Business travel, after a period of uncertainty, is now on a solid path. Four significant themes are shaping the current business travel landscape. Let's explore these trends in detail.

Uncover the Future of Business Travel

Business Travel - Back on Track

The headline numbers for business travel in 2024 are truly remarkable. The World Travel & Tourism Council projects a global value pool of approximately $1.5 trillion, which is a more than 6 percent increase compared to 2019. This is roughly equivalent to the GDP of a major country like Spain or Mexico. In the United States, the 2024 value pool is expected to be $472 billion, 13.4 percent ahead of 2019. Although these figures haven't been adjusted for inflation, they still offer a positive outlook for the future. The tech company Calendly's survey of 1,200 business leaders revealed that 81 percent believe holding more meetings would benefit them. People have realized the irreplaceable value of face-to-face interactions with colleagues and leaders. According to the 2025 Global Meetings and Events Forecast from American Express Global Business Travel, 66 percent of meeting-planning professionals expect meeting spending to grow, and a majority of meetings are expected to be in-person with a hybrid option. These numbers paint a promising picture of business travel's momentum.

Unmanaged Travel - New Opportunities Await

Unmanaged travel, where employees handle their own bookings, often goes unnoticed. However, it holds great potential for value creation as a significant amount of business travel remains unmanaged. Smaller firms that don't engage with travel management companies still seek some of its benefits. Integrating an online booking platform, expense management software, and a travel data capture service can enhance a company's visibility into employee trips and spending. New AI-powered travel agent bots can relieve employees of the burden of searching, booking, and calendaring while providing transparency for employers.

Managed Travel - Undergoing Digital Transformation

AI-driven booking tools are transforming managed business travel. For example, employees often book flights in advance but wait until the last minute to book hotels to maximize loyalty points or wait for their team's decisions. New AI-powered tools are nudging employees to book lodging simultaneously with flights and direct them to properties that protect negotiated inventory. These tools offer personalized, conversational messaging at the right time, considering context and individual preferences.Direct folio billing is another significant advancement. It eliminates employee payment handling by having hotels charge corporations directly, providing travel managers with real-time control and visibility over hotel spending. It also facilitates global tax recovery, reduces administrative overhead, and enhances compliance audits. However, implementing it at scale has been challenging due to integration costs. Hotel properties that offer direct folio billing coupled with virtual payment technology can stand out.Continuous rate monitoring automatically scans and compares hotel room rates to ensure employees get appropriate rates based on market conditions and negotiated contracts. Corporate travel managers are focusing more on confirming negotiated rates are honored.Small-meeting technology is also crucial. Fully remote or hybrid teams still need to meet, and dedicated products for small meetings can simplify contracting and manage transient rates. However, integrating these services with existing corporate travel management systems can be a challenge.

The Blurring Lines between Business and Leisure

There is a group of corporate travelers who enjoy extended stays at destinations, combining work and leisure. Long-stay properties are becoming more important. It's essential to remember that business travelers have lives outside of work. Tools designed for booking nudges or on-property offers should consider a traveler's overall preferences and behaviors. A 360-degree view of a traveler's history can enhance their business outings.