growth. Also, the presence of many notable players and the wide adoption of travel management software solutions in the region boost the market shares in the region. The North American travel management software market is anticipated to maintain its dominance over the forecast period.

Europe ranks second in the global market for travel management software. Factors such as technological advancements, the rise of the travel industry and the increasing demand for online booking formats drive the market revenue. Furthermore, the advent of various futuristic travel management platforms and the proliferation of smart connected devices and connectivity technologies drive the growth of the regional market.

The Asia Pacific travel management software market has become the fastest growing market globally. The increasing adoption of online managed travel services in the major companies and the tourism sector in the region fuels the growth of the market. Countries like China, Japan, Malaysia and India have shown a fairly fair share of the travel management software market in the region. APAC Travel Management Software Market is expected to generate a substantial revenue bag 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 and acquisitions, collaborations, expansion, and product/technology launches to gain greater competitive share.

Technology providers drive investments in product development and improve design concepts. Other strategies adopted by these market players are increased marketing of their products, promotional initiatives through contests and trade shows, and increased collaboration.

For example, on April 27, 2022, Expedia Group and Qtech Software, a provider of travel technology software, announced the expansion of their collaboration to bring high-quality hotel content and modern technology to travel businesses. This collaboration would allow customers to access Expedia Group’s travel business globally through Qtech’s flagship technology platform, OTRAMS GO.

With increased accessibility to premium hotel content and technology through the OTRAMS GO platform, travel companies of all sizes can generate increased revenue, grow their businesses and improve efficiency in the travel ecosystem. Additionally, this expansion of their relationship and the combination of OTRAMS GO and Rapid 3 API would help bring more businesses into the global ecosystem and create more choice and access to travel for people everywhere.

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