The global corporate travel management software market is expected to grow from USD 2.28 billion in 2019 to USD 4.19 billion by 2027, at a CAGR of 7.90% during the forecast period from 2020-2027.
Corporate travel management software is commonly used to manage and book trips and track and report previous trips for the employees, corporates, and business professionals. It offers unique features such as combine travel bills, automation of corporate travel statements, and management of vendors. It helps the corporate organizations to manage the business and corporate trips with budget management.
With the changing corporate global business atmosphere, the dynamics of business travel is witnessing the change around the world. The increasing number of millennial in business travel and fast-changing innovative technologies are some of the primary factors boosting the market growth. In addition to this, corporate travel management software helps to the effective management of business trips and increasing efficiency, as it contains new technologies, automation, and techniques. Thus, many organizations across the globe are rapidly adopting the software to improve the company’s performance. However, the high cost required for the initial implementation of software and lack of awareness about corporate travel management software could lead to hampering the market growth over the forecast period.
This study delivers a comprehensive analysis of type, application, and region. The type segment includes cloud-based and web-based. The cloud-based segment accounted for the major market share and valued at USD 1.005 billion in 2019. Cloud-based travel management software helps effectively manage business trips and send alerts when trips violate corporate travel management policies. It is a very cost-effective software as compared to the web-based software, as it reduces the cost of infrastructure and ownership. Thus many companies are focusing on the adoption of cloud-based corporate travel management software. The application segment includes large enterprises and SMEs. Large enterprises segment dominated the market and held the market share of 57.73% in the year 2019. Large enterprises comprise many divisions such as marketing, finance, and distribution department. These companies have recognized the impact of corporate travel and trips on their business profits, and thus, they are increasingly focusing on the adoption of corporate travel management software. Therefore, the rising adoption of software by large enterprises boosting the growth of the market.
The market has been classified based on North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region led the global corporate travel management software market and held the largest market share of 33.85% in the year 2019. The growth is mainly attributed to the increasing business trips to countries such as the U.S. and Canada from around the globe. The U.S. is the largest revenue contributor in the corporate travel management software market in the North America region.
Some of the notable players in the corporate travel management software market are NuTravel Technology Solutions, Pana Industries, Inc, Christopherson Business Travel, TripActions, GEMINI Software Solutions Pvt. Ltd, Datalex, INNFINITY Software Systems, Systrix IT Solutions, PASS Consulting Group, Concur Technologies, Inc., Corporate Travel Management, and FCM travel solutions, among others. Developing countries are offering significant opportunities, and major players are continuously focusing on strategic partnerships, new developments, acquisitions, and venture capital investments to obtain high growth in the market. In the year June 2019, Pana Industries, Inc. announced that it had raised USD 10 million in Series A round to expand its corporate travel management software business on a global scale and to enhance the customer base.
This study forecasts revenue growth at global, regional, and country levels from 2013 to 2027. Fior Markets has segmented the on the basis of below-mentioned segments:
Chapter 1 Introduction 12
1.1 Research Methodology 12
1.2 FMR Desk Research 13
1.2.1 FMR Data Synthesis 14
1.2.2 Data Validation and Market Feedback 15
1.2.3 FMR Data Sources 15
Chapter 2 Global Corporate Travel Management (CTM) Software Market Overview 17
2.1 Definition and Specification 17
2.2 Players and Regions Overview 19
2.2.1 Regions Overview 20
2.2.2 Type Overview 21
18.104.22.168 Cloud Based 22
22.214.171.124 Web Based 22
2.2.3 Application Overview 23
126.96.36.199 Large Enterprises 24
188.8.131.52 SMEs 24
2.3 Industrial Chain 25
