LONDON, June 23, 2022 (GLOBE NEWSWIRE) — 2021 has proven to be a tough year for international business travel. The sector has seen a year-on-year decline in travel from 2020. At the start of the pandemic, many experts predicted that international business travel would begin to recover in 2021. However, business travel has proved to be a much more complex industry than leisure travel during this period. time. Critics of leisure travel often focus on economic, environmental and safety issues. However, business travel encompasses not only all of these issues, but also the additional layers of corporate responsibility, budgeting, and the evolution of hybrid working. In particular, these factors have considerably slowed the recovery of international business travel. As a result, it is not expected to recover until at least 2026. Domestic business travel, on the other hand, fared slightly better. Many restrictions on domestic travel have been lifted in 2021, and workers are increasingly supportive of returning to the office.
The Business travel market To research Report 2022 offered by GlobalData Plc provides business travel industry analysis, including business travel insights, market trends influenced by COVID-19, consumer trends, destinations, industry offerings, challenges and opportunities.
Business travel market segmentation by passenger flow
- International business trips
- Domestic business trips
As offices have shifted to a more hybrid style of working, mixing home and office work, more companies have opened up to the idea of domestic business travel. Due to the absence of travel restrictions and the need for testing, domestic travel is much less complex. Perceived risk factors are also significantly lower, making domestic travel more attractive to corporate travel managers.
Business trip Market trends
- Corporate travel budgets
- Sentiment towards COVID-19
- Request for communication regarding COVID-19 protocols
- Business travel sentiment
- ESG – Environment, Social and Governance
Travel Management Companies (TMCs) will come under significant pressure to ensure business travelers receive the most up-to-date information regarding COVID-19. This is particularly relevant for the travel industry, as restrictions can change daily globally. As TMCs often act as an aggregator between the traveler and the airline, hotel or ancillary service, they will need to be aware of the different regulations provided by each airline and destination. Clear communication and regular updates to business travelers will be essential to ensure the safety of every traveler. Hotels, transport companies and other ancillary services will also need to provide clear and consistent information. Hotels have already begun to move towards the current sentiment of many travelers.
Key Impactful themes the Business trip Market
- online travel
- travel apps
- machine learning
While online travel has been around since the mid-1990s, TMCs or business travel agencies are struggling to adapt. The expense of creating a bespoke online travel platform, created specifically for B2B transactions, was considered costly. Its construction also requires substantial skills and expertise. However, with the development of technology companies and the expansion of the service portfolio of GDS providers, it is now easier for TMCs to create an online travel platform.
First Companies Inot the Business travel market
- American Express Travel
- Direct travel
- Expedia Group
- BCD trip
- Internova Travel Group
- AMEX Global Business Travel
- Reserve credits
- Flight Center Group
Business trip Market overview
|Market size 2021||$164.7 billion|
|Key segments||International business trips and domestic business trips|
|Key trends||Business travel budgets, sentiment towards COVID-19, demand for communication regarding COVID-19 protocols, sentiment towards business travel and ESG|
|Key themes||Big Data, online travel, travel apps, machine learning, geopolitics and more|
|Leading companies||American Express Travel, Direct Travel, Expedia Group, BCD Travel, Internova Travel Group, AMEX Global Business Travel, Booking Holdings, CWT, Fareportal and Flight Center Group|
Business trip Market Report Scope
This report provides analysis of the business travel industry, including business travel insights, market trends influenced by COVID-19, consumer trends, industry offerings, challenges and opportunities.
Reasons for Byeah
- Discover the main players in business travel.
- Understand how they adapted to the threat of COVID-19
- Understand the top business travelers companies may seek to attract
- Gain a detailed understanding of key trends, issues and challenges facing business travel companies (TMCs)
What was the size of the business travel market in 2021?
The business travel market size was valued at $164.7 billion in 2021.
What are the key segments of the business travel market?
The key segments of the business travel market are international business travel and domestic business travel.
What are the key Business trip market tendencies?
Key business travel market trends are business travel budgets, sentiment toward COVID-19, demand for communication regarding COVID-19 protocols, business travel sentiment, and ESG.
What are the main themes impacting business travel market?
Some of the key themes impacting the business travel market are big data, online travel, travel applications, machine learning, and geopolitics.
Whish are the leading companies in business travel market?
The major companies in the business travel market are American Express Travel, Direct Travel, Expedia Group, BCD Travel, Internova Travel Group, AMEX Global Business Travel, Booking Holdings, CWT, Fareportal and Flight Center Group.
- Trip.com Group Case Study including Trends, Motivations, Marketing Strategies, Opportunities and Challenges – Click here
- Space Tourism – An analysis of the place of space tourism in the space economy, patents, key players, space hotels, main source markets, challenges and opportunities – Click here
- MakeMyTrip Ltd – Case Study – Click here
- Geopolitics of travel and tourism – Thematic research – Click here
- Travel apps – Thematic research – Click here
GlobalData is a leading provider of data, analytics and insights on the world’s biggest industries. In an increasingly fast-paced, complex and uncertain world, it’s never been harder for organizations and decision-makers to predict and navigate the future. That’s why GlobalData’s mission is to help our customers understand the future and benefit from faster and better informed decisions. As a leading information services company, thousands of customers rely on GlobalData for reliable, timely and actionable information. Our solutions are designed to provide everyday benefit to professionals within enterprises, financial institutions, professional services and government agencies.
+44 (0)207 936 6400