Travel Expenses Processing Sector Outlook (2022 to 2032)
As per newly released data by Future Market Insights (FMI), the Travel Expenses Processing Sector is estimated at US$ 6.9Billion in 2022 and is projected to reach US$ 17.90 Billion by 2032, at a CAGR of 10% from 2022 to 2032.
Travel Expenses Processing Sector Value-based CAGR (2022 to 2032)
10%
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
2017 to 2021 Travel Expenses Processing Market Outlook Compared to 2022 to 2032 Forecast
Travelling is a popular stress-busting activity all around the world and new innovations, offers and places to explore are making tourism a very successful sector. Travelling to new regions is not just a leisure or a free time activity, many corporate companies are sending employees for important meetings and seminars. At this time, the company covers the expenses. The amenities are provided to employee travelling till he/she returns, and include multiple factors.
Such corporate travel was slow and halted in 2019-20, as the COVID-19 pandemic was declared, and travelling was restricted in many regions. As businesses and offices were closed, there was no travel for business. As the pandemic is coming to an end and restrictions are removed, corporate travel is showing emergence in a number of regions.
‘Bleisure’ is trending in evolved business tourism sector
As the pandemic started, public gatherings and travel were temporarily halted by the government, resulting closure of offices. To continue the office work, organisations initiated work from home, providing necessary equipment and facilities to employees. Now, the pandemic is over and offices are ready to be fully operational. But employees are missing the comfort of working from home. To make sure employees attend important meetings and get work done effectively, organisations are also ready to provide amenities to employees.
Because of these changes in the habits of travellers, there is the emergence of ‘Bleisure’, a business tour type including leisure for employees. Travellers are expecting amenities like connectivity and comfortable travelling medium, along with expenses for accommodation and fares, and sometimes food. Some organisations also provide digital tools for better, faster and safe business travel.
Find your sweet spots for generating winning opportunities in this market.
New Countries are emerging as a potential market for Business Travel
Business travel is continuously growing after the COVID pandemic, but some countries are still having restrictions on international travel. This is giving new countries chance to rise as business tourism countries. In addition to offering business visits, nations like Indonesia and India rank among the highest spenders. There is a significant rise in MICE tours in Asia, recording a great amount of growth due to the use of intercity transport mediums. Businesses in Asian countries are also spending employees on business trips to other countries, impacting the overall segment market. Despite these facts, the USA is and will be the top country to be spending on and organize business travels.
COVID restriction and changed work lifestyle are affecting business travel around the world
As corporate companies and businesses are reopening, business travel is also starting to revive. But business travel is not the same as it was before the pandemic. There are certain changes, which are necessary to make sure travellers are safe during the tour. These are some precautions and rules travellers have to follow while travelling.
As travel has started all around the world, there are many problems it will face before its complete recovery. Employees are now comfortable with virtual meetings, instead of in-person meetings. They are not ready to travel for work and use personal safety and well-being as an excuse to avoid it. Many organisations are also considering virtual meetings as an alternative to travel to different cities for meetings and seminars, which will save capital spent on travelling and accommodation, the important meetings being an exception.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
Country-wise Insight
Organizations frequently choose the United Kingdom as a location for business meetings and tours.
The United Kingdom is one of the most popular places for business meetings and seminars. There are headquarters of multiple businesses and organizations, being a hub for international businesses and trades. Many businesses are looking for offices around the country, some are specifically looking for co-working spaces, giving them the flexibility of operating businesses with low expenses and few days.
The country has lifted near about all restrictions on travel due to COVID. Even though there are standards within cities, some tests are necessary and others are not.
The most typical spending in European countries is on accommodation, as there is a number of hotels providing varied services, as per the requirements of tourists. Hotels in the country are also implementing eco-friendly practices in order to reduce carbon emissions and achieve sustainability.
India-based web business tool-providing company named ‘ZOHO Corporation’ is providing smart solutions for expense management. The software is the ultimate solution for a number of travel expense problems including expense management, expense control, audits related to the same, forming reports of expenses, etc. ZOHO works with organizations and setup travel policies and rules for expenses and feeds the data to software. The software then keeps the track of all expenses by employees from that specific organization. The automated software does not need any human interference, problems, and some unique cases being exceptions. At such times, ZOHO gets in contact with the responsible organization and gets the problem solved.
