Description
Travel Management System Market- by Deployment (Cloud-Based and On-Premises), by Application (Manufacturing, Aerospace, Logistics, Healthcare, Energy, and Others), by Component (Solutions and Services), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
The travel management system market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the travel management system industry aspects.
Travel Management System Industry Outlook
The travel management system market is expected to register a CAGR of 12.4% during the forecast period (2021-2027). The emergence of machine learning & predictive analytics and the rise in the number of business applications are the key factors expected to boost the growth of the travel management market. The travel management system software is expected to be adopted in the various end-use industries due to the increasing need to track and manage expenses in the organizations.
Travel Management System Industry Dynamics
- End-use industries are focusing on reducing operational costs and expenses through installing travel management system software, which is one of the major factors for the growth of the global market.
- The increasing penetration of smartphones has boosted the adoption of travel management system software across the globe.
- Advancement in technology has led to a decrease in duplicate entries, which was a major challenge in the traditional systems. This factor is estimated to fuel the growth of the travel management system market.
- Enterprises are facing challenges in installing cloud-based travel management software, which is estimated to impede the global market growth.
- The safety of data is projected to hamper the growth of the travel management system market.
Impact of COVID-19 on Travel Management System Market
The global impacts of the COVID-19 are significantly affecting the travel management system market. COVID-19 is projected to influence the supply chain and services industry dramatically. Changes in regulatory policies and significant impacts on the transportation industry may have substantial consequences for the travel management system market growth.
Scope of the Report
The report outlines the global travel management system market study based on deployment, end-use industry, and components.
Based on the deployment, the travel management system market has been segmented into –
Based on the end-use industry, the travel management system market has been segmented into –
- Aerospace
- Healthcare
- Energy
- Manufacturing
- Logistic
- Others
Based on the component, the travel management system market has been segmented into –
Travel Management System Market: Regional Outlook
Based on the region, the global Travel Management System Market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the global travel management system market, followed by Europe and Asia-Pacific. Europe is also estimated to hold a significant share in the global market due to the increasing number of tourists across the region. Moreover, Asia Pacific is expected to grow with a high CAGR over the forecast period.
Travel Management System Market Key Competitors Includes –
The global travel management system market is highly fragmented, with a large number of small players across the globe. The key companies operating in the global travel management systems market are
- Travelport
- CTMS Travel Group
- Signal Tours
- Booking Holdings
- Elong
- Expedia Group
- Wexas Travel Management
- Ctrip
- SMT
- Tuniu Corp
- TUI Group
- Wings
- Qunar
- NetSuite
- Nexonia
- Fraedom
The travel management system market report thoroughly analyzes macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs from primary interviews with industry experts.
Travel Management System Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter's Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Travel Management System Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
Travel Management System Market: Target Audience
- Travel management system service providers
- Travel management system solution providers
- Research institutions and universities
- Trade publications and magazines
- Government authorities, associations, and organizations
Key Issues Addressed
- What is the market size by various segmentation of travel management system by region and its respective countries?
- What is the customer buying behavior, key takeaways, Porter’s 5 forces, and Supply Chain of the travel management system market?
- What are the key trends and opportunities for OEMs and tier 1 suppliers in the travel management system market?
- What are the key dynamics (drivers, restraints, opportunities, and challenges) of the market?
- What and how regulations, schemes, patents, and policies are impacting the growth of the market?
- What are the upcoming technology solutions influencing market trends? How will existing service providers adapt to the shift in technology trends?
- What will be the impact of cutting-edge autonomous technology in the travel management system market?
- What is the impact of COVID-19 on the demand and sales of travel management systems in the global market?
- How has COVID-19 impacted the demand and sales of travel management systems in the global market? Also, the expected BPS drop or rise count of the market and market expected recovery period.
- Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
What is the growth of travel management system market? The travel management system market is expected to register a CAGR of 12.4% during the forecast period (2021-2027). Based on the deployment, which segment has the largest market share of travel management system? The cloud based segment has dominated the global market and accounted for the largest revenue share in 2020. Which battery type held the largest share in the travel management system market? The lithium-ion (li-ion) segment dominated the travel management system market and held the largest revenue share of nearly to 45% in 2020. The substantial share of this segment can be attributed to high automotive production globally. Which region accounted for the largest travel management system market share? In 2020, North America held the largest share in the global travel management system market, followed by Europe and Asia-Pacific. Which region is accounted for the highly growing region of travel management system market share? Asia Pacific is the highly growing region in the global market of travel management system, during the forecast period 2021-2027. Who are the key players in the travel management system market? The key companies operating in the global travel management systems market are Travelport, CTMS Travel Group, Signal Tours, Booking Holdings, Elong, Expedia Group, Wexas Travel Management, Ctrip, SMT, Tuniu Corp, TUI Group, Wings, Qunar, NetSuite, Nexonia, and Fraedom. What are the major factors that is driving the global market of travel management system? Reducing of operational costs and expenses, increasing penetration of smartphones, decrease in duplicate entries, safety of data are some of the factors that are driving the market of travel management system during the forecast period.