The Managed Travel Distribution Market is estimated to reach USD 91 Billion in 2022. As per the report, sales are forecast to increase at a robust 10% CAGR, with the market valuation reaching USD 236 Billion by 2032.
| Attribute | Details |
|---|---|
| Managed Travel Distribution Market Estimated Size (2022) | USD 91 Billion |
| Managed Travel Distribution Market Projected Size (2032) | USD 236 Billion |
| Managed Travel Distribution Market Value-based CAGR (2022 to 2032) | 10% |
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The popularity of systems like managed travel distribution is gradually increasing. The need for organised and custom travel planning is growing as the number of new business travellers increases globally. The development of controlled travel distribution has been impacted by technological development and digitalisation. There are many luxury travel options, and they are expanding over time. The managed travel distribution market is steadily growing. Today's business travellers favour organised tours offered through managed travel distribution. The managed travel distribution industry is quickly evolving because of the prevalence of smartphones.
Systems like managed travel distribution are becoming more and more prevalent. As the number of new business travellers increases globally, there is an increasing need for organised and personalised travel planning. Technology advancement and digitalization have had an impact on the development of controlled travel distribution. There are numerous possibilities for luxurious travel, and they are growing each time. The market for managed travel distribution is expanding consistently. Business travellers of today prefer the organised tours provided by managed travel distribution. Due to the widespread usage of smart gadgets, the managed travel distribution sector is rapidly evolving.
One of the most notable effects of the transformation in corporate travel is the increase in leisure travel, and this trend is predicted to continue with more people getting vaccinated. More workers are seeking activities other than work during their period away from the office as the majority of the workforce is consisting younger generations. Despite the fact that 92% of businesses halted business travel in the early pandemic months, pre-pandemic statistics indicate that 90% of millennial business travellers included leisure activities in their travel plans. Given that COVID-19 vaccinations are already accessible, this may very likely happen by 2021.
Once every two to three months, travellers take these excursions. More than half of business travellers visiting overseas intend to stay longer so they may fit in recreational activities at their travel locations. Players in the tourism sector can benefit from this opportunity by utilizing new marketing strategies for local events and attractions for tourists.
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The new generation of corporate travelers is responsible for the rising popularity of unusual lodgings in business travel. Travelers on business are more likely to investigate alternatives to typical chain hotels. More people are choosing to stay in apartments and other types of more comfortable lodging. Today's business visitors are becoming more and more accustomed to staying in smaller boutique hotels and lodgings that resemble homes, such as those provided by Airbnb.
These unconventional lodgings offer chances to discover the location in novel ways. Additionally, when the comfort and convenience of recreational opportunities are favored, more tourists tend to stay outside of the city core.
The majority of employees now view corporate travel as a perk, which is a significant factor in the Managed Travelling forecast. International business travellers also value travel for its benefits to their personal and professional development. Millennials, who make up the majority of the workforce, are also more open to travelling since they view it as an educational experience. Employees who travel frequently report feeling more empowered and engaged. Managed travel can even aid in boosting social skills and self-confidence.
More businesses are recognising these consequences and the connection between Managed Travel. An effective, creative corporate travel programme can be utilised as a strategy to boost retention rates, promote employee engagement, and promote organisational growth.
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European travel management companies are offering huge discounts to attract more tourists
While the current coronavirus problem is undoubtedly a concern for travel management companies in Europe, it is almost equally difficult to find qualified workers. The war in Ukraine and other major geopolitical events are causing concern among European TMCs.
Since many people were forced to continue working despite the pandemic's low levels of business travel, remuneration has received a lot of attention. In 87 per cent of situations, transaction fees are still the most common form of payment. Some European TMCs claim that a tiny amount of their business is handled through subscription fees or a hybrid model with other elements of management fees and some elements of transaction fees, signalling the beginning of the emergence of other kinds of compensation.
Dubai is providing Visas that are valid for 5 years
An application for a multiple-entry tourist visa valid for five years is now available to those who want to travel to the United Arab Emirates. Dubai is presently regarded as one of the world's most technologically advanced cities. The location draws tens of thousands of tourists from all over the world due to its astounding infrastructure and thriving economy. The choice to enact a five-year, multiple-entry visa will result in an even greater influx of tourists. It is anticipated that the visa will be essential for the influx of companies and employees from around the world. As a result, there will be a rise in managed travellers visiting United Arab Emirates (UAE) from the corporate sector throughout the globe.
India is the fastest-developing business market
India is one of the fastest-growing economies in the world. There are a lot of companies in the country that are doing business at international levels. As a result, there has been a rise in the number of corporate travellers visiting the country, and also corporate travellers that are crossing the country's border to expand their reach internationally.
More corporate travellers are flying to India showing an 11.3% increase in market growth. Beating South Korea in spending for business travel, India is set to be part of the top 5 Managed Travel Distribution Markets. This will provide a concrete foundation for the sector which is expected to grow rapidly in the country.
