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B2B Travel Market Trends

Report ID: GMI10314
Published Date: Jul 2024
Report Format: PDF

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B2B Travel Market Trends

Innovative solutions streamline the B2B travel experience. It automates tasks such as visa application support, medical insurance enrollment, and emergency notification systems. In addition, new technologies such as AI-powered booking platforms and mobile apps simplify the travel booking process and provide real-time travel updates. Machine learning algorithms analyze travel data to personalize itineraries and recommend suitable hotels and flights. Further, companies are continuously developing new tools and platforms to streamline travel management. They provide real-time insights and enhance the overall travel experience for business travelers.

For instance, in May 2024, SAP Concur, a leading provider of cloud-based business travel and expense management solutions, announced the launch of its new "TripIt for Corporate" platform. This AI-powered platform integrates with existing travel booking systems. It further leverages machine learning to personalize itineraries, predict travel disruptions, and provide real-time expense tracking for corporations. This also allows business travelers to receive personalized travel recommendations based on their preferences and past behavior. This streamlined the booking process, reduced time spent on travel planning, and increased user satisfaction.

Moreover, business travelers prefer to seek experiences tailored to their preferences and needs. They are focused on seeking seamless, customized experiences that cater to their individual preferences and needs. The B2B travel providers cater to this by offering customizable itineraries, loyalty programs, and 24/7 support. Further, travelers who have personalized itineraries with preferred airlines, hotels, and amenities are more likely to be comfortable and productive during their trips. Furthermore, personalized travel solutions automate various tasks such as booking preferred hotels and flights.

For instance, in March 2024, a study by the Global Business Travel Association (GBTA), around 78% of travel managers consider personalized travel options as a key factor when choosing a B2B travel management. It highlighted the rising focus of companies on B2B travel solutions that offer features like custom travel profiles and loyalty program integration for employees.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of B2B travel reached USD 30.7 billion in 2023 and is set to register a CAGR of over 10.6% between 2024 and 2032, owing to the increased reliance of companies on B2B travel services for efficient travel management such as itinerary planning, expense management, and compliance with travel policies.

The B2B travel industry share from large enterprises is expected to be worth over USD 47.9 billion by 2032, as these enterprises often have a global footprint, requiring frequent international travel for meetings, conferences, and overseeing operations.

North America captured approximately 37% of the market share in 2023, due to the strong economic performance fueling business activities and corporate travel in the region, alongside early adoption of advanced travel management technologies, such as AI, machine learning, and data analytics, to optimize travel plans and enhance efficiency.

Carlson Wagonlit Travel (CWT), BCD Travel, American Express Global Business Travel (GBT), Sabre Corporation, Flight Centre Travel Group, AMEX GBT Egencia, CTM (Corporate Travel Management), ATPI, Frosch, and Altour among others.