Travel and expense management solution provider Concur Technologies has said it aims to double the number of clients in India in the next two years and garner a major share of the business travel segment pegged at USD 1 billion.
"India's corporate travel market is biggest in Asia. However, only five per cent companies have a T&E policy in place. The segment holds immense growth potential and we intend to tap this opportunity," Concur Technologies Sr Director Marketing, Asia-Pacific, Christopher Juneau told PTI.
According to Concur, which offers cloud-based automated travel expense management platform, travel and expense (T&E) spending is the second largest spend category for most companies after payrolls.
Concur believes the slowdown in the economy will further push the growth of T&E management solution as companies are looking for ways to reduce expenses. "We already have 400 customers in India. We aim to double the number of clients in the next two years.
"We expect more companies to come on board as with a global economic crisis looming, companies are increasingly spending their T&E budgets as smartly as possible to remain competitive," Juneau said.
The total travel market in India is valued at USD 20.9 billion. India is expected to be the fastest growing travel market in 2012 with gross bookings of USD 24 billion.
In India, the company is focussing on MNCs and fast growing domestic companies. Online booking tool adoption for corporate travel, estimated at 10 per cent at present, is expected to rise to 20 per cent by 2013, he added.
Concur recently acquired a minority stake in domestic online travel company, Cleartrip, for USD 40-million. To gain traction in India, Concur aims to align its products with the local market. "We have integrated features unique to India. For example Travel request or Pre-Travel Authorisation to control spend before it occurs is unique to India," Juneau said.
Concur has offices in Mumbai and Delhi, and will soon open one in Bangalore. The company has also tied-up with ICICI Bank, American Express and Citi Bank to promote its T&E management tool as it feels that their customers are more likely to opt for automation.
"India's corporate travel market is biggest in Asia. However, only five per cent companies have a T&E policy in place. The segment holds immense growth potential and we intend to tap this opportunity," Concur Technologies Sr Director Marketing, Asia-Pacific, Christopher Juneau told PTI.
According to Concur, which offers cloud-based automated travel expense management platform, travel and expense (T&E) spending is the second largest spend category for most companies after payrolls.
Concur believes the slowdown in the economy will further push the growth of T&E management solution as companies are looking for ways to reduce expenses. "We already have 400 customers in India. We aim to double the number of clients in the next two years.
"We expect more companies to come on board as with a global economic crisis looming, companies are increasingly spending their T&E budgets as smartly as possible to remain competitive," Juneau said.
The total travel market in India is valued at USD 20.9 billion. India is expected to be the fastest growing travel market in 2012 with gross bookings of USD 24 billion.
In India, the company is focussing on MNCs and fast growing domestic companies. Online booking tool adoption for corporate travel, estimated at 10 per cent at present, is expected to rise to 20 per cent by 2013, he added.
Concur recently acquired a minority stake in domestic online travel company, Cleartrip, for USD 40-million. To gain traction in India, Concur aims to align its products with the local market. "We have integrated features unique to India. For example Travel request or Pre-Travel Authorisation to control spend before it occurs is unique to India," Juneau said.
Concur has offices in Mumbai and Delhi, and will soon open one in Bangalore. The company has also tied-up with ICICI Bank, American Express and Citi Bank to promote its T&E management tool as it feels that their customers are more likely to opt for automation.
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