Global Business Travel Management Service
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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"Global Business Travel Management Service market size 2023 was XX Million. Business Travel Management Service Industry compound annual growth rate (CAGR) will be XX% from 2024 till 2031."
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Market Size | 121212 |
Country Market Size | 121212 |
North Americ Market Size | 121212 |
Europe Market Size | 121212 |
Asia Pacific Market Size | 121212 |
South America Market Size | 121212 |
Middle East and Africa Market Size | 121212 |
Market Split by Product Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Business Travel Management Service industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Business Travel Management Service Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The rise of the Business Travel Management Service market is influenced by the changing corporate travel landscape, evolving business needs, and technological advancements. As companies expand their operations globally, there's a growing need for efficient and well-organized business travel arrangements to support international business activities. International travel involves navigating complex visa requirements, immigration regulations, and health and safety guidelines. Business travel management services help ensure compliance and streamline the process.
Companies are looking to optimize their travel expenses without compromising the quality of travel experiences. Business travel management services offer tools to track and manage expenses, negotiate corporate rates, and identify cost-saving opportunities.
For instance, in February 2023, InterGlobe Air Transport (IGAT), an airline and travel management company, joined forces with Bedsonline, a booking company and online supplier of global housing for travel agents. In India, IGAT will serve as Bedsonline's general sales representative. Bedsonline will be able to increase its market presence in India thanks to IGAT's extensive travel distribution network and business client base. IGAT will grow its present operation and enter a new hotel booking segment.
With the increased need for business travel management, various organizations in the global business travel market seek to provide customers with well-managed and cost-effective programs. The growth of the business travel market is being driven by the expansion of the travel and tourism industry, an increase in government initiatives for the development of the meetings, incentives, conferences, and events (MICE) segment and the small and medium-sized enterprises (SMEs) sector, and an increase in business globalization.
For instance, according to the World Travel and Tourism Council (WTTC), travel and tourism contribute to GDP climbed by USD 1 trillion (+21.7%) in 2021 to reach USD 5.8 trillion, while the sector's proportion of the overall economy increased from 5.3% in 2020 to 6.1% in 2021. Furthermore, the industry recovered 18.2 million employments, indicating a 6.7% growth. However, the future seems promising for our industry.
The shift to remote working and virtual meetings has substantially influenced the need for business travel in the short term. The COVID-19 epidemic hastened this change by compelling businesses to investigate digital communication solutions as alternatives to in-person contact. Companies rapidly adopted virtual meeting platforms like Zoom, Microsoft Teams, and Cisco Webex to facilitate video conferencing, screen sharing, and real-time collaboration. These platforms allow participants to connect and communicate from different locations. Many routine business meetings that previously required physical presence, such as project updates, team meetings, and internal discussions, were successfully transitioned to virtual formats. This reduced the immediate need for employees to travel to attend such meetings.
The COVID-19 pandemic had a significant and far-reaching impact on the Business Travel Management Service market. The imposition of travel restrictions, lockdowns, and quarantine measures in various countries severely limited business travel. Many organizations suspended or canceled travel plans due to health and safety concerns. The shift to remote work and the widespread adoption of virtual meetings reduced the immediate need for business travel. Organizations turned to virtual communication tools to conduct meetings and collaborate remotely. With businesses focusing on cost-cutting measures and limiting non-essential spending, the demand for business travel management services significantly declined.
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The competitive landscape of the Business Travel Management Services industry is characterized by a mix of established players, tech-driven disruptors, and evolving market dynamics. Companies that adapt to changing travel trends, prioritize customer needs, and leverage technology effectively are poised to excel in this competitive market.
July 2023: BCD Travel announced GetGoing, an all-in-one platform for small and medium enterprises in the United States to plan, manage, and optimize business travel. GetGoing is intended for organizations seeking a digital self-service solution to handle all elements of corporate travel, with assistance from travel professionals as needed.
March 2023: Satguru Travel has joined Corporate Travel Management's (CTM) worldwide agency network, Radius Travel, to extend customer serving capabilities across Sub-Saharan Africa and North Africa.
Top Companies Market Share in Business Travel Management Service Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, Asia is the world's largest market for business travel, accounting for 38% of yearly spending of around $1 trillion. With Asia's expanding importance, the industry must work more to understand the demands of the Asian business traveler, defined as individuals headquartered in the area. Over 2,500 business travelers were questioned in China, India, Indonesia, Japan, and Singapore, as well as 19 corporate-travel managers from diverse sectors. In addition, using data from Amadeus and Visa, we examined the booking and spending habits of Asia's business travelers.
