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Business Travel Market size is set to grow by USD 3.21 billion from 2024-2028, Growing technological advances to boost the market growth, Technavio

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NEW YORK, Aug. 14, 2024 /PRNewswire/ — The global business travel market size is estimated to grow by USD 3.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 34.28%  during the forecast period.  Growing technological advances is driving market growth, with a trend towards growing preference of consumers to book through online travel agencies. However, rising penetration of online video conferencing platforms poses a challenge. Key market players include ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart Inc., and WexasA Ltd.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Marketing, Internal meeting, Trade show, and Product launch), Type (Travel fare, Lodging, Dining, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart Inc., and WexasA Ltd.

Key Market Trends Fueling Growth

Online travel portals have become a preferred choice for businesses due to their convenience and organization. Upside, for instance, caters specifically to business travelers with exclusive deals and VIP programs. Their offerings include a free USD150 card for each purchased package, attracting over 5,000 companies. Booking.com is another prominent portal, offering customized hotel options based on business trip types and amenities. These innovative strategies contribute significantly to the expansion of the global business travel market during the forecast period. 

Business travel, a significant segment of the tourism industry, continues to evolve with various trends shaping its landscape. Regular tourism merges with bleisure travel, allowing professionals to combine business and leisure. Virtual reality and augmented reality technologies enhance travel experiences, while smart hotels and digitization streamline accommodation and work-related needs. Transportation infrastructure, including roads, airports, rail networks, and air routes, undergoes advancements to improve connectivity and profit maximization. The economy, unemployment, and SME financing impact business travel expenditure. Udayami Helpline and travel retail cater to unique needs, while artificial intelligence, chat bots, and cost-cutting strategies optimize online travel and hotel booking. Infrastructural investments in hospitality and infrastructure boost corporate profitability. Medical tourism, lifestyle changes, and tourism promotion foster new opportunities. Priceline and other platforms facilitate business-oriented travel for conferences and congresses. Infrastructure development in transportation and accommodation sectors remains crucial for continued growth. 

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Market Challenges

Online video conferencing platforms, such as Zoom and Google Meet, are increasingly competing with traditional players in the business travel market. The widespread adoption of these tools by corporations during the pandemic has made them an effective alternative for meetings and conferences. Companies are now leveraging these cost-effective communication technologies to reduce business travel expenses. Advancements in online banking, phone calls, emails, and video conferencing provide efficient and affordable communication and transaction solutions. The growing availability of real-time communication opportunities is driving companies to adopt various communication technologies like Skype, FaceTime, Google Meet, and Zoom. The significant cost savings and high effectiveness of these platforms are major factors hindering the growth of the global business travel market. Consequently, the increasing penetration of online video conferencing platforms is expected to negatively impact the business travel industry during the forecast period.Business travel is a significant segment of the tourism industry, contributing substantially to corporate profitability. However, it faces various challenges. Hospitality and infrastructure are crucial concerns, with the need for improved roads, airports, rail networks, and air routes. The economy’s state impacts business travel expenditure, leading to cost-cutting strategies. Unemployment and SME financing are also

challenges for small businesses. Udayami Helpline, Priceline, and online travel platforms offer solutions for affordable business travel. Augmented reality and artificial intelligence enhance travel retail experiences. Chat bots streamline booking processes. High-speed rail and hotels cater to profit maximization. Work-related trips, conferences, and congresses remain business-oriented events, necessitating efficient transport solutions. Infrastructural investments in transport and hospitality sectors are essential for sustainable business travel growth.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This business travel market report extensively covers market segmentation by

Application 1.1 Marketing1.2 Internal meeting1.3 Trade show1.4 Product launchType 2.1 Travel fare2.2 Lodging2.3 Dining2.4 OthersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Marketing-  Business travel plays a vital role in the international marketing strategies of both small and large enterprises. Global marketing, or advertising products and services in foreign markets, allows companies to expand their customer base and enhance brand reputation. Employees’ business trips provide valuable insights into sales strategies and target markets. Two primary advantages of business travel include improving brand reputation and enabling global networking. Companies explore opportunities in various markets, such as seeking out cheaper labor, cost-effective advertising, and lenient tax laws, which enhances their global networking. These factors will fuel the growth of the marketing segment within the global business travel market throughout the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global travel and business bags market is witnessing steady growth, driven by rising business travel and increasing consumer demand for stylish, functional luggage. Technological innovations, such as lightweight materials and smart luggage features, are further propelling market expansion. North America and Europe remain key regions, while Asia-Pacific shows rapid growth potential due to the growing middle class and increasing disposable incomes. Leading players are focusing on product differentiation and sustainable materials to capture market share in this competitive landscape.

