LONDON, June 23, 2022 (GLOBE NEWSWIRE) — 2021 has proven to be a challenging year for international business travel. The sector has seen a year-on-year drop in travel from 2020 onwards. At the start of the pandemic, many experts predicted that international business travel would start to recover in 2021. However, business travel proved to be a very busy sector. more complex than leisure travel during this period. Time. Detractors 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 work. These factors significantly slowed down the recovery in international business travel in particular. As a result, it is not expected to recover until at least 2026. Domestic business travel, on the other hand, fared a little better. Many domestic travel restrictions were lifted in 2021, and there is growing positive sentiment from workers about returning to the office.
O business travel market Search 2022 Report offered by GlobalData Plc provides an analysis of the business travel industry, including insights into business travelers, market trends influenced by COVID-19, consumer trends, destinations, industry deals, challenges and opportunities.
Segmentation of the business travel market by passenger flows
- International Business Travel
- Domestic Business Travel
As offices have shifted to a more hybrid style of work, mixing working from home with office work, more companies have opened up to the idea of domestic business travel. Due to the lack 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 company travel managers.
Business trip Market tendencies
- Corporate travel budgets
- Feelings about COVID-19
- Communication demand on COVID-19 protocols
- Feeling for business travel
- ESG – Environmental, Social and Governance
Travel management companies (TMCs) will be under significant pressure to ensure that business travelers receive the most up-to-date information about COVID-19. This is particularly relevant for the travel industry as restrictions can change daily on a global scale. As TMCs often act as an aggregator between the traveler and the airline, hotel or ancillary service, they will need to be up to date with the various regulations provided by each company and destination. Clear communication and regular updates to business travelers will be essential to ensure the safety of each individual traveller. Hotels, transport companies and other ancillary services will also need to provide clear and consistent information. Hotels have already started to approach the current sentiment of many travelers.
Key Impactful themes The Business trip Marketplace
- big data
- travel online
- travel apps
- machine learning
While online travel has been around since the mid-1990s, TMC or business travel agencies have struggled to adapt. The expense of building a bespoke online travel platform created specifically for B2B transactions was deemed expensive. It also requires substantial skill and experience to build. However, with the development of technology companies and an ever-growing portfolio of services from GDS providers, it is now easier for TMCs to create an online travel platform.
Leading Companies Ino The business travel market
- american express travel
- Direct Travel
- Expedia Group
- BCD trip
- Internova Travel Group
- AMEX Global Business Travel
- Share reservations
- Flight Center Group
Business trip Market overview
|Market Size 2021||US$ 164.7 billion|
|key segments||International Business Travel and Domestic Business Travel|
|main trends||Corporate Travel Budgets, COVID-19 Sentiment, COVID-19 Protocol Communication Demand, Business Travel and ESG Sentiment|
|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 Marketplace Report reach
This report provides an analysis of the business travel industry, including insights into business travelers, market trends influenced by COVID-19, consumer trends, industry business, challenges and opportunities.
reasons for Buy
- Get insights on the top business travel players.
- Understand how they adapted to the threat of COVID-19
- Understand the top business travelers companies can look to to attract
- Gain an in-depth understanding of key trends, issues and challenges facing business travel companies (TMCs)
How big was the business travel market in 2021?
The size of the business travel market was valued at $164.7 billion in 2021.
What are the main segments of the business travel market?
The main segments of the business travel market are international business travel and domestic business travel.
which are the key business trip Marketplace Tendencies?
Key trends in the business travel market are corporate travel budgets, sentiment around COVID-19, demand for communication around COVID-19 protocols, sentiment around business travel and ESG.
which are the main topics that impact business travel Marketplace?
Some of the main topics impacting the business travel market are big data, online travel, travel apps, machine learning and geopolitics.
WhI are the leading companies in the business travel segment Marketplace?
The leading 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.
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