[Latest] Global Corporate Travel Market Size/Share Worth

Austin, TX, USA, July 06, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Corporate Travel Market Size, Trends and Insights By Service (Transportation, Food & Lodging, Recreation), By Traveller (Group, Solo), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global Corporate Travel Market size & share was valued at approximately USD 251.1 Billion in 2022 and is expected to reach USD 259.3 Billion in 2023 and is expected to reach a value of around USD 330.2 Billion by 2032, at a compound annual growth rate (CAGR) of about 13.1% during the forecast period 2023 to 2032.”

Click Here to Access a Free Sample Report of the Global Corporate Travel Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=24667

Corporate travel market: Growth Factors and Dynamics

Economic Expansion: Strong economic growth drives business activities, leading to increased corporate travel. As economies thrive, companies expand their operations, explore new markets, and seek opportunities for growth, which often necessitates travel for meetings, negotiations, and market research.

Technological Advancements: Continuous advancements in technology have transformed the corporate travel industry. From online booking platforms to travel management tools and mobile applications, technology has made travel planning and management more efficient and convenient, encouraging companies to invest in business trips.

Globalization and International Business: The increasing globalization of businesses has spurred the need for corporate travel. Companies with global operations require their employees to travel for cross-border meetings, market expansions, supply chain management, and client relationship building. International business transactions and partnerships further drive corporate travel demand.

Industry Events and Conferences: Industry events, conferences, and trade shows play a vital role in the corporate travel market. These events provide opportunities for networking, knowledge exchange, and business development. Companies often send representatives to such gatherings to showcase their products or services, stay updated on industry trends, and forge partnerships.

Collaboration and Relationship Building: Face-to-face interactions remain crucial for building and nurturing business relationships. Corporate travel enables executives and employees to meet clients, suppliers, partners, and colleagues in person, fostering trust, strengthening partnerships, and facilitating effective communication.

Regulatory Environment and Compliance: Government policies and regulations can influence the corporate travel market. Visa requirements, travel restrictions, and regulations related to specific industries or destinations impact companies’ travel decisions. Adhering to compliance requirements, such as data protection regulations and duty of care obligations, also influences travel dynamics.

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Report Scope

Feature of the Report	Details
Market Size in 2023	USD 259.3 Billion
Projected Market Size in 2032	USD 330.2 Billion
Market Size in 2022	USD 251.1 Billion
CAGR Growth Rate	13.1% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Service, Traveller and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Corporate Travel report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Corporate Travel report has been modified to include the COVID-19 impact study prior to delivery.)

Request a Customized Copy of the Corporate Travel Market Report @ https://www.custommarketinsights.com/report/corporate-travel-market/

Corporate travel market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the corporate travel market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Sharp Decline in Travel Demand: The COVID-19 pandemic caused a significant decline in corporate travel demand due to travel restrictions, lockdowns, and safety concerns. Many businesses suspended or limited non-essential travel, leading to a sharp decrease in bookings for flights, hotels, and other travel services.

Virtual Meetings and Remote Work: The pandemic accelerated the adoption of virtual meetings and remote work, reducing the need for certain types of corporate travel. Companies turned to video conferencing and collaboration tools to conduct meetings, training sessions, and conferences remotely, mitigating the need for in-person travel.

Focus on Health and Safety: The pandemic placed a strong emphasis on health and safety measures. Travelers and businesses became more cautious about the risks associated with travel, prioritizing health protocols, such as mask-wearing, social distancing, and sanitization. Travel providers implemented enhanced safety measures to restore traveler confidence.

Travel Policy Adjustments: Many companies reevaluated and adjusted their travel policies in response to the pandemic. They implemented stricter approval processes for travel, limited non-essential trips, and emphasized the use of virtual alternatives. Travel budgets were scrutinized, and cost-saving measures were implemented to navigate the economic uncertainties caused by the pandemic.

