Categories: Wire Stories

Juniper Research: Travel & Expense Management Software Revenue to Surpass $16 Billion Globally by 2027, as Businesses Seek to Prevent Growing Expense Fraud

BASINGSTOKE, England–(BUSINESS WIRE)–#expensemanagementsoftware–A new study from Juniper Research has found the total revenue generated by T&E (Travel & Expense) management software will reach $16 billion globally by 2027; up from $8.7 billion in 2022. It predicts the risk of expense fraud will increase as hybrid working grows, with remote working offering the ideal environment for employees to submit fraudulent reports.

Expense Fraud Will Drive Growth

The research anticipates growing risks of employee expense fraud will drive demand for T&E management solutions. Manual T&E management practices are unable to detect expense fraud and incapable of identifying all cases of fraudulent activity due to the volume of expense reports submitted.

In contrast, dedicated T&E management solutions are capable of detecting and resolving numerous varieties of expense fraud, such as duplicate claims, by leveraging AI (Artificial Intelligence) to detect new methods of fraud; saving businesses time and money. Given these benefits are often overlooked, Juniper Research recommends vendors in the market prioritise development of AI-based anti-expense fraud capabilities and demonstrate these benefits when marketing their solutions.

Remote Working Encourages Adoption

Additionally, following the COVID-19 pandemic, remote working has become increasingly commonplace. The report found this has led to a rise in expense fraud, as less supervision and outdated manual T&E management processes enable employees to more readily submit fraudulent expense reports.

Research author Jordan Rookes explained: �Manual T&E management practices become inefficient and encourage expense fraud in remote working environments. With manual processes unfit for purpose, businesses will look to automated solutions to digitise the T&E management process; improving efficiency, and discouraging the submission of fraudulent expense reports, whilst improving fraud detection rates

Accordingly, vendors in the market must provide a streamlined solution that automates the creation of expense reports and reduces the administrative burden on employees who work remotely.

View the Travel & Expense Management research: https://www.juniperresearch.com/researchstore/fintech-payments/travel-expense-management-market-research

Download the whitepaper: https://www.juniperresearch.com/whitepapers/employee-fraud-driving-the-travel-expense

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary.

Contacts

Sam Smith, Press Relations

T: +44(0)1256 830002

E: sam.smith@juniperresearch.com

Alex

Recent Posts

OceanX and Indonesia Launch Mission to Explore the Marine Wonders of Indonesia

Global ocean exploration nonprofit sets sail in Indonesia on a first-of-its-kind Southeast Asian mission that…

2 mins ago

VinFast customers to access extensive network of 700,000 charging points across Europe

PARIS, FRANCE – Media OutReach Newswire - 15 May 2024 – VinFast Auto (Nasdaq: VFS)…

2 mins ago

FPT Software Renews HITRUST r2 Certification, Upholding The Highest Standards Of Security And Compliance

HANOI, Vietnam--(BUSINESS WIRE)--#FPT--FPT Software, a leading global IT company, has earned HITRUST Risk-based, 2-year (r2)…

15 mins ago

Esperanto Technologies and Rapidus Partner to Enable More Energy-Efficient Designs for the Coming “Post GPU Era”

Data center customers will benefit from access to high-performance silicon solutions that consume less power…

16 mins ago

VT Markets Shares Expert Tips on Recognising Genuine

HONG KONG SAR - Media OutReach Newswire - 15 May 2024 - With investment fraud…

2 hours ago

Shopee Guarantees Risk-Free Shopping with 15 Days Free Returns

Enjoy ‘Change of Mind’ Returns and Multiple Return Options for Maximum Convenience KUALA LUMPUR, MALAYSIA…

3 hours ago