The global corporate travel market size was evaluated at $711.1 Billion in 2021 and is slated to hit $2,997.2 Billion by the end of 2030 with a CAGR of nearly 13.3% between 2022 and 2030.
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➤ The expansion of the global corporate travel industry is being facilitated by the widespread adoption of robotic technology in the travel and tourism sector.
The global corporate travel market can be further bolstered by the extensive use of autonomous technology in the travel and tourism sector, which is designed to reduce human-to-human interaction. In addition, a significant number of corporate travel industry companies are striving to provide customers with cost-effective and well-managed programs. This, in turn, will stimulate global market trends. The scope of growth in the global corporate travel industry will be expanded by the implementation of smart hotels and restaurants, as well as the utilization of new technologies such as AI for hotel registration and machine learning algorithms and virtual reality.
➤ The global market expansion is being impeded by the increased use of advanced techniques, such as videoconferencing.
The expansion of the global corporate travel industry will be impeded by a significant increase in the acceptability of advanced technologies. Additionally, the global corporate travel market’s expansion will be impeded by the widespread availability of inexpensive and time-saving technologies, such as videoconferencing.
➤ The global market is poised for new development opportunities due to the thriving travel retail sector.
New growth opportunities for the global corporate travel industry will be created by the rapid expansion of the travel retail sector. The global market will experience new growth dimensions as a result of the increased allocation of funds for infrastructural development.
➤ The global industry’s expansion is threatened by the widespread implementation of online technologies.
The global corporate travel industry has encountered a significant challenge in its expansion due to the widespread implementation of digital technologies. Additionally, the global market will encounter a significant challenge in expanding due to the increasing prevalence of the internet, VR/AR tools, and AI.
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The Global Corporate Travel Market is segmented based on product, application and region
Global Corporate Travel Market: Product Segment Analysis
● Transportation
● Food & Lodging
● Recreation
Global Corporate Travel Market: Application Segment Analysis
● Government
● Corporate
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The global Corporate Travel market profiles key players such as:
● 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
???? Recent Developments
• Gimmonix, a software firm based in Israel, and Flight Centre Travel Group Company, a prominent travel agency in Australia, announced in the first half of 2021 that their present partnership would persist. This decision was made in response to the necessity of upgrading Flight Centre’s online connectivity infrastructure. Furthermore, it is anticipated that the new infrastructure will leverage Gimmonix’s state-of-the-art technology to bolster the tour operator of Flight Centre Travel Group. The firm will be able to obtain a competitive advantage in the global corporate travel market and reinforce its competitiveness as a result of the move.
• In February 2022, the Finance Minister of India allocated a special loan to minor travel agents and other hospitality sector participants. According to reports, the emergency credit scheme has been expanded by INR 50,000 crore, and the new loan allocation is a component of this scheme. The travel industry in India has benefited from the shift, and it is expected to continue to do so in the future.
➤ Over the forecast period, the Asia-Pacific region is expected to dominate the global market in terms of revenue and volume.
The global corporate travel market is segmented into five regions: Europe, the Middle East & Africa, Asia-Pacific, Latin America, and North America. The Asia-Pacific corporate travel market is expected to maintain its dominance during the forecast period as a result of the robust infrastructure in countries like China, India, and Japan. Additionally, governments in the Asia-Pacific region provided impetus and support to the travel and tourism industry, resulting in the region accounting for approximately 44% of the global market share in 2021.
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