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Corporate Travel Category Is Expected to Grow at CAGR of 13.99% From 2023 to 2030

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Corporate Travel Procurement Intelligence

The corporate travel category is anticipated to grow at a CAGR of 13.99% from 2023 to 2030.

APAC holds the largest category share of over 40% and it is expected to be the fastest growing region during the forecast period. The increasing globalization of businesses and the rise of the knowledge-based economy are driving the demand for corporate travel as companies seek to establish and maintain relationships with clients, partners, and suppliers around the world. Furthermore, the emergence of new technology and the digitization of the economy allow firms to function more efficiently and effectively across borders, fueling the expansion of the corporate travel sector. Furthermore, as more people desire to engage in international trade, investment, and commerce, the global middle class and the growing number of high-net-worth individuals are also fueling the demand for corporate travel.

Order your copy of the Corporate Travel category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Corporate Travel Procurement Intelligence Report Scope

The Corporate Travel category is expected to have pricing growth outlook of 2% – 3% (annual) from 2023 to 2030, with below pricing models.

  • Dynamic pricing model
  • Bundle pricing model

Supplier Selection Scope of Report

  • Cost and pricing
  • Past engagements
  • Productivity
  • Geographical presence

Supplier selection criteria of Report

  • Service level
  • reliability
  • sustainability
  • reputation
  • technical specifications
  • operational capabilities
  • regulatory standards and mandates
  • category innovations
  • others

Corporate Travel Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

  • Market Intelligence along with emerging technology and regulatory landscape
  • Market estimates and forecasts from 2022 to 2030
  • Growth opportunities, trends, and driver analysis
  • Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
  • Porter’s 5 forces
  • Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
  • Engagement and operating models, KPI, and SLA elements
  • LCC/BCC analysis and negotiation strategies
  • Peer benchmarking and product analysis
  • Market report in PDF, Excel, and PPT and online dashboard versions 

Corporate Travel Procurement Cost and Supplier Intelligence

Accommodation, flights, ground transportation, meals, and insurance form the major cost components of this category. Accommodation at roughly 34% forms the largest cost component. However, the total cost of corporate travel can be affected by factors such as the destination, duration of stay, and time of the year when the travel is taking place. Dynamic pricing is often used in the corporate travel industry to manage demand and maximize revenue. Under this model, prices would change based on the prevailing market condition which means that the price of a product or service can change depending on factors such as demand, supply, and competition. For example, a hotel might charge higher prices for rooms during peak season than during off-season. Similarly, an airline might charge higher prices for flights on popular routes than on less popular routes.

China, U.S., France, U.K., Japan and Singapore are the some of the preferred business travel destinations. These countries are among the nations focusing significantly attract business tourists. This is also being fueled by the expanding business and trade prospects with these nations. China currently hosts the largest business show in Asia, and experts predict that it will continue its dominance during the forecasted period as well. When sourcing for corporate travel, it is important to research potential suppliers by comparing prices, services, and reviews. It is also important to ensure that the suppliers are reputable and reliable. Once potential suppliers have been identified, it is necessary to negotiate with them to get the best possible prices and terms. However, it is important to be prepared to walk away from a deal if the terms are not satisfactory. Additionally, it is possible to consider using a travel management company to assist with booking flights, hotels, and negotiating discounts. Finally, it is important to utilize technological solutions to track spending and manage budgets, ensuring a smooth travel program.

 

List of Key Suppliers

  • Airbnb, Inc.
  • Corporate Travel Management
  • Expedia, Inc.
  • American Express
  • Flight Centre Travel Group Limited
  • BCD Group
  • Fareportal
  • Booking Holdings, Inc.
  • Carlson Wagonlit Travel
  • Wexas Limited.

Add-on Services provided by Grand View Research Pipeline:

 

  • Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process

 

  • Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier

 

  • Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.

 

  • Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.

 

Browse through Grand View Research’s collection of procurement intelligence studies:

 

Energy-as-a-Service Procurement Intelligence Report, 2023 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

 

Enzymes Procurement Intelligence Report, 2023 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organizationPipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

 

Our services include (not limited to):

  • Market Intelligence involving – market size and forecast, growth factors, and driving trends
  • Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
  • Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
  • Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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