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Asia-Pacific Travel and Expense Management Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government and Defense, Transport and Logistics, Retail, and Others)
Market Report I 2023-01-23 I 145 Pages I The Insight Partners
The APAC travel and expense management software market is expected to grow from US$ 780.20 million in 2022 to US$ 1,333.96 million by 2028. It is estimated to grow at a CAGR of 9.4% from 2022 to 2028.
Emergence of Artificial Intelligence (AI) and Machine Learning (ML) is Driving the APAC Travel and Expense Management Software Market
The use of machine learning (ML) and artificial intelligence (AI) with travel and expense management software provides simplification and efficiency in managing expenses. AI can reduce or eliminate the chances of fraud by examining the authenticity of the expenses submitted by employees. Owing to the increasing volume of travel and expense reports submitted by the employees every year, finance departments face difficulties in auditing these reports in detail. Artificial intelligence is used by various enterprises to perform an audit trail and automated policy check. AI also helps in eliminating manual intervention by analyzing suspicious expenses. The use of AI in travel and expense software also helps extract necessary information from the receipt. As a result, employees can save time spent on entering all the required information, thus improving efficiency, and reducing expense and fraud. Also, AI modernized the communication strategy in corporate travel by establishing chatbots. Moreover, machine learning is emerging as a mainstream technology in travel and expense management software. It is used to identify important fields of expense receipts using optical character recognition, provide tailored recommendations for business travelers, and implement conversational interfaces using ML for natural language processing. Therefore, emergence of artificial intelligence (AI) and machine learning (ML) and their integration with travel and expense management software is expected to drive the APAC travel and expense management software market growth.
APAC Travel and Expense Management Software Market Overview
APAC is one of the fastest-growing travel destinations and is the second-largest destination for international visitors. The region has the most significant global outbound tourist spending, with most of its spending on intraregional travel. As per the GDP figure, the region has the largest aggregate domestic travel market. In addition, countries in the region are concentrating on remaining competitive to attract growing international travel. Along with the increasing tourism market, the region is also experiencing the rising adoption of new technologies and software to manage tasks in different industries. The mounting use of the internet creates a dynamic and interactive source for managing travel and expenses. Therefore, the surge in the tourism market, coupled with the rise in technological advancements, has fueled the demand for travel & expense management software. Moreover, the region is the fastest-growing destination for medical tourism, with Thailand, India, Singapore, South Korea, and Malaysia among the top medical tourism destinations. Thus, the increasing medical tourism is expected to surge the demand for travel & expense management software in the region. Further, increased business travel in countries such as India, and China, is anticipated to fuel APAC travel and expense management software market growth.
APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
APAC Travel and Expense Management Software Market Segmentation
The APAC travel and expense management software market is segmented into deployment, enterprise size, industry, and country.
Based on deployment, the APAC travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held a larger market share in 2022.
Based on enterprise size, the APAC travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held a larger market share in 2022.
Based on industry, the APAC travel and expense management software market is segmented into BFSI, IT and telecom, manufacturing, healthcare, government and defense, transport and logistics, retail, and others. The IT and telecom segment held the largest market share in 2022.
Based on country, the APAC travel and expense management software market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. Our regional analysis states that China dominated the market share in 2022.
Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; Expensify, Inc.; Infor, Inc.; and Oracle Corporation are the leading companies operating in the APAC travel and expense management software market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Travel and Expense Management Software Market - By Deployment
1.3.2 APAC Travel and Expense Management Software Market - By Enterprise Size
1.3.3 APAC Travel and Expense Management Software Market - By Industry
1.3.4 APAC Travel and Expense Management Software Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Travel and Expense Management Software Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Travel and Expense Management Software Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Mobile Workforce
5.1.2 Hassle-Free Claims and Reimbursements
5.2 Market Restraints
5.2.1 Constant Threat of Data Breach
5.3 Market Opportunities
5.3.1 Rising Adoption of SaaS Applications
5.4 Future Trends
5.4.1 Emergence of Artificial Intelligence (AI) and Machine Learning (ML)
5.5 Impact Analysis of Drivers and Restraints
6. Travel and Expense Management Software Market - APAC Analysis
6.1 APAC Travel and Expense Management Software Market Overview
6.2 APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
7. APAC Travel and Expense Management Software Market Analysis - By Deployment
7.1 Overview
7.2 APAC Travel and Expense Management Software Market, By Deployment (2021 and 2028)
7.3 On-Premise
7.3.1 Overview
7.3.2 On-Premise: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Cloud
7.4.1 Overview
7.4.2 Cloud: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
8. APAC Travel and Expense Management Software Market Analysis - By Enterprise Size
8.1 Overview
8.2 APAC Travel and Expense Management Software Market, By Enterprise Size (2021 and 2028)
8.3 Small and Medium Enterprises
8.3.1 Overview
8.3.2 Small and Medium Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Large Enterprises
8.4.1 Overview
8.4.2 Large Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
