The business travel management service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Business Travel Management Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The business travel management service market size has grown strongly in recent years. It will grow from $7.60 billion in 2023 to $8.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased global compliance and regulatory requirements around business travel, the rise of leisure travel, increasing focus on employee well-being and safety, increasing corporate travel budgets, and increasing globalization.
The business travel management service market size is expected to see strong growth in the next few years. It will grow to $10.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising demand for top-notch travel services and cost-saving solutions, the surge in business trips, growing government initiatives for the development of mice, increasing cost-effective and efficient business travels, increasing number of corporate travelers and frequent business flyers. Major trends in the forecast period include technological advancements, personalization, mobile applications, hybrid meetings, and leisure travel.
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Scope Of Business Travel Management Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Business Travel Management Service Market Overview
Market Drivers –
The expansion of the travel and tourism industry is expected to propel the growth of the business travel management services market going forward. The travel and tourism industry refers to a wide range of businesses, services, and endeavors related to travel, tourism, and hospitality, as well as people who travel domestically or internationally. The travel and tourism is on rise due to enhance accessibility, affordability, and desirability of travel. Business travel management services are integral to the travel and tourism industry, providing specialized services that enhance corporate travel’s efficiency, cost-effectiveness, and overall experience. For instance, in 2023, according to Condor Ferries Limited, a US-based travel services company, 59% of US visitors went to aquariums, 56% to scientific museums, 49% to historical and cultural sites, and 46% to sightseeing excursions. Furthermore, in July 2022, according to the International Trade Administration, a US-based intergovernmental organization, the overall number of foreign visitors to the US was 5.21 million, up 160.8% from July 2021. Therefore, the expansion of the travel and tourism industry is driving the growth of the business travel management services market.
Market Trends –
Major companies operating in business travel management services are innovating technologies with development of new apps to simplify business travel, streamline the booking process, enhance traveler safety, and provide real-time updates. Apps provide a centralized platform where users can easily access and manage all aspects of their travel itinerary, from booking flights and hotels to scheduling meetings and transportation. For instance, in April 2024, Trip.Biz, a Singapore-based digital travel management company (TMC) under the Trip.com Group, launched the Trip.Biz app, designed to enhance corporate travel arrangements. Emphasizing user-friendly technology and sustainability, the newly introduced Biz app aims to simplify the complexities of business travel. It offers 24/7 customer support in multiple languages, ensuring a seamless experience for users managing their corporate travel needs.
The business travel management service market covered in this report is segmented –
1) By Type: Consulting Services, Transportation And Accommodation, Meetings And Events Management, Other Types
2) By Service: Transportation, Food And Lodging, Recreation
3) By Application: Large Enterprises, Small And Medium-Sized Enterprise (SMEs), Governments And Non-Profits
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Regional Insights –
North America was the largest region in the business travel management service market in 2023. The regions covered in the business travel management service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the business travel management service market are American Express Company, Booking Holdings Inc., Expedia Group Inc., Carlson Wagonlit Travel, BCD Travel, GBT Travel Services UK Limited, Christopherson Business Travel, Flight Centre Travel Group Limited, Fareportal Inc., Direct Travel Inc., Travel Leaders Group LLC, Corporate Travel Management Limited, FCM Travel Solutions, Adelman Travel Group, Safe Harbors Business Travel Inc., JTB Business Travel, Corporate Travel Planners Inc., Cain Travel & Events, ARTA Travel, Radius Travel, GTI Travel, Egencia
Table of Contents
1. Executive Summary
2. Business Travel Management Service Market Report Structure
3. Business Travel Management Service Market Trends And Strategies
4. Business Travel Management Service Market – Macro Economic Scenario
5. Business Travel Management Service Market Size And Growth
…..
27. Business Travel Management Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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