Travel & Expense Management: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027

• Market Dynamics: Insights into key trends and challenges within the travel & expense management market; addressing challenges posed by expense fraud, changes in usage trends, and technological developments in the travel & expense management market. It also includes a regional analysis examining the current development of the travel & expense management market in 20 countries, as well as payment methods and future prospects.
• Key Takeaways & Strategic Recommendations: Analysis of key development opportunities within the travel & expense management market, accompanied by key strategic recommendations for stakeholders including fintechs, CRM providers and ERP providers who all offer some form of travel & expense management software.
• Benchmark Industry Forecasts: Includes forecasts for total revenue for travel & expense management software, split by payment models. This data is further split by our 8 key forecast regions and 60 countries:
  • North America:
    • Canada, US
  • Latin America:
    • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
  • West Europe:
    • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
  • Central & East Europe:
    • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
  • Far East & China:
    • China, Hong Kong, Japan, South Korea
  • Indian Subcontinent:
    • Bangladesh, India, Nepal, Pakistan
  • Rest of Asia Pacific:
    • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
  • Africa & Middle East:
    • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates
• Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 20 travel & expense management vendors, via the Juniper Research Competitor Leaderboard:
  • Airbase
  • Apptricity
  • Basware
  • Coupa
  • DATABASICS
  • Emburse
  • Expense8
  • Expensein
  • Expensify
  • Fyle
  • Infor
  • Oracle
  • Pleo
  • Rydoo
  • SAP Concur
  • Serko
  • Soldo
  • TripActions
  • Xero
  • Zoho Expense

1. What is the state of the travel & expense management market?
2. What are the key drivers of the travel & expense management market?
3. What are the primary functions and features of travel & expense management software, and how do they benefit businesses?
4. Who are the leading vendors in the travel & expense management market?
5. Which markets will have the greatest adoption of travel & expense management software over the next five years?

Interviewed: Basware, Expense8, Zoho.
 
Case Studied: Brex, Oversight, Revolut, Sonya.
 
Included in Juniper Research Competitor Leaderboard: Airbase, Apptricity, Basware, Coupa, DATABASICS, Emburse, Expense8, Expenseify, Expensin, Fyle, Infor, Oracle, Pleo, Rydoo, SAP Concur, Serko, Soldo, TripActions, Xero, Zoho.
 
Mentioned: 3CX, 8common ltd, Accel, Accenture, ADP, Advent International, AdventNet, Airbus, Alien, Allianz Partners, Amazon, American Express, Anthem, AON, Aprio, Ascot, AT&T, Atlas Travel, ATPI Group, Bamboo HR, Battery, BCD Travel, Beenext, Birst, Blue Dot, bob, Bolt, Brex, British Airways, Burger King, Byron, Cameo, Canon, Century 21, Ceridian, Citi Ventures, Coatue, Coda, Codestone Solutions Ltd, Computel Group, Comtravo, Cordia Partners, Datacamp, DataStax, Dawn, DBS, Deloitte, Etap-On-Line, Experian, FCM EMEA, FedEx, Fivetran, Fleetcor, Freshworks, Garmin, Gong, GrowthForce, GT Nexus, Hard Rock Café, Harness, HP, HSBC, Hubdoc, IDC, IDEO.org, ING, Itas, Itilite, Koch Equity, KPMG, La Trobe University, Lawson Software, Lockheed Martin, Lyft, Lyst, Mastercard, Meon Valley Travel, Meta, Microsoft, Nando’s, Netflix, NetScout, NetSuite, NTT Data Business Solutions, P&G, PayPal, Personio, Planday, Pravega Ventures, Puma, Recruit, Redmond, Reed & Mackey, Resia, Sabre, Sage Intacct, Salesforce, Samsonite, Sanofi, SAP, Siemens, Starmount, Steadview, TaxCycle, Tickstar, Tiger Global, TKT Konnect, Toyota, TravelPerk, Triathlon Ireland, Uber, Unilever, US Army, VAT It. Taxback International, Vend, Veolia, Verizon, Visa, WeTransfer, Wex, Workday, WorkflowMax, Xerox.
 
 
 
 
 

Data Splits for:

• T&E Management Usage
• Term Licence T&E Management Software
• SaaS-Based T&E Management Software

Metrics include average cost per term licence and total travel & expense management revenue for both term licence and SaaS-based models.   

Geographical splits: 60 countries
Number of tables: Over 61 tables
Number of datapoints: Over 27,800 datapoints

harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart – using the comparison tool. Empower your business with our market intelligence centre, and receive alerts whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a client’s ability to both understand a particular market and to integrate their own views into the model.
 

The total revenue generated by T&E management software will reach $16 billion globally by 2027, up from $8.7 billion in 2022. It is predicted that the risk of expense fraud will increase as hybrid working grows, with remote work offering the ideal environment for employees to submit fraudulent reports.

• It is anticipated that growing risks of employee expense fraud will drive demandfor T&E management solutions. Manual T&E management practices are unable todetect expense fraud and incapable of identifying all cases of fraudulent activitydue to the volume of expense reports submitted.
• In contrast, dedicated T&E management solutions are capable of detecting andresolving numerous varieties of expense fraud, such as duplicate claims, byleveraging AI (Artificial Intelligence) to detect new methods of fraud; savingbusinesses time and money. Given these benefits are often overlooked, JuniperResearch recommends that vendors in the market prioritise the development ofAI-based anti-expense fraud capabilities and demonstrating these benefits whenmarketing their solutions.
• Additionally, following the COVID-19 pandemic, remote working has becomeincreasingly commonplace. The report found that this has led to a rise in expensefraud as less supervision and outdated manual T&E management processesenable employees to more readily submit fraudulent expense reports.
• Accordingly, vendors in the market must provide a streamlined solution thatautomates the creation of expense reports and reduces the administrative burdenon employees who work remotely.