Technology

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

Published

1 month ago

August 14, 2024

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.

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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

Technology

The Lacek Group Champions “Infinite Personalization” in New White Paper

Published

2 mins ago

September 24, 2024

New AI tools and deeper data curation offer marketers the potential for limitless customization.

MINNEAPOLIS, Sept. 24, 2024 /PRNewswire/ — According to a recent report, 70% of brands agree that AI adoption will bring personalization to new heights and build deeper, more meaningful connections with their audiences. But few brands have harnessed these new technology tools to achieve those outcomes, often due to a lack of understanding about what’s involved.

70% of brands agree that AI adoption will bring personalization to new heights.

What if marketers could create a highly personalized communications plan for every individual in a database? What if the personalization was reflected across more than just content, but also cadence, preferred channel, layout, offers, and more? Further, what if a marketing plan could adapt in real time to meet each customer’s evolving preferences and needs? That’s infinite personalization.

For decades, communications and marketing professionals labored through an intensive annual process to craft an organization’s marketing plan. As mass-marketing capabilities evolved to allow for content tailored to unique audiences, brands have been relying on customer persona-led segmentation paired with small-scale content personalization. AI technology will drive this capability at scale, deeper data curation and sophisticated content adaptivity are vital to a new era of infinite personalization.

This white paper spotlights in-market examples and shares a four-step, AI-informed process aimed at leveling up brands’ marketing efforts:

Use multiple data points to create customer insights to hone personalization efforts at scaleEnhance and enrich personalization with adaptive content that evolves to reflect customers’ preferencesIndividualize delivery cadence and frequency to drive the highest levels of engagementLeverage split testing to the nth degree using A/B testing at the individual level

Download a copy of the full “Infinite Personalization: AI Makes It Possible” white paper and learn more about The Lacek Group at lacek.com.

About The Lacek Group
For more than 30 years, The Lacek Group has been perfecting the art and algorithms of brand devotion. We help world-class brands identify their highest-potential customers, engage them across channels throughout their lifecycles, personalize each relationship for optimal long-term results, and measure the true effectiveness of those efforts. The Lacek Group is an Ogilvy One company.

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SOURCE The Lacek Group

Technology

The Starr Conspiracy Rebrands as TSC and Appoints Ashley Bernard as CEO

Published

2 mins ago

September 24, 2024

Name change, new leadership, and new services are designed to empower tech companies to break free from outdated marketing playbooks and drive real growth.

FORT WORTH, Texas, Sept. 24, 2024 /PRNewswire/ — The Starr Conspiracy is now TSC.

A full stack marketing agency known for its work with top tech companies today announced a significant rebrand. The agency will now be known as TSC, a name many of its clients have used for years. The change marks the evolution of a brand that has served the tech industry for 25 years.

This rebrand reflects TSC’s new direction, which includes a revitalized leadership team, expanded service offerings, and a new headquarters in Fort Worth’s cultural district. The rebrand is officially being unveiled at the 2024 HR Technology Conference & Exposition, offering attendees a first look at the agency’s new era.

With over a decade at the agency, Ashley Bernard will be the new Chief Executive Officer. She is widely respected for her leadership and deep affinity for customer experience. Bernard’s leadership is instrumental in driving TSC’s innovative approach and she will continue to lead the transformation.

“TSC is known for pushing boundaries and thinking differently,” Bernard said. “Our rebrand builds on what makes us unique and reflects who we are today — a full stack agency, redefining marketing for tech companies. Marketing has changed, tech has changed, and so have we.”

Bret Starr, TSC’s founder, and Bernard have shared the CEO seat for over a year. Working side-by-side on the rebrand, they invested heavily in AI and reimagined TSC’s services.

“There is literally no one in the world that I trust more to lead us into the future during such transformative times,” Starr said. “Ashley has a clear vision for our agency and a spotless track record of achievement and success. Our agency is stronger with her at the helm.”

In addition to Bernard’s appointment as CEO, two other leadership team members will be taking on expanded roles as part of the agency’s transformation. Racheal Bates, Vice President of Customer Experience, and JJ La Pata, Vice President of Digital Strategy and Insights, will play critical roles in driving the agency’s innovative approach to radical go-to-market strategies, experience design, brand strategy, defining moments, and sales experience alignment. TSC’s new services are designed to empower tech companies to break free from outdated marketing playbooks and drive real growth.