Recovery and Adaptation: As vaccination efforts progress and restrictions ease, the corporate travel market is gradually recovering. However, the recovery is expected to be gradual and uneven across industries and regions. Businesses are incorporating hybrid models, combining virtual and in-person interactions, and reevaluating the necessity and frequency of travel. Flexibility and agility in adapting to changing circumstances are essential for businesses in the post-pandemic corporate travel landscape.

In conclusion, the COVID-19 pandemic has had a mixed impact on the corporate travel market, with some challenges and opportunities arising from the pandemic.

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Key questions answered in this report:

What is the size of the Corporate Travel market and what is its expected growth rate?
What are the primary driving factors that push the Corporate Travel market forward?
What are the Corporate Travel Industry's top companies?
What are the different categories that the Corporate Travel Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Corporate Travel market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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List of the prominent players in the Corporate travel market:

American Express Global Business Travel
CWT (formerly Carlson Wagonlit Travel)
BCD Travel
Expedia Group
Booking Holdings Inc. (parent company of Booking.com)
Egencia (a division of Expedia Group)
Flight Centre Travel Group
HRG (Hogg Robinson Group)
FCM Travel Solutions
Corporate Travel Management
Others

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Corporate Travel Market – Regional Analysis

The Corporate Travel Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: In North America, a significant trend in the corporate travel market is the increasing focus on sustainability and responsible travel. Companies are adopting eco-friendly practices, promoting carbon offset programs, and opting for sustainable accommodation and transportation options. Dominating market players in this region include American Express Global Business Travel, Expedia Group, and BCD Travel.

Europe: In Europe, the corporate travel market is witnessing a trend towards personalized and curated travel experiences. Companies are leveraging data analytics and artificial intelligence to provide tailored recommendations, personalized itineraries, and enhanced customer service. Key market players in Europe include CWT (formerly Carlson Wagonlit Travel), Flight Centre Travel Group, and Egencia (an Expedia Group company).

Asia-Pacific: In the Asia-Pacific region, one of the notable trends in the corporate travel market is the rapid adoption of mobile technology and digital solutions. Mobile booking platforms, virtual payment systems, and real-time travel updates are gaining popularity, catering to the tech-savvy corporate travelers. Dominating market players in this region include FCM Travel Solutions, Corporate Travel Management, and Travel Leaders Group.

LAMEA: In the LAMEA (Latin America, Middle East, and Africa) region, a key trend in the corporate travel market is the growing emphasis on business travel safety and risk management. Companies are prioritizing traveler safety, implementing robust security protocols, and partnering with travel risk management providers. Major market players in the LAMEA region include BCD Travel, Corporate Travel Management, and CWT (formerly Carlson Wagonlit Travel).

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The Corporate Travel Market is segmented as follows:

By Service

Transportation
Food & Lodging
Recreation

By Traveller

Group
Solo

Click Here to Get a Free Sample Report of the Global Corporate Travel Market @ https://www.custommarketinsights.com/report/corporate-travel-market/

By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Corporate Travel Market Research/Analysis Report Contains Answers to the following Questions.

What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Corporate Travel Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Corporate Travel Market? What Was the Capacity, Production Value, Cost and PROFIT of the Corporate Travel Market?
What Is the Current Market Status of the Corporate Travel Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Corporate Travel Market by Considering Applications and Types?
What Are Projections of the Global Corporate Travel Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Corporate Travel Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Corporate Travel Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Corporate Travel Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Corporate Travel Industry?

Click Here to Access a Free Sample Report of the Global Corporate Travel Market @ https://www.custommarketinsights.com/report/corporate-travel-market/

Reasons to Purchase Corporate Travel Market Report

Corporate Travel Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Corporate Travel Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Corporate Travel Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Corporate Travel Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Corporate Travel market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

Buy this Premium Corporate Travel Research Report | Fast Delivery Available - [220+ Pages] @ https://www.custommarketinsights.com/report/corporate-travel-market/

What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Corporate Travel market analysis.

The competitive environment of current and potential participants in the Corporate Travel market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Corporate Travel market should find this report useful. The research will be useful to all market participants in the Corporate Travel industry.
Managers in the Corporate Travel sector are interested in publishing up-to-date and projected data about the worldwide Corporate Travel market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Corporate Travel products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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