The final report of the expenses will be formed automatically as the employee keeps providing data from time to time, and finally, the report will be sent for approval to admin. If there are any improper or unapproved transactions, the software will indicate and separate them from others. After approval, the report is saved on cloud storage or sent to a responsible person in the organization.
Along with these services, ZOHO is also operational in sales and marketing, project management, and analysis sectors.
Category-wise Insights
Which segment is having highest Travel Expenses?
The accommodation has the highest amount of Travel Expenses.
Organizations are sending employees to meetings and conferences and providing capital for their needs for time being. Travel Expenses Processing consists of a number of segments, including accommodation, food, transportation tickets, fares, and fees, etc. among these, the most common and highest expenses are on accommodation of employees traveling, followed by transportation and food. There are some requirements for an employee to continue work while traveling, and those should be fulfilled in accommodation.
What types of Occasions are commonly covered in Travel Expenses?
Most frequently, employees travel to business meetings.
Meetings are the most common reason for employees to travel around. Important meetings might be placed at head offices that are situated in urban areas or with clients who live in various cities or countries. Organizations cover employees' travel costs so they can participate in these significant events, ultimately benefitting the organization.
Competitive Landscape
The control of Travel Expenses is crucial for the effective flow of capital and the long-term planning of such operations. If management is poor, spending won't be transparent, policies governing expenses won't be clear enough to prevent confusion, and efforts to improve the company will be more time-consuming and stressful. To prevent such complications, there is a number of software calculating and managing Travel Expenses.
For Instance:
Chrome River offers an automated system with built-in business spending regulations. Chrome River is a travel and expense management software. This software creates an expenditure report and provides all the facts on expenses, allowing the user to adjust the rules as needed. This aids in the clear management of Travel Expenses Processing. The optimum spending management strategy can be chosen from those offered by this software.
Scope of Report
Attribute
Details
Forecast Period
2022 to 2032
Historical Data Available for
2017 to 2021
Market Analysis
US$ Billion for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania & Middle East, and Africa(MEA).
Key Countries Covered
USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand.
Key Segments Covered
Expense Type, Occasion Type, Tourist Type, Tour Type, and Region
Key Companies Profiled
Chrome River Technologies Inc.
Coupa Software Inc.
Infor
TravelPerk
Fyle
TravelBank
Zoho Expense
Others
Report Coverage
Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
The Travel Expenses Processing Sector by Category
By Expense Type:
Transport
Accommodation
Transport
Food
Fares and Fees
By End Users:
Employees
Managers
Accountants
By Operation:
On-site
Cloud-Based
By Occasion:
Meetings
Conferences
Exhibitions
By Tourist Type:
Domestic
International
By Tour Type:
Independent Traveler
Group
Frequently Asked Questions
What is the current market value of the Travel Expenses Processing market?
The Travel Expenses Processing market is currently valued at US$ 6.9 Billion in 2022.
What is the forecasted growth rate for the Travel Expenses Processing market?
The Travel Expenses Processing market is currently forecasted to grow at a rate of 10% CAGR during the forecast period.
Who are the leading players in the Travel Expenses Processing sector?
Chrome River Technologies Inc., Coupa Software Inc., Infor, TravelPerk, Fyle, TravelBank, Zoho Expense, etc. are popular software provider names in the Travel Expenses Processing industry, providing services all around the world.
