Travel and expense management solutions help in monitoring and controlling expense reports, thereby preventing fraud and human error and streamlining the business process. It also helps in increasing visibility across the entire reimbursement process, reducing travel costs, and improving the efficiency of the expense handling process. The use of these solutions has grown in many enterprises by providing more efficient, faster, and flexible options for enterprises in travel and expense management.

Furthermore, enterprises are managing and analyzing their existing expense data and transforming it into accurate insights to make decisions across business operations. It helps the expense manager reduce reporting errors and have greater control over expenditure control. In addition, this helps businesses improve operational efficiency, significantly lower their travel expenses, and speed up processes by providing cost benefits. These solutions not only track travel expenses but also perform historical spend analysis, predictive analysis, and other similar functions.

The major factor responsible for driving the travel & expense management market is a requirement to have better expense visibility and an increase in the adoption of mobile devices. Using mobile devices, users can book tickets online, locate their luggage, change their flights, and share expense sheets. Therefore, businesses are increasingly shifting toward travel and cost management solutions for easy access of budget plans through connected devices over the network. In addition, increased adoption of end-to-end travel and expense management solutions and the rising need to reduce operational costs for an enterprise also drive the market toward a growth trajectory.

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However, data security issues and the accessibility of in-house expenditure control systems are expected to hinder the growth of the market during the forecast period. Enterprises are facing challenges in installing cloud-based travel and expense management software. Lack of skilled labor also hampers the growth of the market. However, ease of access to these portals through mobile apps is expected to provide numerous opportunities for the travel & expense management market.

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The global travel & expense management market can be segmented based on product type, component, enterprise size, and vertical. Based on product type, the travel & expense management market can be segmented into web-based and cloud-based expenditure control solutions. In terms of components, the travel & cost management market can be bifurcated into two major categories: software (on-premise, cloud (public cloud, private cloud), and hybrid) and services (managed service, professional services (maintenance, integration, and installation)). By enterprise size, the travel and cost management market can be categorized into SMEs and large enterprises. In terms of vertical, the global travel & expense management market can be segregated into BFSI, telecom & IT, media & entertainment, transportation, retail & e-commerce, utilities, health care, government, and education.