Business Travel Management Service Market Report 2024

The business travel management service market size has grown strongly in recent years. It will grow from $7.6 billion in 2023 to $8.05 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth observed in the historical period can be attributed to several factors, including heightened global compliance and regulatory demands concerning business travel, the expanding popularity of leisure travel, a growing emphasis on employee well-being and safety, rising corporate travel budgets, and the trend towards increased 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%. In the forecast period, growth can be linked to increasing demand for high-quality travel services and cost-effective solutions, a rise in business trips, government efforts to promote MICE (Meetings, Incentives, Conferences, and Exhibitions) sectors, enhancements in cost-effective and efficient business travel options, and an expanding number of corporate travelers and frequent flyers. Key trends expected during this period include technological advancements, personalized services, mobile applications for travel management, hybrid meeting formats, and the integration of leisure travel into business trips.

The expansion of the travel and tourism industry is expected to drive growth in the business travel management services market moving forward. This industry encompasses a broad spectrum of businesses and services related to travel, tourism, and hospitality, catering to both domestic and international travelers. The growth of travel and tourism can be attributed to increased accessibility, affordability, and attractiveness of travel experiences. Within this context, business travel management services play a crucial role by offering specialized solutions that enhance the efficiency, cost-effectiveness, and overall quality of corporate travel. For example, in 2023, Condor Ferries Limited, a US-based travel services company, reported that a significant percentage of US visitors engaged in activities such as visiting aquariums, scientific museums, historical and cultural sites, and sightseeing excursions. Additionally, according to the International Trade Administration in July 2022, the number of foreign visitors to the US surged by 160.8% compared to July 2021, underscoring the industry's growth trajectory. In conclusion, the expansion of the travel and tourism sector is a key driver behind the increasing demand for business travel management services, highlighting their pivotal role in enhancing corporate travel experiences and operational efficiencies.

Major companies in the business travel management services sector are leveraging technology innovation by developing new apps aimed at simplifying business travel, streamlining booking processes, enhancing traveler safety, and providing real-time updates. These apps serve as centralized platforms where users can efficiently manage all aspects of their travel itinerary, including booking flights, accommodations, scheduling meetings, and arranging transportation. For example, in April 2024, Trip.Biz, a digital travel management company based in Singapore and part of the Trip.com Group, introduced the Trip.Biz app. This app is specifically designed to optimize corporate travel arrangements by integrating user-friendly technology and emphasizing sustainability. It offers round-the-clock customer support in multiple languages, ensuring a seamless experience for users handling their corporate travel requirements. Through such technological advancements, companies in the business travel management services sector aim to enhance efficiency, improve user experience, and meet the evolving needs of corporate travelers worldwide.

In March 2023, Travelport, a travel company headquartered in the UK, completed the acquisition of Deem Inc. for an undisclosed amount. This strategic move by Travelport is intended to bolster its portfolio and enhance capabilities in corporate travel management. Deem Inc., based in the US, specializes in providing software and solutions designed to streamline and optimize business travel management processes. Through this acquisition, Travelport aims to offer businesses more efficient and integrated travel solutions, catering to the needs of corporate travelers seeking enhanced productivity and cost-effectiveness in managing their travel arrangements.

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.

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.

The countries covered in the business travel management service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Business travel management services encompass professional assistance aimed at efficiently overseeing and enhancing a company's corporate travel requirements. These services involve tasks such as booking flights, accommodations, transportation, and other travel-related logistics for employees traveling on business. Their objective is to ensure economical practices, adherence to corporate travel policies, and the comfort and safety of traveling employees.

Key categories of business travel management services include consultancy, transportation and lodging arrangements, meetings and events organization, among others. Consultancy services entail guidance from experts who provide advisory, intellectual, and implementation support to organizations, aiding them in problem-solving, enhancing operational efficiency, and achieving strategic objectives. These services cater to a wide range of entities, including large corporations, small and medium-sized enterprises (SMEs), as well as government and non-profit organizations, addressing needs such as transportation, accommodation, dining, and leisure activities.

The business travel management services market research report is one of a series of new reports that provides business travel management services market statistics, including business travel management services industry global market size, regional shares, competitors with a business travel management services market share, detailed methionine market segments, market trends, and opportunities, and any further data you may need to thrive in the business travel management services industry. This business travel management services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The business travel management services market includes revenues earned by entities by providing services such as travel and expense management, risk management and duty of care, and corporate meetings and management and related online booking tools, expense management software, travel management platforms, and itinerary management tools. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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