BASINGSTOKE, England, Oct 18 (Bernama-BUSINESS WIRE) -- 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.
· To find out more, see the new report: Travel & Expense Management: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027
· Download the free whitepaper: Employee Fraud ~ Driving the Travel & Expense Management Market
· Download the free whitepaper: Employee Fraud ~ Driving the Travel & Expense Management Market
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 The report found this has led to a rise in expense fraud, as less supervision and outdated manual T&E management processes enable employees to more readily submit fraudulent expense reports.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.”
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