London, June 23, 2022 (GLOBE NEWSWIRE)-2021 proved to be a challenging year for overseas business trips. In this sector, the number of trips has decreased year-on-year since 2020. In the early days of the pandemic, many experts predicted that international business trips would begin to recover in 2021. However, during this period, business travel has proven to be a much more complex sector than leisure travel. time. Critics of leisure travel often focus on economic, environmental, and safety issues. However, travel includes all these issues, as well as additional layers of corporate responsibility, budgeting, and the evolution of hybrid work. Due to these factors, the recovery of overseas business trips in particular has been significantly delayed. As a result, it is not expected to recover until at least 2026. On the other hand, domestic business trips have improved slightly. In 2021, restrictions on domestic travel were lifted, and workers’ favor for returning to work is increasing.
GlobalData Plc’s Travel Market Research Report 2022 provides an analysis of the travel industry, including insights on business travelers, COVID-19 affected market trends, consumer trends, destinations, sector transactions, challenges and opportunities. increase.
Business trip market segmentation by passenger flow
- International business trip
- Domestic business trip
As offices shift to more hybrid work styles, more and more companies are embracing the idea of domestic business trips by combining telecommuting and office work. Domestic travel is not that complicated as there are no travel restrictions and testing is required. The perceived risk factors are also significantly lower, making domestic travel more attractive to corporate travel managers.
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Business trip Market trend
- Corporate travel budget
- Feelings for COVID-19
- Demand for communication regarding the COVID-19 protocol
- Feelings for business trips
- ESG – Environment, Society, Governance
Travel management companies (TMCs) are under great pressure to ensure that business travelers are up-to-date with COVID-19. This is especially relevant for the travel industry, as limits can change daily on a global scale. As TMC often acts as an aggregator between travelers and airlines, hotels, or ancillary services, it must comply with the various regulations offered by each company and destination. Clear communication and regular updates to business travelers are essential to ensuring the safety of individual travelers. Hotels, carriers, and other ancillary services should also provide clear and consistent information. The hotel has already begun to move towards the current sentiment from many travelers.
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key Influential themes the Business trip market
- big data
- Online travel
- Travel app
- Machine learning
Online travel has existed since the mid-1990s, but TMC or business travel agencies have struggled to adapt. The cost of building a bespoke online travel platform specifically created for B2B transactions was considered costly. It also requires considerable skill and expertise to build. However, the development of technology companies and the expansion of service portfolios from GDS providers has made it easier for TMC to create online travel platforms.
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reading Corporate Men the Business trip market
- American Express Travel
- Direct travel
- Expedia Group
- BCD Travel
- Internova Travel Group
- AMEX Global Business Travel
- Booking Holdings
- Flight Center Group
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Business trip Market overview
|Market size 2021||$ 164.7 billion|
|Key segment||Overseas business trip and domestic business trip|
|Main trends||Corporate travel budget, sentiment towards COVID-19, demand for communication about the COVID-19 protocol, sentiment towards business trips, and ESG|
|Main themes||Big data, online travel, travel apps, machine learning, geopolitics, and more|
|Large companies||American Express Travel, Direct Travel, Expedia Group, BCD Travel, Internova Travel Group, AMEX Global Business Travel, Booking Holdings, CWT, Fareportal, Flight Center Group|
Business trip market report range
This report provides an analysis of the business travel sector, including insights into business travelers, market trends affected by COVID-19, consumer trends, sector transactions, challenges, and opportunities.
- Gain insights into key players on business trips.
- Understand how they adapted to the COVID-19 threat
- Understand the major business travelers that businesses can see to attract
- Get a detailed understanding of the key trends, issues, and challenges facing travel agencies (TMCs)
Frequently Asked Questions
What was the size of the business trip market in 2021?
The size of the business trip market in 2021 was valued at $ 164.7 billion.
What are the major segments of the business travel market?
The main segments of the business trip market are overseas and domestic business trips.
what Is the key Business trip market trend?
The main trends in the travel market are corporate travel budgets, sentiment towards COVID-19, the demand for communication about the COVID-19 protocol, sentiment towards travel, and ESG.
what It ’s an important theme that affects business trips. market??
Some of the major themes that influence the business travel market are big data, online travel, travel apps, machine learning and geopolitics.
Which A leading company on business trips market??
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 FlightCenter Group.
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