Global Travel Management Software Market Set to Reach USD 24.96 Billion by 2030, Driven by Digital Adoption and Corporate Travel Optimization

The Global Travel Management Software (TMS) Market is projected to grow at a CAGR of 12.4% from 2024 to 2030, reaching a market value of USD 24.96 billion by the end of the forecast period. The market, valued at USD 11.01 billion in 2023, continues to gain momentum owing to the rapid digitalization of corporate travel operations, increasing emphasis on cost optimization, and the growing global travel and tourism sector.

Travel management software—often known as corporate travel management (CTM) software—is designed to streamline, supervise, and regulate the travel activities and expenses of business employees. These platforms automate vital travel-related operations, including booking flights and hotels, tracking travel expenses, enforcing travel policies, and managing itineraries.

Market Definition

Travel Management Software (TMS) is a centralized solution that enables organizations to efficiently manage corporate travel processes. From automating bookings and documenting expenses to enhancing traveller safety and enabling real-time monitoring, TMS provides seamless integration of all travel-related functions. Its growing adoption across enterprises of all sizes reflects the increasing need for digital transformation in corporate travel operations.

The market report also incorporates a detailed assessment of the COVID-19 pandemic's impact on sales revenues of market leaders, followers, and disruptors—highlighting the shifts in travel demand and technology adoption patterns during and after the pandemic.

To know the most attractive segments, click here for a free sample of the report:https://www.maximizemarketresearch.com/request-sample/66274/ 

Market Dynamics

Key Drivers

1. Rising Adoption Among Businesses

Small, medium, and large enterprises are increasingly adopting TMS solutions to:

• Reduce manual workload
• Streamline travel planning
• Digitize expense reporting
• Enhance operational efficiency

The need to automate repetitive processes and gain better visibility into travel costs is driving widespread adoption.

2. Increasing Need for Traveler Security

Organizations prioritize employee safety during travel. TMS platforms enable real-time tracking, risk management, and emergency communication—making them essential for modern travel programs.

3. Growth of Tourism & Transportation Sectors

The expanding global tourism industry, along with rising transportation infrastructure investments, boosts corporate and business travel—subsequently increasing the demand for TMS solutions.

4. Boom in Mobile Devices & Self-Booking Tools

Growing smartphone, tablet, and laptop usage has made self-booking applications more popular. These tools enhance user convenience, accelerate decision-making, and improve travel policy compliance.

5. Cost Benefits

TMS solutions offer several financial and operational advantages, such as:

• Reduced travel expenses
• Process automation
• Enforced policy compliance
• Better control over spending
• Comprehensive travel data insights

These benefits help organizations cultivate cost-conscious cultures.

Market Restraints

Despite promising growth, certain challenges remain:

• Lack of awareness and technical understanding of cloud-based systems among some end-users
• Security and privacy concerns related to online transactions and data sharing

These factors may slow adoption, particularly in developing regions.

Segment Analysis

By Deployment Mode

Cloud-Based Segment Dominates (2023)

Cloud-based travel management tools accounted for the largest market share in 2023 and are expected to grow at a strong CAGR during the forecast period.

Key reasons include:

• Lower IT infrastructure costs
• Easy scalability
• High accessibility
• Automatic software updates

SMEs benefit particularly due to cost efficiency and reduced administrative burden.

To know the most attractive segments, click here for a free sample of the report:https://www.maximizemarketresearch.com/request-sample/66274/ 

Regional Analysis

North America – Market Leader in 2023

North America dominated the global TMS market in 2023 and is expected to maintain this position through 2030, supported by:

• Strong presence of major players such as Oracle Corporation, Nexonia, and other leading vendors
• High adoption of advanced digital travel solutions
• Increased government spending on transportation and tourism

The US, in particular, shows a thriving travel ecosystem driven by business travel, rising export activities, and growing tourism expenditure.

Domestic travel in the US grew significantly:

• 2.3 billion domestic person-trips in 2023, a 1.7% increase
• 464 million domestic business trips, up 1.1% since 2018

This increased travel activity directly fuels demand for TMS solutions across industries.

To know the most attractive segments, click here for a free sample of the report:

Key Developments in the Market

2021 Major Highlights

• Jan 2021: Expensify partnered with TripActions to deliver an integrated business travel experience.
• Mar 2021: Certify and Chrome River Technologies merged in a landmark deal valued at over USD 1 billion, strengthening their global presence in expense and travel management solutions.
• Apr 2021: Expensify collaborated with Grab to automate expense tracking for rideshare services in Southeast Asia.

These strategic moves highlight companies’ direction toward platform unification, automation, and ecosystem expansion.

Competitive Landscape

The global market features strong competition between established providers and innovative emerging players. Companies are focusing on mergers, acquisitions, strategic partnerships, and technology enhancements to strengthen their global market positions.

Key Companies Operating in the Market

1. Concur (SAP)
2. Certify
3. Expensify
4. Chrome River Technologies
5. Infor
6. Appricity Corporation
7. Ariett
8. Basware
9. DATABASIC
10. Expense 8
11. Fraedom
12. Oracle Corporation
13. NetSuite
14. Skyjunxion

These players continue to introduce new features, expand global reach, and integrate AI and analytics into their solutions.

Conclusion

The Travel Management Software Market is undergoing rapid transformation fueled by digitization, automation, and the expansion of global travel operations. With a projected market value of USD 24.96 billion by 2030, the sector is set for robust growth as organizations prioritize cost efficiency, employee safety, and data-driven travel optimization.

Emerging technologies, cloud adoption, and strategic partnerships among major players will shape the future of the TMS market—making it a pivotal component of corporate travel infrastructure worldwide.