Corporate Travel Market Intelligence

Are you looking for answers on Corporate Travel category?

Are you looking for answers on Corporate Travel category?

  • What are the key trends in Corporate Travel category?
  • Am I paying the right price?
  • Am I working with the right supplier?
  • What are the major challenges and risks in Corporate Travel industry?
  • How is Corporate Travel industry performing?

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Report Coverage

  • Market Trends
  • Technology & Innovation Trends
  • Global Supplier List and Capabilities
  • Mergers and Acquisitions

Market Size

Market Size North America

$351 Bn

Market Size Asia Pacific

$665 Bn

Market Size Latin America

$54 Bn

Table of contents

  1. Corporate Travel Executive Summary
  2. Global Corporate Travel: Industry Outlook
  3. Supply Market Outlook
  4. Brexit: Impact on Sourcing Travel Services
  1. Corporate Travel Market Analysis
  2. Global Corporate Travel Market Maturity
  3. Industry Trends
  4. Drivers and Constraints
  5. Regional Market Analysis
  6. Porter’s Five Forces Analysis: Airlines, Hotels, and Car Rentals
  1. Corporate Travel Supply Analysis
  2. Supply Trends and Insights
  3. Key Global Supplier Profiles and List: Airlines, Hotels, Car Rentals, TMCs
  1. Corporate Travel Cost and Pricing Analysis
  2. Cost Structure Analysis
  3. Cost Break up, Analysis, and Expected Savings: Airlines, Hotels, Car Rentals, Pricing Analysis
  1. Corporate Travel Procurement Best Practices
  2. Sourcing Models: Airlines, Hotels, Car Rentals, TMCs
  3. Pricing Models: Airlines, Hotels, Car Rentals, TMCs
  4. Key Success Factors for Compliance to Travel Policy
  5. KPIs, SLAs: Airlines, Hotels, Car Rentals, and TMCs
  1. Other Travel Categories
  2. Travel Expense Management Systems(TEMs)
  3. OBTs
  4. Duty of Care: Risk Management Model

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Global Corporate Travel Industry Outlook

  • The world corporate travel market was around $1.3 trillion in 2017, and it is expected to grow between 5 percent and 6 percent CAGR to reach 1.7 trillion by 2021
  •  Chinese economy witnessed a recent slowdown, but is expected to remain the largest business travel market, with a sustained high growth rate
  • The US corporate travel market was impacted by the Presidential election, due to the uncertainties of economic policies, thus affecting the US business new deals and investments

corporate-travel-market-size

Global Corporate Travel Market Maturity

  • End-to-end travel management, better access to travel spend, thus increasing visibility, and innovations, such as Uberization, are the factors that contribute to high levels of buyer maturity in North America and Europe
  • Increasing adoption of smartphone and penetration of the internet have resulted in mobile technology as one of the most impactful trends, demanding attention from travel managers

Global Corporate Travel Industry Trends

  • Sharing economy has had a major impact on the leisure travel segment but has begun to penetrate, especially in the ground transportation area of corporate travel
  • Ancillary revenue is expected to increase for the airlines, as even the full-service careers have started to experiment with unbundling of their services

Global Corporate Travel Market: Drivers and Constraints

  • The major drivers of corporate travel are geographical diversity of businesses and expansion of businesses into emerging economies
  • Travel requirements are mostly considered by corporates to be additional costs incurred rather than as an investment, which results in this spend area being the first target during any cost-cutting initiative

Drivers

Geographical diversity 

  • Global organizations are protected from the local market's uncertainty by having diverse businesses across the world
  • MNCs have been increasingly expanding their business to emerging economies

Adoption of travel technology 

  • Increased use of TMS helps TMCs to manage their travel bookings. It allows travel bookers more functionality than the traditional way of booking
  • Increased integration of added features with TMS, such as virtual payment solutions like e-wallets to keep all expenses in one place, and booking multi-channel transportation from one place drive TMCs to reach more travelers than ever before

Growth of sharing economy 

  • The growth of shared economy in ground transport overtook the traditional car rentals in 2015, and it accounted for almost half of the total rides in 2016 in the US

Constraints

Virtual and hybrid meetings 

  • Increased use of virtual and hybrid technology encourages digital interactions, such as online meetings and conferences, instead of travel

Economic uncertainty  

  • Despite low oil prices, factors such as a strong US dollar, high market volatility and increasing travel prices, encourage organizations to resort to cost-cutting measures

Internal travel requirement restriction

  • Companies are trying to cut down travel frequency by placing stringent travel approval protocols for their internal (non-buyer facing) purposes


 

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