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
- The COVID-19 pandemic has resulted in a decrease in the market revenue of travel and entertainment credit card payments due to the implementation of lockdown by governments in the majority of countries.
- Additionally, the global closure of entertainment centers, shopping malls, and the tightening of travel restrictions have resulted in a significant drop in traditional consumer spending.
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.
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
- This study presents an analytical depiction of the global travel and entertainment cards market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global travel and entertainment cards market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Travel and Entertainment Cards Market Research Report
- Which are the leading players active in the global travel and entertainment cards market?
- What are the detailed impacts of COVID-19 on the market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global travel and entertainment cards market?
- What future projections would help in taking further strategic steps?
Travel and Entertainment Cards Market Report Highlights
By Deployment Model
Key Market Players
American Express Company, U.S. Bank, Synchrony, BNP Paribas, HSBC Group, Hyatt Corporation, Bank of America Corporation, Wells Fargo, Capital One, J.P. Morgan Chase & Co