The market for T&E management software reached $2.3 billion in 2019, with SAP once again leading the market, according to an IDC report!
Travel and expense (T&E) management software should work alongside financial accounting, human resources, and procurement systems to create a single, connected process for managing an organization's spend.
In this report excerpt IDC reveals that the T&E market grew to $2.3 billion, an 11.8% increase over 2018. SAP is the leader in the market with 54.1% market shares. The study also highlights what a technology supplier of travel and expense management software should consider:
- Prioritizing the user experience
- Creating intelligent workflows
- Enhancing analytics capabilities
- Integrating digital payments
- Adding more risk management
- Focusing on fraud management
- Emphasizing the ecosystem
Historically, expense management applications were designed so that employees could log business expenses and keep expenses within the company's budget. Modern-day software vendors have shifted the focus toward actively managing employee spending habits and ingraining company policies in the decision-making process for travel and other expenses.
Download the IDC Worldwide Travel and Expense Management Software Market Shares, 2019: Analytics Drives a new Travel Paradigm to learn more.