A shifting landscape
In 2019, the managed corporate travel segment, at nearly $133 billion, represented about a third of all U.S. travel gross bookings. Then came the pandemic and travel came to a standstill! But even as leisure travel made a rapid post-pandemic recovery, business travel continued to lag. It is only recently that sustained signs of a recovery have emerged.
Despite the positive outlook, managed corporate travel faces upheaval. Rapid developments in distribution, new entrants and consolidation in the TMC space, emerging technologies, innovation in payments, sustainability targets and evolving traveler behavior are all contributing to seismic shifts in the segment. Stakeholders – from corporates and travel managers to suppliers, intermediaries and technology/service providers – are having to rethink their strategies, priorities and approach. Meanwhile, business travelers are not immune to changes in the landscape either. Beyond the much-discussed bleisure trip, their expectations extend to employers tending to their well-being on the road while meeting their bar for good corporate citizenship.
As business travel is poised to enter a new era, Phocuswright will examine its current state, where it is headed and the trends that will impact its future.