Table of Content
1. Executive Summary | Travel Expenses Processing Market
1.1. Global Market Outlook
1.1.1. Who Is Travelling?
1.1.2. How Much Do They Spend?
1.1.3. Direct Contribution of Tourism To GDP
1.1.4. Direct Contribution of Tourism To Employment
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ Million) and Forecast (2022 to 2032)
2.2. Number of Tourists (Million) and Forecast (2022 to 2032)
2.3. Total Spending Y-o-Y Growth Projections (2022 to 2032)
2.4. Number of based Tourists Y-o-Y Growth Projections
3. Global Tourism Industry Analysis
3.1. Tourism Industry Overview
3.1.1. Travel & Tourism Industry Contribution To Global GDP
3.1.1.1. Business Spending v/s Leisure Spending
3.1.1.2. Domestic v/s Foreign
3.1.1.3. Direct, Indirect, and Induced
3.1.2. Travel Sector Contribution To Global Overall Employment
3.1.3. Travel & Tourism Growth Rate
3.1.4. Foreign Visitor Exports As Percentage of Total Exports
3.1.5. Capital Investment In Travel & Tourism Industry
3.1.6. Different Components of Travel & Tourism
3.1.7. Global Tourism Industry Outlook
3.1.7.1. Cultural Tourism
3.1.7.2. Culinary Tourism
3.1.7.3. Eco/Sustainable Tourism
3.1.7.4. Sports Tourism
3.1.7.5. Spiritual Tourism
3.1.7.6. Wellness Tourism
3.1.7.7. Others
4. Global Market Dynamics
4.1. Market Drivers & Opportunities
4.1.1. Bleisure is a trending corporate tourism type among employees around the world.
4.1.2. New countries are emerging as potential Corporate Travel Markets
4.1.3. Changed work lifestyle is impacting corporate travel.
4.1.4. Software for managing expenses is a huge aid to businesses when creating budgets.
5. Market Background
5.1. Top 10 Market Companies
5.2. Macro-Economic Factors
5.2.1. Global GDP Growth Outlook
5.2.2. Global Industry Value Added
5.2.3. Global Consumer Spending Outlook
5.2.4. Global Direct contribution of Travel & Tourism to GDP
5.2.5. Global Visitor Exports and International Tourist Arrivals
5.2.6. Capital Investment In Travel & Tourism
5.2.7. Top Tourism Spending Countries
5.3. Forecast Factors - Relevance & Impact
6. Categorizing of Global Sector 2021
6.1. Introduction/ Key Findings
6.2. Current Market Analysis By Expenses Type (% of Demand)
6.2.1. Transportation
6.2.2. Accommodation
6.2.3. Food
6.2.4. Fares and Fees
6.3. Current Market Analysis By End User (% of Demand)
6.3.1. Employees
6.3.2. Managers
6.3.3. Accountants
6.4. Current Market Analysis By Operation (% of Demand)
6.4.1. On-site
6.4.2. Cloud Based
6.5. Current Market Analysis By Occasion (% of Demand)
6.5.1. Meetings
6.5.2. Conferences
6.5.3. Exhibitions
6.6. Current Market Analysis By Tourist Type (% of Demand)
6.6.1. Domestic
6.6.2. International
6.7. Current Market Analysis By Tour Type (% of Demand)
6.7.1. Independent Traveller
6.7.2. Group
6.8. Current Market Analysis By Region (% of Demand)
6.8.1. North America
6.8.2. Latin America
6.8.3. Europe
6.8.4. East Asia
6.8.5. South Asia
6.8.6. Oceania
6.8.7. Middle East and Africa(Middle East and Africa(MEA))
6.9. Key Findings, By Each Category
7. Categorizing of North America Sector 2021
7.1. Introduction/ Key Findings
7.2. Current Market Analysis By Expenses Type (% of Demand)
7.2.1. Transportation
7.2.2. Accommodation
7.2.3. Food
7.2.4. Fares and Fees
7.3. Current Market Analysis By End User (% of Demand)
7.3.1. Employees
7.3.2. Managers
7.3.3. Accountants
7.4. Current Market Analysis By Operation (% of Demand)
7.4.1. On-site
7.4.2. Cloud Based
7.5. Current Market Analysis By Occasion (% of Demand)
7.5.1. Meetings
7.5.2. Conferences
7.5.3. Exhibitions
7.6. Current Market Analysis By Tourist Type (% of Demand)
7.6.1. Domestic
7.6.2. International
