Risky business: COVID-19 travel restrictions have reduced industry demand and revenue
The Corporate Travel Services industry has undergone significant structural changes over the past decade. Technology, particularly relating to online sales platforms, has enabled corporate travel agents to increase automation and reduce their operating costs. Conversely, new technology has also exposed the industry to greater competition from upstream travel product providers, like airlines and hotel chains. These competitors have increasingly adopted new technology that allows businesses to bypass corporate travel agents. The growing popularity of online meeting platforms, like Zoom or Microsoft Teams, has also enabled businesses to reduce their travel budgets by conducting business meetings online.
Industry firms cater for business and government clients travelling for business purposes. These agencies package accommodation, transport and leisure services for corporate clients, and work for commission. This industry includes online corporate travel agencies.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Flight Centre Travel Group Limited
- Corporate Travel Management Limited
Methodology
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