KUALA LUMPUR, Oct 18 (Bernama) -- The global travel and expense (T&E) management software market is expected to hit US$16 billion in revenue by 2027 from US$8.7 billion this year, according to a new study by Juniper Research.
The study found that the risk of expense fraud would increase as hybrid working grows, with remote working offering the ideal environment for employees to submit fraudulent reports.
Juniper said in a statement that growing risks of employee expense fraud would drive demand for T&E management solutions.
It added that manual T&E management practices cannot detect expense fraud and are incapable of identifying all cases of fraudulent activity due to the volume of expense reports submitted.
In contrast, Juniper said, dedicated T&E management solutions could detect and resolve numerous types of expense fraud, such as duplicate claims, by leveraging artificial intelligence (AI) to detect new methods of fraud, saving businesses time and money.
Given these benefits are often overlooked, Juniper recommends vendors in the market prioritise the development of AI-based anti-expense fraud capabilities and demonstrate these benefits when marketing their solutions.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
-- BERNAMA
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