Understanding the Upcoming Trends in Business Travel World

Excerpts from the BizTripz Whitepaper for Corporate Travelers and Travel Managers titled “Upcoming Trends in Business Travel World”

BT Mag

Published in

BizTripz

4 min readJan 11, 2021

Introduction

Business Trips or Corporate Travel is one of the vital elements in the business world. These trips are conducted for business or work purposes and are one of the major contributors to all travel purposes in the world. Travel expenses are one of the primary concerns of every business organization as they are necessary and unavoidable. It is necessary for companies to manage and organize these travel expenses and itineraries effectively. The efficient management of Business travel will aid the companies to face the upcoming trends and challenges in Business Travel World.

Even after the advent of technologies and instant communication, the companies still prefer to conduct meetings in person and thus to conduct business trips. Trends in the business travel world are changing every year. Travel industry is one that has seen continuous growth in the modern times. The year-on-year growth was also seen in the business travel sector among leisure and other segments. Though 2020 was expected to have many amendments and innovations in the field, the Corona pandemic brought the industry to a complete halt.

However, there are many reformations awaiting the business travel world in the years to come. After a thorough analysis over the years and taking into consideration some of the new challenges that the post-covid world would present to the industry, it is nevertheless clear that habits and expectations of employees and employers that are associated with business travel have evolved tremendously. Agencies and companies are adding innovative steps and choices for making business travels more engaging and effective.

This whitepaper is a look into some of the new and upcoming trends in the business travel segment. Despite the Covid-19 setback, businesses are eager to get back on track. Business travel is all set to make a big comeback as the authorities ease lock-downs and travel restrictions. But that’s not all that’s coming.

The total contribution of the travel and tourism industry in 2019 was 10.4% of global GDP, strengthening its position as the largest and one of the fastest growing.

On The Necessity of Business Travels

The Novel Corona Pandemic has taken a huge toll on the global Travel and Tourism industry. Initial estimates predicted an impact that would be 27 times the crisis it faced post 9/11 — the only time in recent history of the industry where it saw a dip in year on year growth. The total contribution of the travel and tourism industry in 2019 accounted for 10.4 percent of the total GDP worldwide, strengthening its position as the largest and one of the fastest growing.

Despite the current setback, research and studies show that business travel is set to continue its growth in the upcoming years.

On Its Growth Over the Years

Business travel shows steady growth in the long-term trend. Certain ups and downs are visible in certain years but that doesn’t make up to the overall growth of business travel trends. Factors like globalization and easy transportation have greatly impacted on the business travel world. Research and studies prove that business trips will grow further in the upcoming years.

It is necessary to construct a strong travel culture for a wider exposure and to increase business probabilities.

On the Impact of Covid-19

The business travel sector is expected to gain more strength after the pandemic situation of Covid-19. People have realized the necessity of personal meetings and the drawbacks of virtual conferences during this adverse time. Therefore post-pandemic, trips, and travels will not be taken as a privilege but will be practiced with more concern and importance than in the past.

Though business travels might experiencing a low now, it is expected to rise back very soon.

On Future Trends and Tech

The business travel world is looking forward to more personalized business travels with sustainability and technology as two major factors of development. It is necessary to find a practically applicable and efficient solution to manage the business travels efficiently. Business trips are no more a tiring sector to manage. As quickly as the new trends, new solutions are also appearing in the travel technology market.

Upcoming Trends In Business Travel World

A whitepaper by BizTripz for corporate travelers and decision makers on Upcoming Trends in Business Travel World.

Get it from: biztripz.com/whitepapers