Trip.Biz releases white paper on the corporate travel management market

Journey.com’s company journey arm Journey.Biz launched its most reecent Company Journey Administration Market White Paper.

The report highlights key tendencies and behaviours within the enterprise journey panorama primarily based on suggestions from almost 2,000 respondents, in addition to knowledge from a web based survey and face-to-face interviews, and third-party analysis.

Enterprise journey up in Asia

Like leisure journey, enterprise journey is on the rise. 

World enterprise journey spending maintained sturdy development within the first half of 2023 and is anticipated to recuperate to USD 1.5 trillion by 2024, based on a report issued by the World Enterprise Journey Affiliation.

The APAC area leads in enterprise journey expenditure, with a projected development of 41.2 p.c. 

Particularly, enterprise journey spending in Singapore, Thailand, and New Zealand is anticipated to develop by greater than 75 p.c, rating these international locations as the highest three within the area. 

Moreover, Japan and South Korea, together with European counterparts Italy and the UK, are additionally experiencing fast development in enterprise journey spending.

China stays largest enterprise journey market

Elsewhere in Asia, China’s resurgence because the world’s largest enterprise journey market is especially noteworthy. 

Its enterprise journey market recovered at a price of 39.2 p.c in 2023 and is anticipated to return to 2019 ranges by 2024. 

The restoration of its outbound market has been pushed by current visa-free insurance policies, with Southeast Asia rising as a significant vacation spot. 

China can also be attracting worldwide travellers, with cities corresponding to Hangzhou and Nanjing gaining prominence as enterprise journey locations. 

Shanghai, Beijing and Guangzhou stay among the many hottest cities for enterprise journey.