Travel & Expense Management Software Revenue to Surpass $16 Billion Globally by 2027, as Businesses Seek to Prevent Growing Expense Fraud
Hampshire, UK – 18th October 2022: A new study from Juniper Research has found that the total revenue generated by T&E (Travel & Expense) management software will reach $16 billion globally by 2027; up from $8.7 billion in 2022. It predicts that the risk of expense fraud will increase as hybrid working grows, with remote working offering the ideal environment for employees to submit fraudulent reports.
Expense Fraud Will Drive Growth
The research anticipates that growing risks of employee expense fraud will drive demand for T&E management solutions. Manual T&E management practices are unable to detect expense fraud and incapable of identifying all cases of fraudulent activity due to the volume of expense reports submitted.
In contrast, dedicated T&E management solutions are capable of detecting and resolving numerous varieties of expense fraud, such as duplicate claims, by leveraging AI (Artificial Intelligence) to detect new methods of fraud; saving businesses time and money. Given these benefits are often overlooked, Juniper Research recommends that vendors in the market prioritise the development of AI-based anti-expense fraud capabilities and demonstrate these benefits when marketing their solutions.
Remote Working Encourages Adoption
Additionally, following the COVID-19 pandemic, remote working has become increasingly commonplace. The report found that this has led to a rise in expense fraud, as less supervision and outdated manual T&E management processes enable employees to more readily submit fraudulent expense reports.
Research author Jordan Rookes explained: “Manual T&E management practices become inefficient and encourage expense fraud in remote working environments. With manual processes unfit for purpose, businesses will look to automated solutions to digitise the T&E management process; improving efficiency, and discouraging the submission of fraudulent expense reports, whilst improving fraud detection rates
Accordingly, vendors in the market must provide a streamlined solution that automates the creation of expense reports and reduces the administrative burden on employees who work remotely.
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