It is no secret that traveling for business expands business opportunities and builds new relationships. As a result business travel is one of the key factors in the success of many businesses. However, the effect of the COVID-19 pandemic on the travel industry has lead to a lack of confidence in travel providers; cancellations, delays and restrictions that still cause issues, even today. With this in mind, it’s essential to understand the current state of the business travel market and explore its future outlook.
What is the future of the business travel industry?
Despite the negative impact of COVID-19 on the business travel industry, experts predict that the business travel market will eventually recover and most importantly, continue to grow.
In fact, according to the Global Business Travel Association (GBTA), business travel spending is expected to reach $1.6 trillion by 2025. However, we are looking at massive changes in the near future changes as attitudes shift focus to addressing safety, security and sustainability within the industry.
Learn more about business travel safety and security tips in 2023.
Automation of The Business Travel Industry
The business travel industry anticipates the rise of automation and artificial intelligence. This means that managing travel needs will become easier and more efficient.
This might be a huge benefit for those companies who travel frequently as booking and tracking processes will be faster and more cost-effective. Moreover, AI-powered tools can help travel managers monitor and optimize travel policies and predict travel demand ahead of time.
However, we should keep in mind that these technologies can also have a negative impact on your corporate travel. You will, inevitably, experience a much less personal experience.
If service, and a personal touch is something you value when it comes to corporate travel, then you need look no further than Inspired Travel Group, an excellent choice if you want recommendations and advice from seasoned travel professionals.
Sustainability and Eco-friendly Travel
Sustainability is becoming increasingly important for business travel as many organizations are looking for ways to reduce their carbon footprint and promote eco-friendly travel. Therefore, many companies are adopting sustainable travel policies, such as using electric or hybrid vehicles, encouraging public transportation and offsetting carbon emissions.
Some travel management companies are partnering with sustainable travel providers to offer eco-friendly travel options for their clients, albeit at a premium.
Online and Face to Face Meetings
As a result of the COVID-19 pandemic, online meetings have become a very effective alternative to face-to-face meetings. There are many advantages to online meetings, such as cost savings, flexibility and time savings.
Additionally, virtual and hybrid meetings can help companies reduce their carbon footprint, which in turn will make them more sustainable. Therefore, this trend is likely to continue in the future of the business travel industry.
Find out more about the value of online meetings vs in person.
How big is the corporate Travel Market going to be?
With millions of business trips taken each year, the corporate travel market is rapidly growing. According to Statista, the global business travel market was worth $1.4 trillion in 2019. As part of these numbers, the United States is the largest market for business travel, accounting for approximately 35% of all global business travel spending.
Keep an eye on the latest news and updates if you are involved in the business travel industry, because the corporate travel market is growing and will continue to do so.
What is The business travel outlook in 2023?
The business travel outlook for 2023 is optimistic, with a gradual recovery expected as vaccination rates increase and travel restrictions ease. Companies are adopting new travel policies and procedures, such as pre-travel health screenings and hybrid meetings, to ensure the safety and well-being of their employees. Technology will play a significant role in enhancing the traveler experience, with a focus on contactless solutions, mobile apps and data analytics.
The business travel industry has faced unprecedented challenges over the past few years, but the future outlook is promising. Companies that prioritize sustainability, technology and health and safety will be better positioned to navigate the changing landscape and succeed in the post-pandemic world.