Embarking on Success: Travel Expenses Processing Market to Soar to US$ 17.90 Billion by 2032 | FMI

Travel Expenses Processing Market
Travel Expenses Processing Market

The travel expenses processing market is currently predicted to grow at a rate of 10% CAGR during the projection period 2022 to 2032. The travel expenses are related to going on business trips to conferences and meetings. The main expenses are transportation, accommodation, fares, and fees required for admission for some events, and sometimes food is also included or partially expended. All these expenses are delivered by associations to employees, and the records for these expenses are kept for a tax deduction on that amount.

The regulations governing expense deductions vary by nation, and all organizations are aiming to offset the cost of their expenses with tax. Organizations must provide a thorough report of employee travel expenses in order to qualify for a tax deduction grant. To keep track of all these expenses, organizations prefer using software’s which track expenses, form a report and also suggest strategies and budget related decisions, when required data is provided.

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Key Takeaways from the Travel Expenses Processing Market Study:

  • The North America, Europe and Asia Pacific regions hold a market share of 22%, 21% and 29% respectively.
  • COVID-19 affected 30% to the Travel Expenses Processing market.

“Travel Expenses management softwares are the best solution available for organisations to plan and execute budgets for corporate travelling” 

Corporate travel is impacted by all of these issues as well. During lockdown, the staff members worked from their homes, and they now choose to work remotely. Employees prefer virtual meetings over travelling to various cities and countries to attend meetings for two reasons: the digitalization of work and sense of personal wellbeing. Because they are proven to be cost-effective, several firms are also favoring these communication techniques.

Even though, less travelling during pandemic has not reduced the expenses. The expenses are now directed towards the work setups required to employees while working from home and the new technologies required for them to work efficiently. These are proving to be complex situation for organizations and finance departments, to decide whether these expenses can be claimed for deduction or not.

Key Manufacturing Companies: 

  • Chrome River Technologies Inc.
  • Coupa Software Inc.
  • Infor
  • TravelPerk
  • Fyle
  • TravelBank
  • Zoho Expense
  • Others
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Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the global Travel Expenses Processing market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Travel Expenses Processing Sector By Expense Type (Transport, Accommodation, Food, Fares and Fees), By End User (Employees, Managers, Accountants), By Operation (On-site, Cloud based), By Occasion (Meetings, Conferences, Exhibitions), By Tourist Type (Domestic and International), By Tour Type (Independent Traveller, Group) & Region – Forecast to 2017 – 2032.

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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