This IDC study examines the market for travel and expense management software that is growing at a very strong pace (with a CAGR of 8.8%; it's expected to reach $2.46 billion by 2020). Demand for public cloud (CAGR of 11.4%) is clearly outpacing that of on-premise/other software (CAGR of -2.3%), with businesses of all sizes and industries adopting T&E applications in the cloud.
"In the past three years, the travel and expense management software market has seen strong growth and adoption, shedding its label as a peripheral ERP application. This shift has occurred due to the availability and lifestyle adaptability of travel and expense applications in the cloud," said Jordan Jewell, research analyst for Enterprise Applications and Digital Commerce with IDC. "As the competitive landscape for travel and expense applications begins to mature, vendors will be required to embed analytics and machine learning into the applications further automating the processes and integration with third-party applications and services encompassing the extended processes."