Corporate companies are very cautious about their relationship with clients
The most preferred type of Managed Travel Distribution Market is Customer Meetings. Major changes are seen in the travel policies of the corporate sector post-pandemic. Businesses are adopting policies that aim towards less travel due to the damaged economic status of most companies. Hence, they are focusing on traveling just for factors important to their business.
Online Booking is More Preferred by Tourists
Online mode of booking is preferred by most of the managed travelers which majorly includes people from the corporate sector. More business travelers choose to make their own travel and lodging arrangements. It's possible that the self-booking tendency is a further effect of the demographic shift in business travelers. Millennials, after all, prefer self-booking when they travel so they can choose lodgings and flights that suit their interests.
Group Tour Type is More Preferred by Corporate Tourists
As the majority of managed travelers are traveling for the purpose of business, they tend to travel in groups or teams working on a specific project. Hence, the people opting for managed tours opt for the tour group packages which are specially designed as per the traveler's needs.
Globalization is evidently increasing in every part of the world
International tourists are more likely to take managed travel distribution tours as these are the people who are traveling for business and have to travel overseas for their related work. This trend is suspected to continue in the upcoming years.
Under the direction of a skilled manager, managed travel distribution can make business trips more luxurious while also saving money and time. Corporate travel is changing as a result of technology and scheduled travel working together properly. Managed travel is becoming more popular, and the majority of travel agents are using smart gadgets to offer their clients cutting-edge options. The managed travel distribution industry is being impacted by the rigorous corporate standards for internal travel and the massive domination of technology.
For instance:
As the corporate sector is something that functions 24/7. BCD travels offer its customer services at any time throughout the day. They provide assistance via phone calls, in offline and online modes as well. Moreover, they provide their clients with the information in quick time by their policy of 90 minutes delivery.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & Middle East and Africa(MEA) |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Colombia Germany, United Kingdom, France, Italy, Russia, South Africa, Turkey, United Arab Emirates (UAE), Egypt, Jordan China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Philippines, Cambodia, Vietnam, Australia & New Zealand. |
| Key Segments Covered | Type, Booking channel, tourist type, tour type, and Region. |
| Key Companies Profiled | Travel Leaders Group; Travel and Transport; BCD Travel; Expedia Inc.; Global Business Travel; HRG Travel; Travel perk; Agencia |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The current Managed Travel Distribution market has reached a valuation of USD 91 Billion in 2022.
The Managed Travel Distribution market is currently forecasted to grow at a rate of 10% CAGR during the forecast period.
Leading players in Managed Travel Distribution market are Travel Leaders Group, Travel, and Transport, BCD Travel, Expedia Inc., Global Business Travel, HRG Travel, Travel perk, and Agencia among others.
1. Executive Summary | Managed Travel Distribution Market 2. Market Introduction 3. Global Tourism Industry Analysis 4. Managed Travel Distribution Market Dynamics 5. Market Background 6. Categorizing of Managed Travel Distribution Sector 2021 6.1. Current Market Analysis By Type (% of Demand) 6.1.1. Customer Meetings 6.1.2. Clients’ Office Visit 6.1.3. Internal Meetings 6.1.4. Conferences 6.1.5. Others 6.2. Current Market Analysis By Booking Channel (% of Demand) 6.2.1. Phone Booking 6.2.2. Online Booking 6.2.3. Direct Booking 6.3. Current Market Analysis By Tourist Type (% of Demand) 6.3.1. Domestic 6.3.2. International 6.4. Current Market Analysis By Tour Type (% of Demand) 6.4.1. Independent Traveller 6.4.2. Tour Group 6.4.3. Package Traveller 6.5. Current Market Analysis By Age Group (% of Demand) 6.5.1. 15-25 Years 6.5.2. 26-35 Years 6.5.3. 36-45 Years 6.5.4. 46-55 Years 6.5.5. 56-65 Years 6.5.6. 66-75 Years 6.6. Current Market Analysis By Region (% of Demand) 6.6.1. North America 6.6.2. Latin America 6.6.3. Europe 6.6.4. East Asia 6.6.5. South Asia 6.6.6. Oceania 6.6.7. Middle East and Africa (MEA) 7. Categorizing of North America Managed Travel Distribution Sector 2021 8. Categorizing of Latin America Managed Travel Distribution Sector 2021 9. Categorizing of Europe Managed Travel Distribution Sector 2021 10. Categorizing of East Asia Managed Travel Distribution Sector 2021 11. Categorizing of South Asia Managed Travel Distribution Sector 2021 12. Categorizing of Oceania Managed Travel Distribution Sector 2021 13. Categorizing of Middle East and Africa Managed Travel Distribution Sector 2021 14. Competition Analysis 14.1. Travel Leaders Group 14.2. Travel and Transport 14.3. BCD Travel 14.4. Expedia Inc. 14.5. Global Business Travel 14.6. HRG Travel 14.7. Travel Perk 14.8. Agencia 15. Assumptions and Acronyms Used 16. Research Methodology
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Managed Travel Distribution Market
