Millennials are playing an important role in rapidly growing business travel market ecosystem, which is becoming tech savvy and value-driven and is seen as an important factor for global business travel market growth. Increasing business across the world upsurges requirements for corporate travel are fuelling the global business travel market ecosystem growth. Shifting preference of millennials for flexible working hours and remote working opportunities are seen as key indicators of growth. In recent years, there have been continuously evolving technologies such as mobile payments, artificial intelligence, and virtual reality, which are boosting the overall global business travel market ecosystem.
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The current generation has grown up with technologies and is comfortable with rapidly evolving technology applications. Additionally, employers are supporting their employees for Bleisure, where the trip includes business travel as well as leisure travel, which helps keep employees productive and retain them longer in their jobs. Travel companies and technology solution providers are collaborating with corporates to offer multiple benefits to their employees and earn profits for the business. These factors have been propelling the growth of global business travel market ecosystem over the years.
Traveling companies are adopting enhanced travel tools that provide work efficiency, cost-reduction, and travelers' safety are supporting the development of business travel market ecosystem. Previously, travel booking tools were addressing the issues of multiple bookings from various customers and refunds. The updated technology solution provides more accurate and user-friendly applications. Digitalization in various countries is resulting in the growing use of mobile payments in business travel, which improves efficiency by reducing the amount of time employees spend in travel management and encourage the growth of business travel market ecosystem.
Start-ups & SMEs are increasing parallelly with rising corporate trips across the world. The established enterprises are also expanding their business to capture high share in global business travel market ecosystem. There are several travel booking tools, such as Yatra, Makemytrip, among others, that are primarily targeting SMEs with special benefits. For instance, MyBiz is a special addition under the MakeMyTrip app that offers business specific travel packages. The growing number of startups and SMEs across developing countries such as China, India, among others, will further strengthen the growth of business travel market ecosystem with enhanced booking tool options.
Global Business Travel Ecosystem
Millennials consist of a majority population of passionate high-tech travelers and is anticipated to hold a significant market share during the forecast period. Millennials, on an average, go for 7.4 trips per year. Most millennials view corporate travel as a status symbol. There are a large number of small to large sized enterprises which prefer rail or car rentals for domestic business travels to expand their business across domestic geographies. This factors are providing positive outlook for business travel market ecosystem. Increasing globalization is enhancing the international business segment growth. Usually, multinational companies provide international business trips to their employees.