Research Analysis

Business travel, also known as business tourism or work-related trips, refers to travel taken for professional purposes. It includes attending conferences, congresses, and business meetings, as well as work-related training and site visits. In recent years, the business travel market has seen significant changes with the rise of digital technologies. Virtual and augmented reality are transforming the way business travelers experience destinations and events. Smart hotels offer contactless check-in and personalized services using artificial intelligence and chatbots. Digitization has made online travel booking and hotel reservations more convenient than ever. Transportation, including roads and airports, is a crucial aspect of business travel. Global travel expenditure for business purposes is expected to continue growing, driven by the increasing number of business-oriented trips and the trend towards bleisure travel, where business travelers extend their stays for leisure activities. Medical tourism is another growing segment of the business travel market, with companies sending employees abroad for affordable and specialized medical treatments. The transportation and accommodation sectors are adapting to meet the evolving needs of business travelers, with an emphasis on efficiency, convenience, and personalization.

Market Research Overview

Business travel, a subset of the larger tourism industry, refers to trips taken for professional purposes. It includes work-related trips for conferences, congresses, and other business-oriented events. In recent years, business travel has seen significant changes with the rise of bleisure travel, where business trips are extended for leisure activities. The digital transformation of the industry is evident in the use of virtual reality for tourism promotion, smart hotels, and digitization of transportation and accommodation booking. The economy plays a crucial role in business travel, with unemployment and SME financing impacting the sector. Infrastructural investments in roads, airports, rail networks, and air routes are essential for efficient business travel. Profit maximization and cost-cutting strategies are key considerations for businesses in this sector. Augmented reality and artificial intelligence are revolutionizing business travel with chatbots for booking and personalized recommendations. Online travel platforms like Priceline and hotel booking apps have made it easier for business travelers to plan and manage their trips. The industry also caters to medical tourism and lifestyle changes, offering unique experiences for travelers. Travel retail is another significant aspect of business travel, with corporations investing in infrastructure to maximize profits. Corporate profitability and tourism expenditure are closely linked, making business travel an essential contributor to the global economy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationMarketingInternal MeetingTrade ShowProduct LaunchTypeTravel FareLodgingDiningOthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Orion Innovation Names Brian Bronson Chief Executive Officer

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Technology Industry Executive and Leader to Drive Next Phase of Company Growth

EDISON, N.J., Nov. 15, 2024 /PRNewswire/ — Orion Innovation (“Orion”), a leading digital transformation and product development services firm, today announced the appointment of Brian Bronson as Chief Executive Officer, effective immediately. With over 25 years of leadership experience across global technology sectors, Bronson will lead Orion’s next phase of growth and transformation, focusing on expanding the company’s digital capabilities and market presence. Brian succeeds Raj Patil, who will transition to an advisory role with the company and One Equity Partners.

“Brian’s impressive track record of driving profitable growth and leading large-scale organizational transformation makes him the ideal leader for Orion’s next chapter,” said Carlo Padovano, Partner at One Equity Partners and Lead Director of Orion Innovation. “His deep expertise in product engineering, GenAI adoption, and digital transformation perfectly aligns with our vision for Orion’s future.

On behalf of the Orion Board, I’d like to thank Raj for his leadership and dedication in helping develop Orion into a market leader. Raj will transition to an advisory role with the company and One Equity Partners.”

“I’m honored to take on this role and excited about the tremendous opportunities ahead for Orion,” said Bronson. “The company has built an impressive foundation with a blue-chip roster of clients, a global delivery platform, and a talented team with deep domain and engineering expertise. I look forward to working closely with our employees, clients, and partners as we deliver transformative solutions to our clients, drive innovation, and scale our capabilities.”

Before joining Orion, Brian served as EVP of US Telecom, Media, and Entertainment at Capgemini. Additionally, he led the integration and execution of Capgemini’s global engineering services business across the Americas and Asia. This included driving growth in many industries leveraging innovative capabilities tied to 5G, connectivity, and software product engineering. Previously, as President & CEO of Radisys, a leading provider of open telecom solutions, he led the company’s strategic transformation from a hardware company to a provider of cutting-edge software and enabling technologies for the telecom, technology, and medical industries. This transformation culminated in the sale of Radisys to Reliance Industries in 2018, marking a successful exit for the company.

