Report Code: A14955 | Pages: NA | Mar 2023 | 1067 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Travel And Entertainment Cards Market
Request Now !Travel and entertainment cards are charge cards that are used for paying hotel, airline, and other business-related expenses. The card is best used to cover conference registration fees, lodging, meals, rental cars, ground transportation, and parking costs associated with the employee's trip or event. Buyers are displaying a large-scale procurement of travel and entertainment cards to reduce their recurring travel and entertainment-related expenses while also reducing the number of cases of corporate travel expense fraud. Furthermore, buyers can access travel expense data with these cards, which helps them identify cost-cutting opportunities while spending on travel and entertainment activities.
Buyers are displaying a large-scale procurement of travel and entertainment cards to reduce recurring travel and entertainment-related expenses while also reducing the number of cases of corporate travel expense fraud.
Moreover, these cards provide buyers with access to travel expense data, which allows them to identify cost-cutting opportunities while spending on travel and entertainment. Therefore, the growth in demand for travel & entertainment cards is expected to boost the growth of the market in the upcoming period.
"The Global travel and entertainment cards market is segmented on the basis of Type, Deployment and region. Based on type, the market is divided into Cloud Identity & Access Management Software, Cloud Email Security Software, Cloud Intrusion Detection & Prevention System, Cloud Encryption Software and Cloud Network Security Software. In terms of Deployment, the market is categorized into Public, Private and Hybrid. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Impact Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased adoption due to its quick & easy usage and assistance in identifying frauds are expected to drive the growth of the market. In addition, the elimination of out-of-pocket expenses helps propel the growth of the market. However, data privacy & information security concerns associated with card payments may impede market growth. Contrarily, the integration of technological advancements to enhance security is expected to provide lucrative opportunities for the market in the upcoming years.Â
The global travel and entertainment cards market trends are as follows:
Increased Adoption Due to its Quick & Easy Reconciliation:
The market is expected to grow due to an increase in the use of travel and entertainment credit cards. The availability of travel and entertainment card programs with SaaS-based tools for tracking and reporting travel expenses is largely to blame for this growth. Furthermore, because technological advancements are heavily incorporated, online payment transactions are considered to be much easier, faster, and more efficient. Therefore, the increased adoption of travel and entertainment cards expected to boost the growth of the market during the forecast period.
Assistance in Identifying Frauds:
MNC buyers are purchasing travel and entertainment cards to control and minimize their spending on the increasing frequency of meetings & events in developing economies. Furthermore, travel & entertainment cards with features like expense monitoring, real-time transaction reports, and daily spend analysis are in high demand among buyers looking for ways to combat incidents of corporate travel expense fraud. In addition, buyers looking for ways to reduce the risk of fraud on travel and entertainment-related expenses are flocking to these cards, which are in high demand. This increased demand for travel and entertainment cards to help identify & prevent frauds is expected to drive the growth of the travel & entertainment cards market during the forecasted period.
Key Benefits of the Report
Questions Answered in the Travel and Entertainment Cards Market Research Report  Â
Travel and Entertainment Cards Market Report Highlights
Aspects | Details |
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By Type |
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By Deployment Model |
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By Region |
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Key Market Players | Wells Fargo, American Express Company, BNP Paribas, J.P. Morgan Chase & Co, HSBC Group, Hyatt Corporation, Capital One, U.S. Bank, Synchrony, Bank of America Corporation |
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