The corporate travel management software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Corporate Travel Management Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The corporate travel management software market size has grown strongly in recent years. It will grow from $1.01 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rise in globalization, increase in business travel demand, increase in need for cost efficiency, rise in emphasis on compliance and policy enforcement, growth in importance of data analytics, and rise in trend towards digitalization of corporate processes.
The corporate travel management software market size is expected to see strong growth in the next few years. It will grow to $1.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increasing adoption of AI-driven personalization, rising demand for real-time travel analytics, growing emphasis on sustainability tracking, enhanced data security needs, expanding integration with virtual meeting platforms, the shift towards mobile app functionalities, and the need for flexible travel policies. Major trends in the forecast period include advancements in AI-driven personalization, enhanced data security features, integration with virtual and hybrid meeting platforms, real-time travel analytics, advancements in mobile app functionalities, enhanced sustainability tracking, and development of more flexible and customizable travel policies.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing number of international travelers is expected to propel the growth of the corporate travel management software market going forward. International travelers are people who journey to foreign countries for purposes such as vacation, work, or education. The number of international travelers is increasing due to factors such as globalization, improved transportation options, and a growing desire for cultural experiences. Corporate travel management software assists international travelers by streamlining booking processes, ensuring policy compliance, managing expenses, and providing real-time support and travel data. For instance, in August 2024, according to the Tourism Academy, a US-based educational organization, in 2023, the U.S. welcomed 66.5 million international travelers, a 31% increase from 2022, reaching 84% of 2019 levels. New York became the top destination, while U.S. citizens made 98.5 million trips abroad, a 22% rise. International visitors spent $213.1 billion in the U.S., a 29% increase, supporting 1.6 million jobs. Additionally, U.S. residents spent $215.4 billion overseas, exceeding pre-pandemic levels by 17%. Therefore, the increasing number of international travelers is driving the growth of the corporate travel management software market.
Market Trends –
Major companies operating in the corporate travel management software market are developing travel booking tools to simplify the booking process for corporate travelers and travel managers by offering intuitive, user-friendly interfaces. Travel booking tools help corporate travel by streamlining the booking process, enforcing company policies, and providing real-time data and cost management to optimize travel efficiency and compliance. For instance, in April 2024, Cleartrip, an India-based travel agency, launched Out of Office, a travel booking tool. The platform is a plug-and-play solution that quickly adapts to organizational needs, supporting various booking behaviors such as self-booking and travel desk booking. It also offers an end-to-end travel experience, which includes real-time policy modification, integrated travel expense management, and access to self-contracted corporate fares. Cleartrip aims to enhance its footprint in the corporate travel market with OOO, focusing on B2B growth.
The corporate travel management software market covered in this report is segmented –
1) By Type: Cloud Based, On-Premises
2) By Application: Large Enterprises, Small And Medium Enterprise (SMEs)
3) By Industry: Manufacturing, Transportation, Retail And Logistics, Healthcare, Energy
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Regional Insights –
North America was the largest region in the corporate travel management software market in 2023. The regions covered in the corporate travel management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the corporate travel management software market are Expedia Group Inc., CWT, BCD Travel, Sabre Corporation, American Express Global Business Travel, SAP Concur, Travelport, Sonder Holdings Inc., Travel Leaders Group, Hotel Engine, FCM Travel Solutions, Hopper, TravelPerk, MedeAnalytics, Deem, Corporate Traveler, TripCase, Ramco Systems Ltd., Tripleseat, Rezdy, Datalex, STP Plus, Pana, Iween Software Solutions Pvt Ltd., nuTravel
Table of Contents
1. Executive Summary
2. Corporate Travel Management Software Market Report Structure
3. Corporate Travel Management Software Market Trends And Strategies
4. Corporate Travel Management Software Market – Macro Economic Scenario
5. Corporate Travel Management Software Market Size And Growth
…..
27. Corporate Travel Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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