Asia-Pacific Travel and Expense Management Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT and Te

Asia-Pacific Travel and Expense Management Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government and Defense, Transport and Logistics, Retail, and Others)

The APAC travel and expense management software market is expected to grow from US$ 780.20 million in 2022 to US$ 1,333.96 million by 2028. It is estimated to grow at a CAGR of 9.4% from 2022 to 2028.

Emergence of Artificial Intelligence (AI) and Machine Learning (ML) is Driving the APAC Travel and Expense Management Software Market

The use of machine learning (ML) and artificial intelligence (AI) with travel and expense management software provides simplification and efficiency in managing expenses. AI can reduce or eliminate the chances of fraud by examining the authenticity of the expenses submitted by employees. Owing to the increasing volume of travel and expense reports submitted by the employees every year, finance departments face difficulties in auditing these reports in detail. Artificial intelligence is used by various enterprises to perform an audit trail and automated policy check. AI also helps in eliminating manual intervention by analyzing suspicious expenses. The use of AI in travel and expense software also helps extract necessary information from the receipt. As a result, employees can save time spent on entering all the required information, thus improving efficiency, and reducing expense and fraud. Also, AI modernized the communication strategy in corporate travel by establishing chatbots. Moreover, machine learning is emerging as a mainstream technology in travel and expense management software. It is used to identify important fields of expense receipts using optical character recognition, provide tailored recommendations for business travelers, and implement conversational interfaces using ML for natural language processing. Therefore, emergence of artificial intelligence (AI) and machine learning (ML) and their integration with travel and expense management software is expected to drive the APAC travel and expense management software market growth.

APAC Travel and Expense Management Software Market Overview

APAC is one of the fastest-growing travel destinations and is the second-largest destination for international visitors. The region has the most significant global outbound tourist spending, with most of its spending on intraregional travel. As per the GDP figure, the region has the largest aggregate domestic travel market. In addition, countries in the region are concentrating on remaining competitive to attract growing international travel. Along with the increasing tourism market, the region is also experiencing the rising adoption of new technologies and software to manage tasks in different industries. The mounting use of the internet creates a dynamic and interactive source for managing travel and expenses. Therefore, the surge in the tourism market, coupled with the rise in technological advancements, has fueled the demand for travel & expense management software. Moreover, the region is the fastest-growing destination for medical tourism, with Thailand, India, Singapore, South Korea, and Malaysia among the top medical tourism destinations. Thus, the increasing medical tourism is expected to surge the demand for travel & expense management software in the region. Further, increased business travel in countries such as India, and China, is anticipated to fuel APAC travel and expense management software market growth.

APAC Travel and Expense Management Software Market Revenue and Forecast to 2028 (US$ Million)

APAC Travel and Expense Management Software Market Segmentation

The APAC travel and expense management software market is segmented into deployment, enterprise size, industry, and country.

Based on deployment, the APAC travel and expense management software market is bifurcated into on-premise and cloud. The cloud segment held a larger market share in 2022.

Based on enterprise size, the APAC travel and expense management software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held a larger market share in 2022.

Based on industry, the APAC travel and expense management software market is segmented into BFSI, IT and telecom, manufacturing, healthcare, government and defense, transport and logistics, retail, and others. The IT and telecom segment held the largest market share in 2022.

Based on country, the APAC travel and expense management software market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. Our regional analysis states that China dominated the market share in 2022.

Basware Corporation; Certify, Inc.; Chrome River Technologies, Inc.; Concur Technologies, Inc.; Coupa Software Inc.; Expensify, Inc.; Infor, Inc.; and Oracle Corporation are the leading companies operating in the APAC travel and expense management software market.

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