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Europe 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 126 Pages I The Insight Partners
The Europe travel and expense management software market is expected to grow from US$ 994.90 million in 2022 to US$ 1,608.13 million by 2028. It is estimated to grow at a CAGR of 8.3% from 2022 to 2028.
Increasing Mobile Workforce is Fueling the Europe Travel and Expense Management Software Market
Mobile workforce is surging due to the growing adoption of technologies and enhancing connectivity among enterprises. Pharmaceutical representatives, sales representatives, and merchandisers are a few examples of mobile workforces. The number of employees traveling abroad is rising with the expansion of several businesses across the region, which increases travel-related expenses. In corporate travel, there is a risk of noncompliance and financial fraud, which makes it tough for enterprises to audit travel and expense reports. Travel and expense management software helps track and manage travel expenses. Moreover, the software enables organizations to make the business process smooth. Also, the mobile workforce can conveniently submit their expenditure details by using the software. The adoption of travel and expense management software improves business reporting and simplifies the expense reimbursement and reconciliation process by eliminating paper use and reducing manual errors. Thus, the rising mobile workforce augments the growth of the travel and expense software market. Furthermore, surge in international exercises and presence of military outposts and postings has surged the movement of the military which is surging the demand for travel and expense management software in various nations, hence contributing to the Europe travel and expense management software market growth.
Europe Travel and Expense Management Software Market Overview
The European countries have more GDP per capita than other countries. Increased economic progress is a good indicator of opportunities for software developers in European countries. From an organization's point of view, the region is the hub for several well-known IT companies. Moreover, tourism is one of the most significant sectors supporting the growth of the region's GDP. Business tours are majorly hosted online, where travel and expense management software is considered an effective tool. Hence, businesses are adopting such solutions so employees can access these online platforms remotely. From the end user's point of view, cloud apps are among the most prominent apps used by employees and customers in the tourism industry. Further, the banking sector in Europe has been inclining toward digital transformation. The COVID-19 pandemic significantly impacted digital transformation, creating an immediate need for banks to communicate with their employees and arrange necessary business tours through digital channels, such as platforms and apps, while social distancing was the norm. According to the European Central Bank's published report on January 13, 2022, the number of digital users in the banking sector has increased by 23% since the COVID-19 pandemic. Factors such as easy booking, cost savings, personalization, streamlined approvals, extensive travel inventory, travel data analytics, online travel consultancy, and policy compliance are contributing to the growth of the travel and expense management software market across Europe. Moreover, leading European players are expanding their roots at the global level by forming strategic alliances. For instance, on August 4, 2022, travel platform "HRS" acquired German Expense Management Firm "Paypense." Therefore, expansion strategies by the key players are anticipated to provide lucrative growth opportunities for Europe travel and expense management software market.
Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Europe Travel and Expense Management Software Market Segmentation
The Europe travel and expense management software market is segmented into deployment, enterprise size, industry, and country.
Based on deployment, the Europe 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 Europe 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 Europe 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 manufacturing segment held the largest market share in 2022.
Based on country, the Europe travel and expense management software market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK dominated the market share in 2022.
Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; Expensify, Inc.; GB Business Global; Infor, Inc.; and Oracle Corporation are the leading companies operating in the Europe 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 Europe Travel and Expense Management Software Market - By Deployment
1.3.2 Europe Travel and Expense Management Software Market - By Enterprise Size
1.3.3 Europe Travel and Expense Management Software Market - By Industry
1.3.4 Europe 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. Europe Travel and Expense Management Software Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe 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 - Europe Analysis
6.1 Europe Travel and Expense Management Software Market Overview
6.2 Europe Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
7. Europe Travel and Expense Management Software Market Analysis - By Deployment
7.1 Overview
7.2 Europe 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. Europe Travel and Expense Management Software Market Analysis - By Enterprise Size
8.1 Overview
8.2 Europe Travel and Expense Management Software Market, By Enterprise Size (2021 and 2028)
8.4 Small and Medium Enterprises
8.4.1 Overview
8.4.2 Small and Medium Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Large Enterprises
8.5.1 Overview
8.5.2 Large Enterprises: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
9. Europe Travel and Expense Management Software Market Analysis - By Industry
9.1 Overview
9.2 Europe 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. Europe Travel and Expense Management Software Market - Country Analysis
10.1 Overview
10.1.1 Europe: Travel and Expense Management Software Market, by Key Country
10.1.1.1 France: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 France: Travel and Expense Management Software Market, by Deployment
10.1.1.1.2 France: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.1.3 France: Travel and Expense Management Software Market, by Industry
10.1.1.2 Germany: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Germany: Travel and Expense Management Software Market, by Deployment
10.1.1.2.2 Germany: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.2.3 Germany: Travel and Expense Management Software Market, by Industry
10.1.1.3 Italy: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Italy: Travel and Expense Management Software Market, by Deployment
10.1.1.3.2 Italy: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.3.3 Italy: Travel and Expense Management Software Market, by Industry
10.1.1.4 UK: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 UK: Travel and Expense Management Software Market, by Deployment
10.1.1.4.2 UK: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.4.3 UK: Travel and Expense Management Software Market, by Industry
10.1.1.5 Russia: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 Russia: Travel and Expense Management Software Market, by Deployment
10.1.1.5.2 Russia: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.5.3 Russia: Travel and Expense Management Software Market, by Industry
10.1.1.6 Rest of Europe: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of Europe: Travel and Expense Management Software Market, by Deployment
10.1.1.6.2 Rest of Europe: Travel and Expense Management Software Market, by Enterprise Size
10.1.1.6.3 Rest of Europe: 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 GB Business Global
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 Oracle Corporation
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
12.9 Concur Technologies, Inc.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. Europe Travel and Expense Management Software Market, by Country - Revenue and Forecast to 2028 (USD Million)
Table 3. France: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 4. France: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 5. France: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 6. Germany: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 7. Germany: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 8. Germany: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 9. Italy: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 10. Italy: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 11. Italy: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 12. UK: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 13. UK: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 14. UK: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 15. Russia: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 16. Russia: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 17. Russia: Travel and Expense Management Software Market, by Industry - Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of Europe: Travel and Expense Management Software Market, by Deployment - Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of Europe: Travel and Expense Management Software Market, by Enterprise Size - Revenue and Forecast to 2028 (US$ Million)
Table 20. Rest of Europe: 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. Europe Travel and Expense Management Software Market Segmentation
Figure 2. Europe Travel and Expense Management Software Market Segmentation - By Country
Figure 3. Europe Travel and Expense Management Software Market Overview
Figure 4. Europe Travel and Expense Management Software Market, By Deployment
Figure 5. Europe Travel and Expense Management Software Market, By Country
Figure 6. Europe: PEST Analysis
Figure 7. Expert Opinion
Figure 8. Europe Travel and Expense Management Software Market: Impact Analysis of Drivers and Restraints
Figure 9. Europe Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 10. Europe Travel and Expense Management Software Market Revenue Share, by Deployment (2021 and 2028)
Figure 11. On-Premise: Europe Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. Cloud: Europe Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. Europe Travel and Expense Management Software Market Revenue Share, by Enterprise Size (2021 and 2028)
Figure 14. Small and Medium Enterprises: Europe Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 15. Large Enterprises: Europe Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Europe Travel and Expense Management Software Market Breakdown, by Industry (2021 and 2028)
Figure 17. BFSI: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. IT and Telecom: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Manufacturing: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Healthcare: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Government and Defense: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Transportation and Logistics: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Retail: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Others: Europe Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. Europe: Travel and Expense Management Software Market, by Key Country - Revenue (2021) (US$ 'Million)
Figure 26. Europe: Travel and Expense Management Software Market Revenue Share, by Key Country (2021 and 2028)
Figure 27. France: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Germany: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. Italy: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 30. UK: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 31. Russia: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 32. Rest of Europe: Travel and Expense Management Software Market - Revenue and Forecast to 2028 (US$ Million)
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