The global travel management services market will grow at a CAGR of more than 7% between 2016 and 2020.
Procurement market intelligence analysts have announced the latest market research report on travel management services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the travel management services market during the forecast period. Some of the key vendors in this market include Carlson Wagonlit Travel, BCD Travel, American Express Global Business Travel, Priceline.com, and Expedia.
In terms of geographical analysis, the travel management services market is dominated by APAC, which accounted for around 39% of the total market share. The rapid growth of business activities in emerging markets such as India, China, Malaysia, Indonesia, Mexico, and Brazil will further contribute to the growth of the business travel market in the coming years.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “One of the latest developments gaining traction in this market is the growing preference for self-booking tools. Several large organizations are increasingly adopting self-booking tools, such as GetThere.com (Sabre), CTO (Amex), eTravel (Amadeus), ResX (TRX), KDS, Cytric, Cliqbook, Trainline.com, and Evolvi, for point-to-point corporate travel. These tools provide consolidated travel information online and help reduce transaction costs by 20% and ticket prices up to 15%.”
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The travel management services market is highly fragmented and extremely competitive. Vendors in the market are integrating several technologies into their services to enhance customer experience, and provide buyers with real-time data monitoring and reporting tools to improve their visibility on category spend and allow them to optimize expenses. TMCs facilitate centralized procurement of travel and hospitality services. Several TMCs are offering easy access to the latest travel technologies and customized services to meet the specific travel requirements of their clients.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Travel Management Services – Procurement Market Intelligence 2016’.
