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Travel Management Services Procurement Market to Reach $933B by 2023-2024 | ELINT Market Research

07-10-2024 04:04 PM CET | Tourism, Cars, Traffic

Press release from: ELINT Market Research

Travel Management Services Procurement Market

Travel Management Services Procurement Market

Insightful research by ELINT Market Research sheds light on emerging trends and strategic outlooks of the Travel Management Services Procurement Market. The latest research report paints an optimistic picture, as spending on business travel is expected to experience a significant uptick that will reach up to $933 billion between 2022 and 2023. It would raise demands for travel management services and set a solid trajectory for the industry. Further, the future is also bullish, with projected growth rates running between 20 to 28% in 2023, which shall add to the positive momentum in the sector.

Indeed, these figures underline a promising narrative for the travel management services market in which the anticipation of a surge in expenditure on business travel is to augur well for service providers. Considering the rising trend among businesses to ensure intelligent travel management to negotiate a world that is shaping up entirely differently, demand for specialized services is anticipated to continue in the coming years. With such optimistic forecasts in place, stakeholders from the travel management services sector are expected to witness a solid and dynamic market environment that should advance and provide opportunities in a big way in the coming years.

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Travel Management Services Market Surges on Back of Business Globalization, Technological Advancements, and Sustainable Travel Trends

The travel management services market is witnessing a rapid boom due to several factors shaping the overall travel industry landscape. The first major contributing factor is the trend of globalization of businesses, hence more need for corporate travel. Further, the fast-paced changing demand for its services, coming in line with the expansion of companies on cross-border operations, defines the pathway in this market. Moreover, charting the course in determining the path is the technological advances. Full integration of artificial intelligence, big data analytics, and mobile applications has revolutionized travel management, enabling real-time bookings, keeping track of expenses, and even offering personalized travel recommendations. These technological developments will be the market's prime movers as they contribute to better time management of travel arrangements and provide insights for businesses to strategize their travel expenses optimally.

Some of the most prevalent factors driving the growth of the travel management services market include changes in the preferences and behaviors of travelers, which have become a notable hallmark in the industry. With the increase in the millennial workforce and Generation Z's demands, travelers seek unique and customized travel experiences. Travel management companies have been designing tailor-made travel packages, special deals, and easily accessible booking experiences to meet such requirements. Further, with an increasing focus on the environment, companies have begun to include sustainability programs in their travel policies, promoting carbon-neutral travel and green accommodation possibilities.

Key Highlights for the Travel Management Services Market

 From 2022 to 2023, the corporate travel management segment emerged as the high revenue growth driver. Growing technological usage by the providers in this segment to proffer a customized solution that eases the process of corporate travels and thereby, in turn, makes them practical and cost-effective. Corporate travel management is expected to grow along its path, extending its market share even after 2023.

 IT and telecommunications continued to be the most dominant segment of the market in 2022-2023 due to technology being the backbone for many aspects of modern travel management. Travel solution providers in this segment continue to innovate with the kind of travel solutions offered, which are the most modern in mobile applications, AI-driven analytics, and cloud-based platforms for an enhanced travel experience. It is a trend that will continue for 2023 and beyond due to ongoing technological improvements and the introduction of new solutions in this section.

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Travel Management Services Market Regional Scope

There is a high maturity in the travel management services market of both buyers and suppliers in North America and Europe. These regions have mature markets that feature competitive frameworks and practices in procurement. It has enabled sophistication to allow for innovation and efficient operation. With such advanced technologies, the development trend of the market will be triggered while ensuring the security of quality service provision that will continually push the development of the industry. Here, focused innovation and service excellence features reflect the maturity of travel management observed in North America and Europe.

The Asia-Pacific (APAC) tells a different story, with high levels of supplier maturity but only moderate levels of buyer maturity. Moreover, compared to those of the mature buyers, the procurement practices of the buyers seem to be at a medium level, which indicates a procurement gap between the buyers and those of North America and Europe. To capture the rising potential of the travel management services market in APAC and to align procurement practices at par with the high standards put up by their global counterparts, critical stakeholders in the region will be able to make use of this opportunity in a manner that supports both sustained progress and innovation. In the recent development in the industry, the move of Travel Management Company Navan into the Indian market by acquiring a local agency is a strategic move. It signals further penetration of the company into the region.

Major Developments in the Travel Management Services Market

 ATPI Group, the leading global leader in corporate travel and events management, has announced the acquisition of a leading motorsport travel agency. The development underpins the next growth stage for ATPI Group-one that sets out the mark on the motorsport travel sector and opens doors to new opportunities in innovation and expansion.

 Spotnana, the strategic partner of Solutions Travel, has announced its plans for market leadership in corporate travel management. The new alliance between the company and Spotnana will integrate in-depth industry knowledge with an extensive network at Solutions Travel to form a unique inflection point within corporate travel management.

Key Players in the Travel Management Services Market

It is a vibrant industry with critical contributors to the market landscape, each playing significant roles in realizing growth and development within this sector. Some of the vital agencies include ATG Global Travel, Wings Travel, Agiito, Clyde Travel, CTM Pty Ltd, ITL World, World Travel Inc, Frosch Travel, Omega World Travel, Adelman (BCD Travel), Direct Travel, Inc, Gray Dawes Travel, Selective Travel, ACE Travel, Gilpin Travel, APX Travel Management. Together, these market players sum up in shaping the industry dynamics, and with their knowledge and resources, they continue to innovate and cater to the services that are by the changing landscape for travelers and business entities.

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Key Questions Addressed in the Travel Management Services Market

What are some factors behind the growth of the travel management services market?

The market growth factors include business globalization, technological advancement, and increased demand for sustainable travel practices.

What is the regional scope of the travel management services market?

North America, Europe, and Asia-Pacific (APAC) have good maturity levels with high and competitive frameworks in North America and Europe. In contrast, APAC emerges as a high-growth area, with the suppliers showing high maturity and the buyers showing moderate maturity.

What are some of the key highlights of the travel management services market?

Some key takeaways include the fact that the corporate travel management segment will dominate, with sustained growth projections as the driving force for the innovation provided by the IT and telecommunications segment.

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ELINT Market Research is the Procurement Market Intelligence and advisory unit of BE Compliant LLC. Providing accurate and easy-to-consume procurement market intelligence. Accurate category insights and data can be hard to find however with ELINT, pricing data, supplier intelligence and contract strategies are available at a click.

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