Global Business Travel Market
Business travel is defined as the travel undertaken by employees of an organization for conducting work, or any other business agreements. This does not include the travel an individual partakes in while travelling from his house to work place. This travelling differs from leisure/entertainment purposes as this is purely for the working class individuals helping achieve the progress of their organizations. These trips are generally organized by different business enterprises ranging from flights, travelling, lodging and any other needs that an individual might require.
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Business travel market is growing due to increase in urbanization, development in the travel and tourism; the effects of these factors are mentioned below:
- Increase in urbanization: The significant rise in urbanization has been one of the major factors behind the growth of the business travel market, this is because with this rapid urbanization rate major business organizations have been expanding their reach into different geographical regions so as to improve their profit margins and take advantage of this urbanization. This expansion and development of businesses in different regions have emerged as one of the major factors behind the growth of the business travel market
- Development in the travel and tourism: Along with the expansion of business, one of the major benefits has been the availability of modernized travelling services, ranging from high-class hotels, airports, and other facilities. Various different regions of the world are working towards increasing their area’s travelling population which has seen them focus on betterment of public infrastructure along with the advancements of services that their region provides for the benefit of the travelling population
Product expansions and innovative service offerings provided by the players:
- In July 2019, TravelPerk announced the launch of a new convenient solution for businesses which focuses on providing businesses flexibility in cancelling and refunds on any kind of booking type. These bookings range from cars, hotels, Airbnb, flights, trains or any other specialized booking service that TravelPerk deals in. Around ninety-percent of the amount is promised to be refunded to businesses and the company is working towards increasing that number. This offer is known as “FlexiPerk” which is available at 10% of the total booking amount
- In March 2019, American Express Global Business Travel announced the launch of several new products that helps in keeping a solid foundation of individuals while improving the information available to the travel managers. The different solutions offers personalized booking information conducted by travelers globally across a variety of booking channels, along with the availability of dynamic price booking which aims to reduce the enterprise cost of travelling. The solutions also include integrating AI technology while planning your business travels helping increase the alternative offerings for booking different hotels and flights at a lower-cost
The market is segmented on the basis of service as transportation, food & lodging, recreation activity; industry is categorized into government, corporate; traveler is categorized as group, solo.
“According to Data Bridge Market Research, global business travel market is expected to be growing with a steady CAGR of 4.23% during the forecast period of 2019 to 2026”
Some of the major players operating in market are Airbnb, Inc., American Express Company, Expedia, Inc., BCD Travel, CWT, Flight Centre Travel Group Limited, Hogg Robinson Ltd, Booking Holdings, Fareportal, WEXAS TRAVEL, Travel Leaders Group.
The different service providers of business travel solutions are experiencing a steady trend in their service adoption which has seen them expand their service offerings while also focusing on improving their capabilities with the development of infrastructure so as to improve their enterprises. This rapid expansion and development of infrastructures have resulted in high growth opportunities for the business travel market as the number of travelers commuting from a location to another for work-associated trips increase significantly.