Bret Starr will remain fully engaged with the agency in his new role as Chief AI Officer, where he will focus exclusively on advancing B2B marketing theory, driving AI innovation, and enhancing client success.

“Our approach is centered around creating abundant experiences that resonate deeply with people,” Bernard said. “At TSC, we don’t believe in just optimizing old models. We blow them up and create something entirely new — taking into account holistic experiences and that build lasting connections.”

With a focus on redefining the marketing landscape, TSC’s leadership team is excited to bring their clients a fresh perspective.

For more information on TSC’s rebrand and services, visit TSC.chat.

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SOURCE The Starr Conspiracy

Technology

LearnLaunch Fund + Accelerator brings its Demo Day back to EDTECH WEEK in NY for a Demo Week experience

Published

2 mins ago

September 24, 2024

BOSTON, Sept. 24, 2024 /PRNewswire/ — LearnLaunch Fund + Accelerator is thrilled to announce the successful completion of its Breakthrough to Scale program by five exceptional edtech companies. They now will be in the spotlight during EDTECH WEEK in New York City – the largest gathering of edtech investors and innovators on the East Coast, from October 8th to 10th.

After completing an intensive 12-week accelerator program focused on iterative, milestone-driven growth strategy, these visionary founders are now ready to showcase their exceptional solutions on a grand stage. The five companies will be appearing in the Navigating Career Pathways, Designing the Future of Work, and Innovation in K-12 Shark Tanks:

Highfive (Indianapolis, Indiana) reimagines school discipline systems to foster safe and connected communities. The company equips schools with data-driven tools that empower educators to cultivate safe, connected, and supportive learning environments.

Prentus (Miami, Florida) is a career success platform that enables transition from learning to earning leveraging the power of AI and community. Built to serve outcome-oriented schools and jobseekers, Prentus provides tools to save coaches time and reduce time to employment.

Reflection Sciences (Minneapolis, Minnesota) supports cognitive skills in early childhood, ensuring all kids are ready to succeed in school and in life. The product combines an objective measure of childhood cognitive function with classroom curriculum and supplemental interventions for ages 3 to 9 that improve brain development and later academic outcomes.

Hardskills (Singapore) is an immersive, cinematic, AI-powered platform for businesses to train essential professional skills like thinking critically, empathy, influencing, resilience, collaboration, and a growth mindset. Using unique training insights, Hardskills drives workforce engagement and alignment across multinational corporations resulting in higher productivity and reduced costs.

Thriving Students Collective (Oakland, California) empowers educators and mental health professionals with professional development solutions to effectively support neurodiverse students. With its robust library of video classes, practical tools, and a professional community, the company helps educators tackle complex learning challenges and reduce burnout and turnover.

This group exemplifies new methods and measurements approaches in education and workforce upskilling. “The education industry is seeking new ways to gauge success, and we are excited to see these teams working on meaningful impact metrics. Unsurprisingly, ‘impact measurement’ is a key theme at NY EdTech Week. It’s important to discuss new assessments and nuanced human capabilities that will become increasingly important in the age of AI,” said Jean Hammond, LearnLaunch Partner. Hammond will contribute to the “Measuring What Matters: How to Evaluate EdTech Product Impact” panel discussion.

The LearnLaunch team is featured on many expert panels during the two-day event. Venture Partner Jamie Farrell will offer insights from edtech founders on surviving tumultuous times and Auditi Chakravarty will delve into the commercialization of edtech R&D. Also, LearnLaunch Partner, Tetyana Atashkina, will participate at “Decoding the VC-Founder Match: What Investors Really Look For.”

LearnLaunch Fund + Accelerator is dedicated to supporting impact-driven entrepreneurs in achieving product-market fit and developing scalable go-to-market strategies. Focusing on companies with revenue potential and scalable impact, their unique approach nurtures long-term funding, partnerships, and growth.

Contact:
Tetyana Astashkina
Email: Tetyana@learnlaunch.com

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SOURCE LearnLaunch Fund + Accelerator