9. APAC Travel and Expense Management Software Market Analysis - By Industry
9.1 Overview
9.2 APAC Travel and Expense Management Software Market Breakdown, by Industry, 2021 & 2028
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI Market Revenue and Forecast to 2028 (US$ Million)
9.4 IT and Telecom
9.4.1 Overview
9.4.2 IT and Telecom Market Revenue and Forecast to 2028 (US$ Million)
9.5 Manufacturing
9.5.1 Overview
9.5.2 Manufacturing Market Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
9.6.1 Overview
9.6.2 Healthcare Market Revenue and Forecast to 2028 (US$ Million)
9.7 Government and Defense
9.7.1 Overview
9.7.2 Government and Defense Market Revenue and Forecast to 2028 (US$ Million)
9.8 Transportation and Logistics
9.8.1 Overview
9.8.2 Transportation and Logistics Market Revenue and Forecast to 2028 (US$ Million)
9.9 Retail
9.9.1 Overview
9.9.2 Retail Market Revenue and Forecast to 2028 (US$ Million)
9.10 Others
9.10.1 Overview
9.10.2 Others Market Revenue and Forecast to 2028 (US$ Million)
10. APAC Travel and Expense Management Software Market - Country Analysis
10.1 Overview
10.1.1 APAC: Travel and Expense Management Software Market, by Key Country
10.1.1.1 Australia: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Australia: Travel and Expense Management Software Market, by Deployment
10.1.1.1.2 Australia: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.1.3 Australia: Travel and Expense Management Software Market, by Industry
10.1.1.2 China: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 China: Travel and Expense Management Software Market, by Deployment
10.1.1.2.2 China: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.2.3 China: Travel and Expense Management Software Market, by Industry
10.1.1.3 India: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 India: Travel and Expense Management Software Market, by Deployment
10.1.1.3.2 India: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.3.3 India: Travel and Expense Management Software Market, by Industry
10.1.1.4 Japan: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Japan: Travel and Expense Management Software Market, by Deployment
10.1.1.4.2 Japan: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.4.3 Japan: Travel and Expense Management Software Market, by Industry
10.1.1.5 South Korea: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 South Korea: Travel and Expense Management Software Market, by Deployment
10.1.1.5.2 South Korea: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.5.3 South Korea: Travel and Expense Management Software Market, by Industry
10.1.1.6 Rest of APAC: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of APAC: Travel and Expense Management Software Market, by Deployment
10.1.1.6.2 Rest of APAC: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.6.3 Rest of APAC: Travel and Expense Management Software Market, by Industry
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Partnership Strategy
12. Company Profiles
12.1 Basware Corporation
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Certify, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Chrome River Technologies, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Coupa Software Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Expensify, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Infor, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Oracle Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Concur Technologies, Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC Travel and Expense Management Software Market, by Country - Revenue and Forecast to 2028 (USD Million)
Table 3. Australia: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 9. India: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 10. India: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 14. Japan: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 17. South Korea: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of APAC: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of APAC: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 20. Rest of APAC: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 21. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Travel and Expense Management Software Market Segmentation
Figure 2. APAC Travel and Expense Management Software Market Segmentation - By Country
Figure 3. APAC Travel and Expense Management Software Market Overview
Figure 4. APAC Travel and Expense Management Software Market, By Deployment
Figure 5. APAC Travel and Expense Management Software Market, By Country
Figure 6. APAC: PEST Analysis
Figure 7. Expert Opinion
Figure 8. APAC Travel and Expense Management Software Market: Impact Analysis of Drivers and Restraints
Figure 9. APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 10. APAC Travel and Expense Management Software Market Revenue Share, by Deployment (2021 and 2028)
Figure 11. On-Premise: APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. Cloud: APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. APAC Travel and Expense Management Software Market Revenue Share, by Enterprise Size (2021 and 2028)
Figure 14. Small and Medium Enterprises: APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 15. Large Enterprises: APAC Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC Travel and Expense Management Software Market Breakdown, by Industry (2021 and 2028)
Figure 17. BFSI: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. IT and Telecom: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Manufacturing: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Healthcare: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Government and Defense: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Transportation and Logistics: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Retail: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Others: APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. APAC: Travel and Expense Management Software Market, by Key Country - Revenue (2021) (US$ 'Million)
Figure 26. APAC: Travel and Expense Management Software Market Revenue Share, by Key Country (2021 and 2028)
Figure 27. Australia: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. China: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. India: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 30. Japan: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 31. South Korea: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 32. Rest of APAC: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
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