travel tech insights

5 Stats About the Current State of Corporate Travel

If there’s one segment of the global travel industry that has continued to show potential for growth and development during the last five years, it’s corporate travel. As more countries emerge as hubs of international business and the global business community continues to align, the sheer number of corporate travelers and their impact on the travel industry has been a truly disruptive force pushing travel companies to modernize their practices and tailor products and services to this new breed of traveler.

In today’s travel industry, numbers don’t lie. Facts and data points are taken as gospel when evaluating the strength of the travel industry and what industry trends may have the biggest impact on what the travel landscape looks like six, nine, or 12 months in the future. For example, a recent survey from the Global Business Travel Association projected the total revenue generated from international business travel would reach  nearly $1 trillion dollars.

Topics: Business Travel Business Traveler Corporate Travel 2017

How Technology is Reshaping Corporate Travel

One of the most disrupted segments in today’s travel industry is corporate or business travel. Because business moments and opportunities are no longer restricted to what happens in the office or boardroom on a 9 to 5 basis, corporate travelers are having to travel and engage in business activities in more unconventional, unprecedented ways. For example, a business executive could begin a business transaction on a conference call in the morning and then fly to a partner’s headquarters to finalize the deal the very next day. This rapid acceleration of business practices means corporate travelers need more agile, responsive, and visible products and services from the travel companies with which they choose to work.

This is where new technologies has become a core driver in efficiency for both corporate travelers and the travel companies that service this burgeoning demographic.

Topics: travel technology Business Travel Business Traveler Corporate Travel

4 Reasons Why Millennials Are Taking Over Corporate Travel

It’s no secret that millennials are a driving force in today’s travel industry. Whether we’re talking about adventure of budget travelers, the buying power and influence millennial travelers have is increasing each and every year, particularly as more and more travel markets emerge and mature, especially in Asia and Central Europe. What’s more, millennials are now set to emerge as a critical customer pool in yet another burgeoning travel and tourism market: Corporate travel.

According to a recent released earlier this year titled The Portrait of Business Travelers by travel industry group MMGY Global, millennials are poised to become the largest segment of the corporate travel sphere in 2017 and beyond. The report indicated the average business traveler booked about 6.8 trips per year, while millennials completed roughly 7.4 bookings per year in 2016 - a figure that is only expected to increase in the next 12 months.

Topics: Business Travel travel trends Millennials Corporate Travel trends

Business Over Pleasure: Top Needs for Today’s Corporate Traveler

If there’s one emerging trend in today’s travel industry, it’s that business is exceeding pleasure.

recent report issued by the U.S. National Travel and Tourism Office found business travel from top overseas markets increased by more than 15 percent in 2015, a growth rate much higher than that of leisure travelers. The report estimates leisure travel from top markets grew at a rate of just 9 percent, a figure that undercut projections from industry analysts.

But it’s not just the U.S. market that experienced an increased of business travelers at the expense of leisure travel during the last year. European countries such as France and Germany also saw sharp increases in the number of business travelers, as did markets further east such as Japan and Australia. 

Topics: Business Travel travel business travel trends Corporate Travel

3 Ways Travel Management Companies can improve their business

It’s clear 2016 has become something of a pivotal year for travel management companies and the corporate travel world in general - and, if the first half of the year is any indication, the second half is poised to be just as impactful. At least that’s the feeling expressed by a host of travel and tourism industry experts at the annual Global Business Travel Association Conference in Denver, Colorado this past week wherein analysts concluded the corporate travel industry is still lagging behind the leisure travel sector in a number of key areas.

While conference presentations and lectures highlighted the steps travel management companies are taking to cater more closely and specifically to the needs of today’s modern business traveler, the consensus was the corporate travel industry is still in catch-up mode when it comes to a number of back office and customer-facing operations which may in fact be preventing the corporate travel industry from reaching its full growth potential - a revelation that’s particularly worrisome given the rapid growth of commerce and business in several key emerging markets.

Topics: Travel Management Company Business Travel Business Traveler travel trends Corporate Travel