Travel and expense management software allows organizations to track and approve the expenses accrued during a business travel by the employees on the business-related travel along with submission, processing, reimbursement, and reporting of the employee expenditure. Receipt tracking, itemized report creation, and automation of the reimbursement are key advantages of the travel and expense management software. Complex and multi hierarchal models of the organization and high adoption of mobile devices has created the need of the travel and expense management software in the market.
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The market is segmented by deployment type, industry vertical, and region. Based on deployment type the market is segmented into cloud and on-premises deployment. Large and small & medium are the segments across organization size. Based on industry vertical, the global travel and expense management software market is segmented into banking, financial, and insurance (BFSI), aerospace & defense, healthcare, public sector, IT & telecom, retail, and others. The market segmentation based on geography includes North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive analysis and profiles of the major market players such Apptricity Copr., Ariett Business Solutions, Inc., BasWare, Inc., Coupa Software Incorporated, Data-Basics, Inc., 8common Limited, Fraedom UK Limited, Insperity Payroll Services, LLC, Interplx, Inc., and KDS Inc., are also provided in this report.
The rising need to reduce operational cost and expenses in organizations, adoption of mobile devices, and need of hassle-free claim of expenses drive the travel and expense management software market. Further, the emergence of the software-as-a-service gave a push to the development of travel and expense management software and indirectly fueled the market to growth segment.
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