Total revenue generated by travel and expense (T&E) management is expected to reach $16bn by 2027, rising from $8.7bn in 2022.
This finding comes from Juniper Research’s new report, ‘Travel & Expense Management: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027.’
As part of its research, Juniper found that the risk of expense fraud will increase as hybrid working grows. It stated that remote working provides the ideal environment for employees to submit fraudulent reports.
The report states that the growing risks of employee expense fraud will increase the demand for T&E management solutions. Manual T&E management practices cannot detect expense fraud and cannot identify all cases of fraudulent activity due to the volume of expense reports submitted.
Whereas a dedicated T&E management solution can detect and resolve numerous varieties of expense fraud, such as duplicate claims, through AI. This technology can detect new methods of fraud and save businesses time and money, Juniper claimed.
As a result, Juniper recommends vendors in the market prioritise development of AI-based anti-expense fraud capabilities and demonstrate these benefits when marketing their solutions.
Commenting on the report, research author Jordan Rookes said, “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.”
Juniper has released several reports this year. It recently revealed that total banking-as-a-service platform revenues will exceed $38bn by 2027, rising from $11bn in 2022.
It also compiled a study that claimed international digital remittances volume will exceed two billion by 2027. This will be nearly double the levels in 2022, with 1.1 billion expected to be sent.
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