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BASINGSTOKE, England–(BUSINESS WIRE)–A brand new examine from Juniper Research has discovered the full income generated by T&E (Journey & Expense) administration software program will attain $16 billion globally by 2027; up from $8.7 billion in 2022. It predicts the danger of expense fraud will improve as hybrid working grows, with distant working providing the best setting for workers to submit fraudulent experiences.
Expense Fraud Will Drive Progress
The analysis anticipates rising dangers of worker expense fraud will drive demand for T&E administration options. Guide T&E administration practices are unable to detect expense fraud and incapable of figuring out all instances of fraudulent exercise because of the quantity of expense experiences submitted.
In distinction, devoted T&E administration options are able to detecting and resolving quite a few types of expense fraud, similar to duplicate claims, by leveraging AI (Synthetic Intelligence) to detect new strategies of fraud; saving companies money and time. Given these advantages are sometimes missed, Juniper Analysis recommends distributors available in the market prioritise growth of AI-based anti-expense fraud capabilities and reveal these advantages when advertising and marketing their options.
Distant Working Encourages Adoption
Moreover, following the COVID-19 pandemic, distant working has turn into more and more commonplace. The report discovered this has led to an increase in expense fraud, as much less supervision and outdated guide T&E administration processes allow workers to extra readily submit fraudulent expense experiences.
Analysis creator Jordan Rookes defined: “Guide T&E administration practices turn into inefficient and encourage expense fraud in distant working environments. With guide processes unfit for goal, companies will look to automated options to digitise the T&E administration course of; bettering effectivity, and discouraging the submission of fraudulent expense experiences, while bettering fraud detection charges.”
Accordingly, distributors available in the market should present a streamlined resolution that automates the creation of expense experiences and reduces the executive burden on workers who work remotely.
View the Journey & Expense Administration analysis: https://www.juniperresearch.com/researchstore/fintech-payments/travel-expense-management-market-research
Obtain the whitepaper: https://www.juniperresearch.com/whitepapers/employee-fraud-driving-the-travel-expense
Juniper Research offers analysis and analytical providers to the worldwide hi-tech communications sector; offering consultancy, analyst experiences, and trade commentary.
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