7.7. Current Market Analysis By Tour Type (% of Demand)
7.7.1. Independent Traveller
7.7.2. Group
7.8. Current Market Analysis By Country (% of Demand)
7.8.1. USA
7.8.2. Canada
7.9. Key Findings, By Each Category
8. Categorizing of Latin America Sector 2021
8.1. Introduction/ Key Findings
8.2. Current Market Analysis By Expenses Type (% of Demand)
8.2.1. Transportation
8.2.2. Accommodation
8.2.3. Food
8.2.4. Fares and Fees
8.3. Current Market Analysis By End User (% of Demand)
8.3.1. Employees
8.3.2. Managers
8.3.3. Accountants
8.4. Current Market Analysis By Operation (% of Demand)
8.4.1. On-site
8.4.2. Cloud Based
8.5. Current Market Analysis By Occasion (% of Demand)
8.5.1. Meetings
8.5.2. Conferences
8.5.3. Exhibitions
8.6. Current Market Analysis By Tourist Type (% of Demand)
8.6.1. Domestic
8.6.2. International
8.7. Current Market Analysis By Tour Type (% of Demand)
8.7.1. Independent Traveller
8.7.2. Group
8.8. Current Market Analysis By Country (% of Demand)
8.8.1. Brazil
8.8.2. Mexico
8.8.3. Argentina
8.8.4. Colombia
8.8.5. Rest of LA
8.9. Key Findings, By Each Category
9. Categorizing of Europe Sector 2021
9.1. Introduction/ Key Findings
9.2. Current Market Analysis By Expenses Type (% of Demand)
9.2.1. Transportation
9.2.2. Accommodation
9.2.3. Food
9.2.4. Fares and Fees
9.3. Current Market Analysis By End User (% of Demand)
9.3.1. Employees
9.3.2. Managers
9.3.3. Accountants
9.4. Current Market Analysis By Operation (% of Demand)
9.4.1. On-site
9.4.2. Cloud Based
9.5. Current Market Analysis By Occasion (% of Demand)
9.5.1. Meetings
9.5.2. Conferences
9.5.3. Exhibitions
9.6. Current Market Analysis By Tourist Type (% of Demand)
9.6.1. Domestic
9.6.2. International
9.7. Current Market Analysis By Tour Type (% of Demand)
9.7.1. Independent Traveller
9.7.2. Group
9.8. Current Market Analysis By Country (% of Demand)
9.8.1. Germany
9.8.2. Russia
9.8.3. France
9.8.4. Italy
9.8.5. United Kingdom
9.8.6. Rest of Europe
9.9. Key Findings, By Each Category
10. Categorizing of East Asia Sector 2021
10.1. Introduction/ Key Findings
10.2. Current Market Analysis By Expenses Type (% of Demand)
10.2.1. Transportation
10.2.2. Accommodation
10.2.3. Food
10.2.4. Fares and Fees
10.3. Current Market Analysis By End User (% of Demand)
10.3.1. Employees
10.3.2. Managers
10.3.3. Accountants
10.4. Current Market Analysis By Operation (% of Demand)
10.4.1. On-site
10.4.2. Cloud Based
10.5. Current Market Analysis By Occasion (% of Demand)
10.5.1. Meetings
10.5.2. Conferences
10.5.3. Exhibitions
10.6. Current Market Analysis By Tourist Type (% of Demand)
10.6.1. Domestic
10.6.2. International
10.7. Current Market Analysis By Tour Type (% of Demand)
10.7.1. Independent Traveller
10.7.2. Group
10.8. Current Market Analysis By Country (% of Demand)
10.8.1. China
10.8.2. Japan
10.8.3. South Korea
10.9. Key Findings, By Each Category
11. Categorizing of South Asia Sector 2021
11.1. Introduction/ Key Findings
11.2. Current Market Analysis By Expenses Type (% of Demand)
11.2.1. Transportation
11.2.2. Accommodation
11.2.3. Food
11.2.4. Fares and Fees
11.3. Current Market Analysis By End User (% of Demand)
11.3.1. Employees
11.3.2. Managers
11.3.3. Accountants
11.4. Current Market Analysis By Operation (% of Demand)
11.4.1. On-site
11.4.2. Cloud Based
11.5. Current Market Analysis By Occasion (% of Demand)
11.5.1. Meetings
11.5.2. Conferences
11.5.3. Exhibitions
11.6. Current Market Analysis By Tourist Type (% of Demand)
11.6.1. Domestic
11.6.2. International
11.7. Current Market Analysis By Tour Type (% of Demand)
11.7.1. Independent Traveller
11.7.2. Group
11.8. Current Market Analysis By Country (% of Demand)
