The global Business Travel market accounted for US$ 1.37 Bn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019-2027, to account for US$ 2.09 Bn by 2027.
With the increasing digitalization of travel bookings and payments, the business travel market is expected to grow at an impressive rate during the forecast period. The digitalization of payments and bookings has made it easier for both enterprises and individual travelers to organize their travel needs. A wide variety of online and cashless payment options allow travelers to pay for services such as hotel accommodation, airfare, dining, ground transport, souvenirs, recreational activities without using credit/debit cards or net banking. With continuous improvements in security, these transactions are secure and easy to track for administrative purposes. Payment options such as Apple Pay, Samsung Pay, Paytm, Venmo, and other digital payment methods are growing at an impressive pace due to the convenience they offer. These online payment options with the use of virtual account numbers (VANs) have great potential in the Business Travel market as they result in complete cashless transactions. These options are also considered more secure than traditional credit cards and help in reducing potential fraud transactions.
Key Players Influencing the Market
- American Express Global Business Travel
- BCD Group
- Booking Holdings, Inc.
- Corporate Travel Management
- CWT
- Direct Travel, Inc.
- Expedia Group
- Fareportal
- Flight Centre Travel Group Limited
- Travel Leaders Group
In addition to the benefits for individual business travelers, this digitalization revolution presents a massive opportunity for businesses, to transform their business models and existing processes in order to increase operational efficiency and revenue. Digital transformation or digitalization is the integration of digital technology in business models, business processes, and organizational activities. End-to-end business process optimization, operational efficiency, reduction of cast and human errors are some of the major drivers for digital transformation in any industry, including the business travel industry. In the past decade, the proliferation of smart devices, easy availability of internet, the advancement of IoT, Artificial Intelligence (AI), and the advent of smart workplaces homes have been increasing exponentially. This shift from offline to online application and services in the Business Travel market is anticipated to drive the growth of the Business Travel market in the near future.
The overall Business Travel market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the business travel market. It also provides the overview and forecast for the global Business Travel market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the business travel industry.
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