About Orion Innovation

Orion Innovation (“Orion”) is a leading digital transformation and product development services firm. Rooted in engineering and design thinking, along with a unique combination of agility, scale, and maturity, its team of approximately 6,400 associates helps Fortune 1000 companies improve efficiencies, enhance customer experiences, and develop new digital offerings. Through its delivery centers in North America, EMEA, India and Latin America, Orion serves clients across Telecom, Media & Technology, Sports & Entertainment, Professional Services, Financial Services, and Healthcare industries. For more information, visit www.orioninc.com

About One Equity Partners

One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

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Morrison Securities launches one of Australia’s first plug-and-play global trading to 15 countries with ViewTrade

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Equities clearing business Morrison Securities (“Morrison”) is launching one of Australia’s first plug-and-play global trading to 15 countries with trading technology provider ViewTrade.

This will mean Morrison’s 38,000+ active clients trading $30 billion annually will only need to go through KYC once and then will be provided unprecedented rapid global trading access.

Morrison will now also offer enhanced global equity and options trading, fixed income, ETFs, seamlessly integrate domestic and global trading, and choice between fully disclosed or omnibus operating models.

ViewTrade has calculated that implementation of solutions like this across all of Australia’s global trading could generate efficiencies of nearly $240 million annually.

A business the size of Morisson launching this solution is a watershed moment for enhancing global opportunities for Australia’s wealth management sector, according to ViewTrade.

Nigel Singh, CEO of ViewTrade International Australia, said: “We are excited to work with Morrison Securities. Together, we are unlocking a world of investment opportunities for Australians. By accessing global markets, firms can offer their clients more diversified portfolios, reducing risk and protecting wealth. This benefits both domestic and international clients. We invite other firms to join us in this partnership and unlock the potential of global market access.”

William Slack, CEO of Morrison Securities, said: “We’ve designed a solution that integrates global market access into our domestic offering for a superior customer experience. With our combined expertise, we’re confident in delivering an efficient, scalable solution tailored to the specific needs of our clients.”

Laksh Gangwani, Chief Revenue Officer – APAC and Middle East at ViewTrade, added: “We are thrilled about the partnership with Morrison Securities as they launch one of Australia’s first plug-and-play global trading solutions to 15 countries. Morrison’s integrated approach to technology, compliance, and operations is enabling investors to complete KYC once, while accessing multiple markets and asset classes with ease. This will ensure Australian investors can build diversified international portfolios with ease.”

ViewTrade (www.viewtrade.com) is a global leader in investment and trading infrastructure solutions that power cross-border investing for financial services firms throughout the world. ViewTrade provides the technology, support, and brokerage services that business innovators need to launch or enhance retail investing experiences. For more than 20 years, ViewTrade has partnered with over 300 clients – from technology startups to large banks, brokers and advisors – to deliver innovative investment solutions and exceptional customer service.

Morrison Securities (https://www.morrisonsecurities.com/) Established in 1985, Morrison Securities is an Australian Broking firm specialising in trading, execution, and clearing services tailored to advisory firms and wholesale clients. They partner with firms to navigate operational challenges and help them realise their full potential. Their comprehensive suite of solutions covers seamless international market access, advanced equities and options trading, capital raising and DVP settlement services, integrated APIs, and stock lending. With a platform-agnostic approach and enterprise-level client service, they prioritise operational excellence and long-term partnerships.

 

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SOURCE ViewTrade

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Australia’s least-favourite chores just got easier with Roborock’s Black Friday & Cyber Monday deals

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Roborock, the global best-selling robot vacuum brand[i], is thrilled to announce its exclusive deals for Black Friday and Cyber Monday 2024.

Starting from 21 November to 4 December 2024, Roborock is offering significant discounts on a wide range of popular models, with savings of up to $700 – including popular models such as the S8 MaxV Ultra, Qrevo MaxV, Q8 Max+, Qrevo Master, Qrevo S, and Flexi Pro.

In a recent survey conducted across Australia, Roborock found that 27% of Australians would happily skip cleaning their floors forever, with many Aussies also admitting to neglecting high-maintenance tasks such as vacuuming, mopping, and appliance cleaning. With these cleaning challenges in mind, Roborock is offering unbeatable savings on popular models across Black Friday and Cyber Monday, with savings of up to $700.

