RALEIGH, North Carolina, December 13, 2018
RALEIGH, North Carolina, December 13, 2018 /PRNewswire/ --
Despite its recent economic slowdown, air travel demand in China remains high and the country is expected to become the world's largest air travel market by 2020, according to Beroe Inc., a procurement intelligence firm.
Meanwhile, global airline prices are expected to grow by 2.6 percent with an increase in oil prices, competitive pressure from the shortage of pilots, potential trade wars, and increasing fare segmentation to improve yield.
"Chinese economy witnessed a recent slowdown, but is expected to remain the largest business travel market, with a sustained high growth rate. However, growing trade tensions between China and the U.S. could potentially impact the business travel between the two countries," Beroe Inc's Valekumar Krishnan, Practice Head -- APAC and Middle East.
The global market for corporate travel is anticipated to grow at a CAGR of 5-5.5 percent to reach a net value of $1.7 trillion by 2021. The travel and expense market is also projected to reach $2.5 billion by 2020, with Concur expected to be the leading market player. Factors such as a need for enhanced operational efficiency, visibility, and transparency are the major growth drivers, the report suggested.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: https://live.beroeinc.com/
Buyers can now directly engage with airlines, hotels, and car agencies and can either utilize TMCs (Travel Management Companies) exclusively for reporting or for reservations. Travel companies are also focusing on supplier negotiation and contract management to ensure better consumer experience. Industry best practices such as automated T&E processing, mobile accessibility, and booking-based travel itineraries have been adopted by chief industry players.
The research methodology adopted for the report included:
Factors such as geographical diversity and business expansion are driving engagement in emerging economies such as the Middle East and Africa. End-to-end travel management, better access to travel spend, and innovations would also contribute to higher levels of maturity in Europe and North America.
The report includes:
Airlines, Hotels, Car Rentals, TMCs, OBTS
Cost and Pricing Analysis:
Airlines, Hotels, Car Rentals, Pricing Analysis
Procurement Best Practices:
Other Travel Categories:
About Beroe Inc
Beroe's unique business model involves providing market intelligence and analytics to the procurement teams of businesses across the globe. Beroe leverages its deep domain expertise in 300 + categories across 14 industries. It boasts of more than 80 of the Fortune 500 companies as its clients.
To learn more about Beroe Inc, please visit http://www.beroeinc.com