Travel Management Software Market Expected to Cross the Dollar
New York, U.S., May 03, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to comprehensive research report by Market Research Future (MRFR), “Travel Management Software Market” insights 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.
The global travel management software market is expected to witness significant revenue growth with a meteoric rise in business travel over the next few years. With the opening of offices, business travel is seeing signs of revival. There is an increase in travel bookings as various countries have relaxed most of the Covid protocols, increasing market demand.
The increase in business travel is expected to create strong demand for travel management solutions. Technology has emerged as a great enabler to maintain operational continuity, achieve business goals, and realize efficiencies and cost savings. Organizations are increasingly enabling investment in technology, eager to return to travel.
The travel and tourism industry has seen a dramatic increase over the past decade. Rising funding to revive the tourism sector after the COVID 19 lockdown and rising investment, especially from start-ups, are driving the market growth. Additionally, major technological advancements, online booking solutions and services, and travel management software are increasing the market size.
Major Key Players in the Travel Management Software Market Covered Are:
- APPRICITY Corporation (USA)
- ARIET (USA)
- BASWARE (Finland)
- DATABASIC (USA)
- Expenditure 8 (Australia)
- FRAEDOM (United Kingdom)
- Oracle Corporation (California, USA)
- NetSuite (California, USA)
- SKYJUNXION, (Beirut)
- TRIPPEO Technologies (Canada)
- INSPERITY (USA)
- INTERPIX, (USA)
- Unit 4 (Netherlands)
- NEXONIA (Canada)
- Paychex (USA)
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Exclusively encompassed USP market:
Many organizations are looking to change their outdated practices and inefficient processing of expenses. This may eventually drive 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 many problems associated with an incompetent expense management system.
On top of that, great travel management software can provide valuable insight into travel expenses, provide personalized workflows, and manage employee reimbursements smoothly. These tools are also useful in helping management comply with company travel policies.
The increasing use of advanced technological solutions, along with the penetration of the Internet and the rise of mobile applications and the Global Distribution System (GDS), has increased the market value exponentially. Additionally, changing travel booking processes and service models of online travel agencies are having a positive impact on the growth of the market.
Fully integrated travel and expense solutions help employees by delivering intelligent booking engines capable of capturing cutting-edge travel content and presenting travel options in line with organizational policy. Generated expense reports can easily be routed to the right person when needed.
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These booking engine solutions integrate corporate travel policy, negotiated airline, hotel and rental car rates into booking methods that synchronize travel data into the expense solution and travel requirements. authorization before the trip. Additionally, approval requests can easily be emailed for instant approvals to provide comprehensive reporting metrics.
Online travel booking agencies integrate all modes of transportation and accommodation options under one platform. Additionally, the increasing adoption of travel management software among reservation solutions and service providers is creating significant market opportunities. Increasing automation and digitalization in the travel industry to develop higher productivity and provide customers with a unique travel experience is influencing the growth of the market.
Market Segmentation Covered by Research:
The Travel Management Software Market report is segmented into deployment, organization size, applications, end-use industries, and regions. Deployment segment includes on cloud and on premise. The organization segment includes large, small and medium enterprises.
The Application segment includes Internet, mobile applications, computer systems and others. The industrial segment includes manufacturing, transportation, retail and logistics, healthcare, energy and others. The regional segment includes Middle East and Africa, Americas, Asia-Pacific, Europe and Rest of the World.
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North America dominates the global travel management software market. Rising demand for travel management solutions across industries, along with the adoption of mobile booking technology and travel apps, is driving the growth of the regional market. Additionally, the presence of numerous notable players and wide adoption of travel management software solutions in the region is driving the region’s market shares. The North American travel management software market is expected to maintain its dominance throughout the estimated time frame.
Europe ranks second in the global travel management software market. Factors such as advancements in technology, boom in the travel industry, and growing demand for online booking formats are driving the market revenue. Additionally, the advent of various futuristic travel management platforms and the proliferation of smart connected devices and connectivity technologies are propelling the growth of the regional market.
The Asia-Pacific travel management software market has become the fastest growing market in the world. Growing adoption of online travel management services in major corporations and tourism sector in the region is driving the growth of the market. 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 over the forecast period.
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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 launch to gain greater competitive share.
Technology vendors are increasing investment in product development and improving design concepts. Other strategies adopted by these market players are greater marketing of their products, promotional initiatives through competitions and trade exhibitions, and increased collaboration.
For example, on April 27, 2022, Expedia Group and Qtech Software, a travel technology software provider, announced an expanded collaboration to seamlessly deliver high-quality hotel content and modern technology to travel businesses. . This collaboration would allow customers to access Expedia Group’s travel business worldwide, through Qtech’s flagship technology platform, OTRAMS GO.
With greater accessibility to premium hotel content and technology through the OTRAMS GO platform, travel companies of all sizes are able to generate higher revenue, grow their business and improve customer experience. efficiency of the travel ecosystem. Additionally, this expansion of their relationship and the combination of OTRAMS GO and the Rapid 3 API would help attract more businesses into the global ecosystem and create more choice and access to travel for people around the world. whole world.
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