11.8.1. India
11.8.2. Malaysia
11.8.3. Indonesia
11.8.4. Thailand
11.8.5. Philippines
11.8.6. Cambodia
11.8.7. Vietnam
11.8.8. Rest of SA
11.9. Key Findings, By Each Category
12. Categorizing of Oceania Sector 2021
12.1. Introduction/ Key Findings
12.2. Current Market Analysis By Expenses Type (% of Demand)
12.2.1. Transportation
12.2.2. Accommodation
12.2.3. Food
12.2.4. Fares and Fees
12.3. Current Market Analysis By End User (% of Demand)
12.3.1. Employees
12.3.2. Managers
12.3.3. Accountants
12.4. Current Market Analysis By Operation (% of Demand)
12.4.1. On-site
12.4.2. Cloud Based
12.5. Current Market Analysis By Occasion (% of Demand)
12.5.1. Meetings
12.5.2. Conferences
12.5.3. Exhibitions
12.6. Current Market Analysis By Tourist Type (% of Demand)
12.6.1. Domestic
12.6.2. International
12.7. Current Market Analysis By Tour Type (% of Demand)
12.7.1. Independent Traveller
12.7.2. Group
12.8. Current Market Analysis By Country (% of Demand)
12.8.1. Australia
12.8.2. New Zealand
12.9. Key Findings, By Each Category
13. Categorizing of Middle East and Africa Sector 2021
13.1. Introduction/ Key Findings
13.2. Current Market Analysis By Expenses Type (% of Demand)
13.2.1. Transportation
13.2.2. Accommodation
13.2.3. Food
13.2.4. Fares and Fees
13.3. Current Market Analysis By End User (% of Demand)
13.3.1. Employees
13.3.2. Managers
13.3.3. Accountants
13.4. Current Market Analysis By Operation (% of Demand)
13.4.1. On-site
13.4.2. Cloud Based
13.5. Current Market Analysis By Occasion (% of Demand)
13.5.1. Meetings
13.5.2. Conferences
13.5.3. Exhibitions
13.6. Current Market Analysis By Tourist Type (% of Demand)
13.6.1. Domestic
13.6.2. International
13.7. Current Market Analysis By Tour Type (% of Demand)
13.7.1. Independent Traveller
13.7.2. Group
13.8. Current Market Analysis By Country (% of Demand)
13.8.1. Turkey
13.8.2. South Africa
13.8.3. United Arab Emirates(UAE)
13.8.4. Egypt
13.8.5. Jordan
13.8.6. Rest of Middle East and Africa(MEA)
13.9. Key Findings, By Each Category
14. Competition Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Competition Deep Dive
14.3.1. Chrome River Technologies Inc.
14.3.1.1. Overview
14.3.1.2. Service Portfolio
14.3.1.3. Strategy Overview/campaigns
14.3.2. Coupa Software Inc.
14.3.2.1. Overview
14.3.2.2. Service Portfolio
14.3.2.3. Strategy Overview/campaigns
14.3.3. Infor
14.3.3.1. Overview
14.3.3.2. Service Portfolio
14.3.3.3. Strategy Overview/campaigns
14.3.4. TravelPerk
14.3.4.1. Overview
14.3.4.2. Service Portfolio
14.3.4.3. Strategy Overview/campaigns
14.3.5. Fyle
14.3.5.1. Overview
14.3.5.2. Service Portfolio
14.3.5.3. Strategy Overview/campaigns
14.3.6. TravelBank
14.3.6.1. Overview
14.3.6.2. Service Portfolio
14.3.6.3. Strategy Overview/campaigns
14.3.7. Zoho Expense
14.3.7.1. Overview
14.3.7.2. Service Portfolio
14.3.7.3. Strategy Overview/campaigns
14.3.8. Others (As Per Request)
14.3.8.1. Overview
14.3.8.2. Service Portfolio
14.3.8.3. Strategy Overview/campaigns
15. Social Media Sentimental Analysis
15.1. Social Media Platforms Preferred
15.1.1. Facebook
15.1.2. YouTube
15.1.3. Instagram
15.1.4. Twitter
15.1.5. LinkedIn
15.1.6. Pinterest
15.1.7. Google+
15.1.8. Others
15.2. Perceptions on the Proposed Sector
15.3. Consumer Perception for Destinations On Social Media Platforms-Positive and Negative Mentions
15.4. Trending #Hashtags
15.5. Social Media Platform Mentions (% of Total Mentions)
15.6. Region-Wise Social Media Mentions (% of Total Mentions)
15.7. Trending Subject Titles
16. Assumptions and Acronyms Used17. Research Methodology
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
