Product Code: BMIRE00027961
The North America travel and expense management software market was valued at approximately $1.37 billion in 2023 and is projected to grow to around $4.02 billion by 2031, reflecting a compound annual growth rate (CAGR) of 14.4% during the forecast period.
Increasing Demand for Real-Time Tracking Solutions
The rising need for real-time travel and expense tracking solutions is a significant driver of growth in the North American market. Companies are increasingly seeking software that enhances agility and transparency in financial operations. Real-time tracking allows businesses to manage budgets proactively by providing immediate insights into spending. Employees can utilize mobile applications to photograph receipts and quickly capture expense information, facilitating instant recording and submission. This capability minimizes the risk of lost receipts and streamlines the approval and reimbursement processes. Additionally, real-time tracking software provides finance teams with current data, enabling them to swiftly identify any discrepancies and ensure compliance with corporate policies. This software also aids in accurate financial forecasting and offers a continuous overview of financial commitments.
The demand for such real-time expense tracking solutions is on the rise globally. Business professionals are increasingly looking for comprehensive travel platforms, prompting market players to enhance their expense management offerings based on customer needs. For example, in July 2024, BCD Travel Services B.V. launched GetGoing, an all-in-one travel platform designed for small and medium-sized enterprises. This platform digitizes expenses, eliminates paper usage, and promotes seamless travel and expense experiences. It features a dashboard with key metrics and travel data insights, including real-time information categorized by traveler, date, and location, empowering businesses to optimize their travel budgets and save time.
Overview of the North America Market
The North American travel and expense management software market is divided into three main regions: Canada, the US, and Mexico. Over the past decade, sectors such as IT and telecom, manufacturing, and tourism have experienced significant growth in North America, driven by technological advancements, increased demand for digitization, and the implementation of advanced software solutions. The rise in both domestic and international employee travel, coupled with simplified claims and reimbursement processes facilitated by travel and expense management software, is propelling market growth. Furthermore, the robust tourism industry in the US is a key factor, as it significantly contributes to the GDP and encourages the adoption of user-friendly software solutions by tour operators.
Market Segmentation Analysis
The North America travel and expense management software market is segmented by deployment mode, organization size, industry, and country:
-  Deployment Mode: The market is divided into on-premises and cloud solutions, with the cloud segment holding a larger market share in 2023.
-  Organization Size: The market is categorized into large enterprises and small to medium enterprises, with large enterprises dominating the market share in 2023.
-  Industry: The market is segmented into various industries, including BFSI (Banking, Financial Services, and Insurance), IT and Telecom, manufacturing, healthcare, government and defense, retail, transport and logistics, among others. The BFSI sector accounted for the largest share in 2023.
-  Country: The market is further segmented into the US, Canada, and Mexico, with the US holding the largest share in 2023.
Key Players in the Market
Several prominent companies are operating in the North American travel and expense management software market, including:
-  Basware Corporation
-  Coupa Software Inc
-  DATABASICS Inc
-  Ellucian Company LLC
-  Emburse, Inc.
-  Expensify, Inc
-  Fyle Technologies Private Limited
-  GB Business Global
-  Global Business Travel Group Inc
-  Infor Inc
-  Kissflow Inc
-  Navan, Inc.
-  Oracle Corp
-  Oversight, Inc
-  SAP SE
-  TravelPerk S.L.U.
-  VA Tech Ventures Private Limited (Happay)
-  VV Finly Technology Pvt Ltd
-  Zaggle Prepaid Ocean Services Limited
-  Zoho Corp Pvt Ltd
These companies are at the forefront of developing innovative solutions that cater to the evolving needs of businesses in managing travel and expenses efficiently.
Table Of Contents
1. Introduction
- 1.1 Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
 
4. North America Travel and Expense Management Software Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain
 
- 4.4 Top Trends in Travel and Expense Management Software
- 4.4.1 Cloud Based Solutions
- 4.4.2 Mobile Expense Management
- 4.4.3 AI and Machine Learning Integration
- 4.4.4 Enhanced Policy Compliance and Fraud Detection
- 4.4.5 Internet of Things and Expense Tracking
 
5. North America Travel and Expense Management Software Market - Key Market Dynamics
- 5.1 North America Travel and Expense Management Software Market - Key Market Dynamics
- 5.2 Market Drivers
- 5.2.1 Growing Demand for Real-Time Travel and Expense Tracking Software
- 5.2.2 Increasing Adoption of Cloud-Based Expense Management Software
- 5.2.3 Growing Focus on Product Development
 
- 5.3 Market Restraints
- 5.3.1 Growing Data Security Concerns Among Customers
 
- 5.4 Market Opportunities
- 5.4.1 Development of AI-Powered Travel and Expense Management Software
 
- 5.5 Future Trends
- 5.5.1 Expanding Travel Tech Companies Worldwide
 
- 5.6 Impact of Drivers and Restraints:
6. North America Travel and Expense Management Software Market - Analysis
- 6.1 North America Travel and Expense Management Software Market Revenue (US$ Million), 2021-2031
- 6.2 North America Travel and Expense Management Software Market Forecast Analysis
7. North America Travel and Expense Management Software Market Analysis - by Deployment Mode
- 7.1 On-Premise
- 7.1.1 Overview
- 7.1.2 On-Premise: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 7.2 Cloud
- 7.2.1 Overview
- 7.2.2 Cloud: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
8. North America Travel and Expense Management Software Market Analysis - by Organization Size
- 8.1 Large Enterprises
- 8.1.1 Overview
- 8.1.2 Large Enterprises: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 8.2 Small and Medium Enterprises
- 8.2.1 Overview
- 8.2.2 Small and Medium Enterprises: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
9. North America Travel and Expense Management Software Market Analysis - by Industry
- 9.1 BFSI
- 9.1.1 Overview
- 9.1.2 BFSI: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 9.2 IT and Telecom
- 9.2.1 Overview
- 9.2.2 IT and Telecom: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 9.3 Manufacturing
- 9.3.1 Overview
- 9.3.2 Manufacturing: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 9.4 Healthcare
- 9.4.1 Overview
- 9.4.2 Healthcare: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 9.5 Government and Defense
- 9.5.1 Overview
- 9.5.2 Government and Defense: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 9.6 Retail
- 9.6.1 Overview
- 9.6.2 Retail: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 9.7 Transport and Logistics
- 9.7.1 Overview
- 9.7.2 Transport and Logistics: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
- 9.8 Others
- 9.8.1 Overview
- 9.8.2 Others: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
 