2.3.1 Corporate Travel Management (CTM) Software Overall Industrial Chain 25
Chapter 3 Global Corporate Travel Management (CTM) Software Market Assessment by Type 26
3.1 Overall Market Performance 26
3.1.1 Global Corporate Travel Management (CTM) Software Sales Revenue (Million USD) by Type (2014-2019) 26
184.108.40.206 Cloud Based (Value) 28
220.127.116.11 Web Based (Value) 29
Chapter 4 Global Corporate Travel Management (CTM) Software Market Assessment by Application 30
4.1 Overall Market Performance (Value) 30
18.104.22.168 Large Enterprises (Value) 32
22.214.171.124 SMEs (Value) 33
Chapter 5 Manufacturers Profiles/Analysis 34
5.1 NuTravel Technology Solutions 34
5.1.1 NuTravel Technology Solutions Profiles 34
5.1.2 NuTravel Technology Solutions Product Information 35
5.1.3 NuTravel Technology Solutions Corporate Travel Management (CTM) Software Business Performance 36
5.2 Pana Industries, Inc. 37
5.2.1 Pana Industries, Inc. Profiles 37
5.2.2 Pana Industries, Inc. Product Information 38
5.3 Christopherson Business Travel 39
5.3.1 Christopherson Business Travel Profiles 39
5.3.2 Christopherson Business Travel Product Information 40
5.3.3 Christopherson Business Travel Corporate Travel Management (CTM) Software Business Performance 41
5.4 TripActions 42
5.4.1 TripActions Profiles 42
5.4.2 TripActions Product Information 43
5.4.3 TripActions Corporate Travel Management (CTM) Software Business Performance 44
5.5 GEMINI Software Solutions Pvt. Ltd 45
5.5.1 GEMINI Software Solutions Pvt. Ltd Profiles 45
5.5.2 GEMINI SOFTWARE SOLUTIONS PVT. LTD Product Information 46
5.6 Datalex 48
5.6.1 Datalex Profiles 48
5.6.2 Datalex Product Information 49
5.6.3 Datalex Corporate Travel Management (CTM) Software Business Performance 50
5.7 INNFINITY Software Systems 51
5.7.1 INNFINITY Software Systems Profiles 51
5.7.2 INNFINITY Software Systems Product Information 52
5.7.3 INNFINITY Software System Corporate Travel Management (CTM) Software Business Performance 53
5.8 Systrix IT Solutions 54
5.8.1 Systrix IT Solutions Profiles 54
5.8.2 Systrix IT Solutions Product Information 55
5.9 PASS Consulting Group 56
5.9.1 PASS Consulting Group Profiles 56
5.9.2 PASS Consulting Group Product Information 57
5.10 Concur Technologies, Inc. 58
5.10.1 Concur Technologies, Inc. Profiles 58
5.10.2 Concur Technologies, Inc. Product Information 59
5.10.3 SAP (Concur) Corporate Travel Management (CTM) Software Business Performance 60
5.11 Corporate Travel Management 61
5.11.1 Corporate Travel Management Profiles 61
5.11.2 Corporate Travel Management Product Information 62
5.12 FCM travel solutions 63
5.12.1 FCM travel solutions Profiles 63
5.12.2 FCM travel solutions Product Information 64
Chapter 6 Competitive Landscape 65
6.1 Global Corporate Travel Management (CTM) Software Sales Revenue of Players (2014-2019) 65
6.2 Global Corporate Travel Management (CTM) Software Gross Margin of Players (2014-2019) 69
6.3 Market Concentration 70
Chapter 7 Global Corporate Travel Management (CTM) Software Market Performance 72
7.2 North America Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate (2014-2019) 73
7.3 Europe Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate (2014-2019) 74
7.4 Asia Pacific Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate (2014-2019) 75
7.8 South America Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate (2014-2019) 79
7.9 Middle East and Africa Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate (2014-2019) 80
Chapter 8 Market Dynamics 81
8.1 Market Drivers 81
8.2 Market Restraints 81
8.3 Market Opportunities 82
8.4 Market Challenges 82
Chapter 9 Market Forecast 2019-2027 84
9.1 Global Corporate Travel Management (CTM) Software Sales Revenue Forecast by Regions 84
9.3 North America Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate Forecast (2020-2027) 87
9.4 Europe Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate Forecast (2020-2027) 88
9.5 Asia Pacific Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate Forecast (2020-2027) 89
9.9 South America Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate Forecast (2020-2027) 93
9.10 Middle East and Africa Corporate Travel Management (CTM) Software Sales Revenue and Growth Rate Forecast (2020-2027) 94
Chapter 10 Global Corporate Travel Management (CTM) Software Market Forecast by Type 95
10.1 Overall Market Performance 95
10.2 Cloud Based 97
10.3 Web Based 98
Chapter 11 Global Corporate Travel Management (CTM) Software Market Forecast by Application 99
11.1 Overall Market Performance 99
11.2 Large Enterprises 101
11.3 SMEs 102
Chapter 12 Research Findings and Conclusion 103
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