Global $70+ Billion Travel Management Solution Market to 2026
The Global Travel Management Solution Market is estimated to be worth USD 42.6 Billion in 2021 and is expected to reach USD 70.1 Billion by 2026, growing at a CAGR of 10.86%, ResearchAndMarkets.com reports.
Market Dynamics
The market is driven by increasing globalization, rising adoption of managed travel by small companies and technology adoption coupled with tie-up and consolidation of travel management companies.
On the other hand, the volatility in average ticket prices due to complex pricing strategies and limited effective price regulations in air travel are some of the factors that are restraining the growth of the market.
The introduction of enhanced corporate booking tools & on-the-go mobile app and growing demand from the APAC region has created opportunities for the market.
Transaction security challenges and other privacy concerns are big challenges in front of the market.
Recent Developments
- In Jan 2019, Expensify, the most widely used expense software in the world, and TripActions, the fastest-growing corporate travel platform, announced a strategic partnership to gain a comprehensive business travel experience.
- In March 2019, Certify and Chrome River Technologies, two global leaders in travel, expense, and invoice management software, merged in a transaction valued at over $1 billion.
- In Apr 2019, Expensify teamed up with Grab, Southeast Asia’s leading ridesharing company, to automate expense tracking and reimbursement from rideshares.
Company Profiles
Some of the companies covered in this report are Airbnb, inc, Certify Inc., Chrome River Technologies, Coupa Software, Inc., Egencia LLC, Expensify, Inc, FCM Travel Solutions, Infor, Inc., SAP Concur, etc.
