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Business Travel Management Service Market Size, Trends, Share Analysis, Size And Forecast To 2033
Business Travel Management Service Market Size
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According to The Business Research Company's, The business travel management service market size has grown strongly in recent years. It will grow from $7.60 billion in 2023 to $8.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased global compliance and regulatory requirements around business travel, the rise of leisure travel, increasing focus on employee well-being and safety, increasing corporate travel budgets, and increasing globalization.
The business travel management service market size is expected to see strong growth in the next few years. It will grow to $10.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising demand for top-notch travel services and cost-saving solutions, the surge in business trips, growing government initiatives for the development of mice, increasing cost-effective and efficient business travels, increasing number of corporate travelers and frequent business flyers. Major trends in the forecast period include technological advancements, personalization, mobile applications, hybrid meetings, and leisure travel.
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Market Drivers and Trends:
The expansion of the travel and tourism industry is expected to propel the growth of the business travel management services market going forward. The travel and tourism industry refers to a wide range of businesses, services, and endeavors related to travel, tourism, and hospitality, as well as people who travel domestically or internationally. The travel and tourism is on rise due to enhance accessibility, affordability, and desirability of travel. Business travel management services are integral to the travel and tourism industry, providing specialized services that enhance corporate travel's efficiency, cost-effectiveness, and overall experience. For instance, in 2023, according to Condor Ferries Limited, a US-based travel services company, 59% of US visitors went to aquariums, 56% to scientific museums, 49% to historical and cultural sites, and 46% to sightseeing excursions. Furthermore, in July 2022, according to the International Trade Administration, a US-based intergovernmental organization, the overall number of foreign visitors to the US was 5.21 million, up 160.8% from July 2021. Therefore, the expansion of the travel and tourism industry is driving the growth of the business travel management services market.
Major companies operating in business travel management services are innovating technologies with development of new apps to simplify business travel, streamline the booking process, enhance traveler safety, and provide real-time updates. Apps provide a centralized platform where users can easily access and manage all aspects of their travel itinerary, from booking flights and hotels to scheduling meetings and transportation. For instance, in April 2024, Trip.Biz, a Singapore-based digital travel management company (TMC) under the Trip.com Group, launched the Trip.Biz app, designed to enhance corporate travel arrangements. Emphasizing user-friendly technology and sustainability, the newly introduced Biz app aims to simplify the complexities of business travel. It offers 24/7 customer support in multiple languages, ensuring a seamless experience for users managing their corporate travel needs.
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Major Key Players of the Market:
American Express Company, Booking Holdings Inc., Expedia Group Inc., Carlson Wagonlit Travel, BCD Travel, GBT Travel Services UK Limited, Christopherson Business Travel, Flight Centre Travel Group Limited, Fareportal Inc., Direct Travel Inc., Travel Leaders Group LLC, Corporate Travel Management Limited, FCM Travel Solutions, Adelman Travel Group, Safe Harbors Business Travel Inc., JTB Business Travel, Corporate Travel Planners Inc., Cain Travel & Events, ARTA Travel, Radius Travel, GTI Travel, Egencia
Business Travel Management Service Market 2024 Key Insights:
• The business travel management service market size is expected to see strong growth in the next few years. It will grow to $10.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Travel And Tourism Industry Expansion Driving Business Travel Management Services Market Growth
• Unveils Innovative App, Streamlining Corporate Travel Management
• North America was the largest region in the business travel management service market in 2023
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