The deals are available at Robrock Australia’s Official Online Store, Roborock’s Amazon storefront and all authorised retailers.

 Black Friday & Cyber Monday Deals

S8 MaxV Ultra – (SAVE $700) – MSRP $2,999 / Promo: $2,299The S8 MaxV Ultra is the company’s most powerful one-stop cleaning solution, combining the company’s most sophisticated deep cleaning technology with user-friendly features. The model introduces a unique robotic arm and an extra mop that efficiently cleans challenging areas with complete corner cleaning capabilities. Newly launched.Qrevo Master – (SAVE $700) – MSRP $2,699 / Promo: $1,999Newly launched and the most advanced model in the mid-range Qrevo series, the Qrevo Master is built for those who seek top-of-the-line cleaning technology at a mid-range price point. With high-powered suction, deep corner cleaning capabilities, and complete self-maintenance features, it’s designed to tackle the toughest cleaning challenges effortlessly.

Qrevo MaxV – (SAVE $700) – MSRP $2,199 / Promo: $1,499Offers users a complete hands-free floor cleaning experience at the mid-range price point, taking both vacuuming and mopping off your plate while combining powerful cleaning functions, self-maintenance capabilities, and intelligent features such – as pet recognition from flagship models – into one convenient cleaning package.

Qrevo S – (SAVE $400) – MSRP $1,499 / Promo: $1,099Newly launched, the Qrevo S is ideal for those looking for their first robot vacuum that excels at both vacuuming and mopping with self-maintenance features. It blends cleaning performance with a streamlined design for everyday cleaning.

Q8 Max+ – (SAVE $500) – MSRP $1,299 / Promo: $799The Q8 Max+ delivers high-performance cleaning with enhanced navigation and automatic dirt disposal. It’s equipped with powerful suction and a flagship roller brush system making it perfect for homes with mainly hard floors, ensuring a deep and thorough clean.

Flexi Pro – (SAVE $300) – MSRP $999 / Promo: $699 (Available starting 14th November)The Flexi Pro is a versatile handheld vacuum option designed for deep floor cleaning and tight spaces. Capable of handling both wet and dry messes, and the ability to clean itself after every clean-up, the Flexi Pro tackles all types of messes with ease.

According to Roborock’s recent survey, garages are the dirtiest spaces in Australian homes, with 46% of respondents admitting they need more attention. Other problem areas include bathrooms (41%), kitchens (38%), and even kids’ playrooms (32%). Given the demands of busy lives, it’s easy to see why some chores fall through the cracks.

With these exclusive Black Friday and Cyber Monday offers, Roborock makes it easier than ever for Aussies to maintain a clean and comfortable home – without the hassle. Whether it’s tackling neglected garages, high-traffic kitchens, or hard-to-reach corners in the bathroom, Roborock’s innovative products are ready to take on the task.

For more information on Roborock products, please visit https://au.roborock.com  

-ENDS-

Notes to Editors: 

The Roborock survey was conducted by TGM Research and involved 1,028 nationally representative respondents across Australia. The survey aimed to understand the cleaning habits, preferences, and challenges faced by Australians ahead of the launch of Roborock’s Qrevo Master, Qrevo S and H5. 

About Roborock     

Roborock is a leading smart cleaning brand renowned for its intelligent cleaning solutions. With a steadfast dedication to becoming a global leading smart appliance player, Roborock enriches liveswith its innovative line of robotic, cordless, wet/dry vacuum cleaners, and washer-dryers. Rooted in a user-centric approach, our R&D-driven solutions cater to diverse cleaning needs in over 15 million homes across 170+ countries.  Headquartered in Beijing and with strategic subsidiaries in key markets, including the United States, Japan, the Netherlands, Poland, Germany, and South Korea, Roborock is dedicated to elevating its market presence worldwide. For more information, visit https://au.roborock.com/.    

[i] [1] The data comes from Euromonitor International (Shanghai) Co., Ltd. The sales figures of robotic vacuum cleaners worldwide in the first three quarters of 2023 (in RMB hundred million) were used for calculation. Roborock ranks first in the industry. Robotic vacuum cleaner refers to vacuum cleaners that automatically move around rooms using sensors to clean floors. The research was completed in February 2024.

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SOURCE Roborock

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