Digitalisation 'to help drive global business travel market growth'

Image credit: FeelPic via iStock
Phone:+45 4363 2266

Travel Management Companies (TMCs) can expect the accelerating digitalisation of the global travel market to be translated into tangible business benefits in the coming years.

This is according to a new report from market research analysis firm Technavio, which has forecast the worldwide business travel market will expand at a compound annual growth rate of more than five per cent between 2017 and 2021.

The strong momentum can be in part attributed to the proliferation of technologically advanced solutions to help TMCs and their clients to access travel data, compare reservation options and find the most economical and comfortable option, assisted by AI solutions that have further automated the travel booking process.

AI-powered concierge services and personal travel assistants not only deliver a better experience for customers, but also help TMCs to bolster their bottom line by reducing the amount of time dedicated to administrative tasks, according to the Technavio analysis.

Additionally, virtual payments are also becoming more widespread, allowing users to charge the company for expenses without using a physical card or internet banking. This bespoke payment method is specifically tailored to the transaction at hand, and offers significant security benefits.

Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research, said: "The card number can be used for a limited number of times, and it acts as a unique identifier for the transaction. It helps the users limit the payments made from personal accounts. In addition, it helps reduce the paperwork for the company as the expenditure data is automatically collected online.

"Moreover, it decreases the time spent by the traveler sorting mails and other secondary details when they return from business trips."

For information on how your TMC can automate its mid and back-office systems to keep pace with these digitalisation trends, contact ProCon Solution now and learn about ProTAS.

ProCon Solution A/S
Herstedøstervej 27-29
DK-2620 Albertslund
Phone: +45 4363 2266