10. North America Travel and Expense Management Software Market - Country Analysis
- 10.1 North America
- 10.1.1 North America Travel and Expense Management Software Market - Revenue and Forecast Analysis - by Country
- 10.1.1.1 North America Travel and Expense Management Software Market - Revenue and Forecast Analysis - by Country
- 10.1.1.2 United States: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 10.1.1.2.1 United States: North America Travel and Expense Management Software Market Share - by Deployment Mode
- 10.1.1.2.2 United States: North America Travel and Expense Management Software Market Share - by Organization Size
- 10.1.1.2.3 United States: North America Travel and Expense Management Software Market Share - by Industry
 
- 10.1.1.3 Canada: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 10.1.1.3.1 Canada: North America Travel and Expense Management Software Market Share - by Deployment Mode
- 10.1.1.3.2 Canada: North America Travel and Expense Management Software Market Share - by Organization Size
- 10.1.1.3.3 Canada: North America Travel and Expense Management Software Market Share - by Industry
 
- 10.1.1.4 Mexico: North America Travel and Expense Management Software Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 10.1.1.4.1 Mexico: North America Travel and Expense Management Software Market Share - by Deployment Mode
- 10.1.1.4.2 Mexico: North America Travel and Expense Management Software Market Share - by Organization Size
- 10.1.1.4.3 Mexico: North America Travel and Expense Management Software Market Share - by Industry
 
 
 
11. Competitive Landscape
- 11.1 Heat Map Analysis by Key Players
- 11.2 Company Positioning and Concentration
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.2 New Product Development
- 12.3 Mergers & Acquisitions
13. Company Profiles
- 13.1 Basware Corporation
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
 
- 13.2 Coupa Software Inc
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
 
- 13.3 DATABASICS Inc.
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
 
- 13.4 Kissflow Inc
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
 
- 13.5 Navan, Inc.
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
 
- 13.6 Expensify, Inc.
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
 
- 13.7 Infor Inc
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
 
- 13.8 GB Business Global
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
 
- 13.9 Oracle Corp
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
 
- 13.10 SAP SE
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
 
- 13.11 Zoho Corp Pvt Ltd
- 13.11.1 Key Facts
- 13.11.2 Business Description
- 13.11.3 Products and Services
- 13.11.4 Financial Overview
- 13.11.5 SWOT Analysis
- 13.11.6 Key Developments
 
- 13.12 Global Business Travel Group Inc
- 13.12.1 Key Facts
- 13.12.2 Business Description
- 13.12.3 Products and Services
- 13.12.4 Financial Overview
- 13.12.5 SWOT Analysis
- 13.12.6 Key Developments
 
- 13.13 VA Tech Ventures Private Limited ("Happay")
- 13.13.1 Key Facts
- 13.13.2 Business Description
- 13.13.3 Products and Services
- 13.13.4 Financial Overview
- 13.13.5 SWOT Analysis
- 13.13.6 Key Developments
 
- 13.14 VV Finly Technology Pvt Ltd
- 13.14.1 Key Facts
- 13.14.2 Business Description
- 13.14.3 Products and Services
- 13.14.4 Financial Overview
- 13.14.5 SWOT Analysis
- 13.14.6 Key Developments
 
- 13.15 Oversight, Inc.
- 13.15.1 Key Facts
- 13.15.2 Business Description
- 13.15.3 Products and Services
- 13.15.4 Financial Overview
- 13.15.5 SWOT Analysis
- 13.15.6 Key Developments
 
- 13.16 TravelPerk S.L.U.
- 13.16.1 Key Facts
- 13.16.2 Business Description
- 13.16.3 Products and Services
- 13.16.4 Financial Overview
- 13.16.5 SWOT Analysis
- 13.16.6 Key Developments
 
- 13.17 Zaggle Prepaid Ocean Services Limited
- 13.17.1 Key Facts
- 13.17.2 Business Description
- 13.17.3 Products and Services
- 13.17.4 Financial Overview
- 13.17.5 SWOT Analysis
- 13.17.6 Key Developments
 
- 13.18 Fyle Technologies Private Limited
- 13.18.1 Key Facts
- 13.18.2 Business Description
- 13.18.3 Products and Services
- 13.18.4 Financial Overview
- 13.18.5 SWOT Analysis
- 13.18.6 Key Developments
 
- 13.19 Emburse, Inc.
- 13.19.1 Key Facts
- 13.19.2 Business Description
- 13.19.3 Products and Services
- 13.19.4 Financial Overview
- 13.19.5 SWOT Analysis
- 13.19.6 Key Developments
 
- 13.20 Ellucian Company LLC
- 13.20.1 Key Facts
- 13.20.2 Business Description
- 13.20.3 Products and Services
- 13.20.4 Financial Overview
- 13.20.5 SWOT Analysis
- 13.20.6 Key Developments
 
14. Appendix
- 14.1 Glossary
- 14.2 About The Insight Partners