According to Cognitive Market Research, the increased disposable income of people is driving the expansion of the Internet travel sector in India. Market participants are introducing innovative travel and vacation package offers to aid travelers in making sensible travel options based on their spending capacities, such as inexpensive packages for an overseas location, savings on vehicle rentals, and cashback on foreign flights. On the international tourism front, with millions of Indians' disposable incomes increasing, the number of overseas departures has gradually increased over the years, and long-term trends indicate a significant possibility for volume expansion.
North America, particularly the United States, has many large corporations, industries, and business hubs. The region's robust economic activity drives demand for business travel to attend meetings, conferences, negotiations, and networking events. North America boasts a diverse corporate landscape that spans various sectors, including technology, finance, healthcare, manufacturing, and more. These industries often require frequent business travel for client meetings, project collaborations, and industry events.
The current report Scope analyzes Business Travel Management Service Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Business Travel Management Service Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Business Travel Management Service Industry growth. Business Travel Management Service market has been segmented with the help of its Product Type, Application , and others. Business Travel Management Service market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, Transportation & Accommodation dominates the market during the forecast period. Business travel management services offer sophisticated booking platforms that enable travelers to search, compare, and book transportation (flights, trains, rental cars) and accommodation options (hotels, serviced apartments) in one place. These platforms provide real-time availability, prices, and options, streamlining the booking process. Travel management services now offer personalized travel options based on traveler preferences, budget constraints, and corporate policies.
Consulting services hold a significant market share because consulting firms specializing in business travel management bring expertise and insights into the intricacies of corporate travel. They help organizations navigate complex travel regulations, industry trends, and best practices. Consulting services help organizations develop strategic travel plans aligned with their business objectives. This includes determining the right balance between virtual and in-person interactions, optimizing travel budgets, and defining travel policies.
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The large enterprises category held a market share in 2022. Large enterprises often have extensive travel operations involving multiple departments, locations, and business units. Comprehensive travel management services are essential to streamline these complex operations. Large enterprises have a significant global presence, leading to more business travel across various regions. Effective travel management services are required to handle diverse travel requirements.
According to Cognitive Market Research, government & Non-profits is the second-most popular. Government agencies and non-profit organizations often operate with limited budgets. Effective travel management services are crucial to optimize travel expenses and ensure cost-efficient travel operations. Government agencies and non-profits are accountable to taxpayers and donors for how they allocate funds, including travel expenditures. Travel management services help maintain transparency and adherence to budgetary restrictions.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modeling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product positioning and will assist you to understand opportunities and threats around the globe.
The Global Business Travel Management Service Market is witnessing significant growth in the near future.
In 2023, the Consulting Services segment accounted for noticeable share of global Business Travel Management Service Market and is projected to experience significant growth in the near future.
The SMEs segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies BCD Group , Citibank and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
The rise of the Business Travel Management Service market is influenced by the changing corporate travel landscape, evolving business needs, and technological advancements. As companies expand their operations globally, there's a growing need for efficient and well-organized business travel arrangements to support international business activities.
Disclaimer:
Product Type | Consulting Services, Transportation & Accommodation, Meetings & Events Management, Others |
Application | SMEs, Large Enterprises, Government & Nonprofits |
List of Competitors | BCD Group, Chase, Citibank, N.A., Navan Inc., CWT Global B.V., TravelPerk S.L.U, American Express Global Business Travel, Corporate Travel Management Limited, American Express Company, Flight Centre Travel Group Limited |
This chapter will help you gain GLOBAL Market Analysis of Business Travel Management Service. Further deep in this chapter, you will be able to review Global Business Travel Management Service Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product Type Analysis 2019 -2031, will provide market size split by Product Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Business Travel Management Service market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Consulting Services have a significant impact on Business Travel Management Service market? |
What are the key factors affecting the Consulting Services and Transportation & Accommodation of Business Travel Management Service Market? |
What is the CAGR/Growth Rate of SMEs during the forecast period? |
By type, which segment accounted for largest share of the global Business Travel Management Service Market? |
Which region is expected to dominate the global Business Travel Management Service Market within the forecast period? |
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