As per newly released data by Future Market Insights (FMI), the Travel Expenses Processing Sector is estimated at US$ 6.9 Billion in 2022 and is projected to reach US$ 17.90 Billion by 2032, at a CAGR of 10% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Travel Expenses Processing Sector Estimated Size (2022) | US$ 6.9 Billion |
| Travel Expenses Processing Sector Projected Size (2032) | US$ 17.90 Billion |
| Travel Expenses Processing Sector Value-based CAGR (2022 to 2032) | 10% |
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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.
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.
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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.
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.
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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.
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.
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.
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:
| 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 market is currently valued at US$ 6.9 Billion in 2022.
The Travel Expenses Processing market is currently forecasted to grow at a rate of 10% CAGR during the forecast period.
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.
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 Used 17. Research Methodology
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Travel Expenses Processing Market
