Total revenue generated by T&E (Travel & Expense) management software will reach $16 billion globally by 2027 from $8.7 billion in 2022, a new study from Juniper Research said.
It predicts that the risk of expense fraud will increase as hybrid working grows, with remote working offering the ideal environment for employees to submit fraudulent reports.
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.
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.