The ‘Wanderlust’ fever is on a rise, especially among the millennials. This is one of the main factors that has fueled the growth of the travel and tourism industry. The travel management sector is poised for rapid growth in the years to come due to positive trends in global macroeconomic factors and growing business activities across emerging markets. The major regions which contribute to the increasing demand for travel management services are Europe, North America, China, Japan, Southeast Asia. (Source: Global Travel Management Procurement Report)
Today, several providers of travel management services are offering sustainable travel options and one-stop solutions to reduce the dependence of buyers on different category stakeholders such as visa processing, local transport, and destination management service providers. This is leading to the reduction in management effort for category buyers, which, in turn, drives the demand for TMCs in the market. Here is the list of the top suppliers in the travel management sector:
American Express Global Business Travel
American Express Global Business Travel (GBT) is a multinational travel and meetings program management company. The company was founded in the year 1850 and is headquartered in the US. They operate in over 100 countries and employ around 55,000 employees. They provide end-to-end corporate travel and meetings program management through a variety of solutions that serve both the client company and the traveler.
Carlson Wagonlit Travel
Tracing its origins back to the 1870s’ invention of rail sleeping cars, Carlson Wagonlit Travel is a privately held travel management company that is wholly owned by Carlson Companies. The company is headquartered in Paris and has over 18,000 employees across nearly 150 countries. They are known for providing travelers with a consumer-grade travel experience by combining innovative technologies and their experience. In 2016, the company posted a total transaction volume of US$ 23 billion.
BCD Group
BCD Group was founded in the year 1975 by John A. Fentener van Vlissingen. The company consists of four subsidiaries, each one successful in its own domain. BCD covers 30 owned operations and partners and affiliates in 109 countries throughout the world. In 2017, the company generated total sales of US$ 27.9 billion, including US$ 10.4 billion in partner sales.
Booking Holdings Inc.
The company was previously known as Priceline group. The new name Booking Holdings reflects their global size and scale more accurately. There are six brands under this company namely- Booking.com, Priceline, Kayak, Agoda, Rentalcars.com, and OpenTable. The company is headquartered in Connecticut, US. Here’s an interesting fact – Bookings Holdings is the world’s seventh largest internet company in terms of revenue.
Expedia Inc.
The Expedia group is global travel company. The company’s websites are primarily travel fare aggregators and travel metasearch engines. Their holdings include – Hotels.com,Expedia.com, CarRentals.com, Hotwire.com, Trivago, Venere.com, Travelocity, Orbitz, and HomeAway. In the Q1 of 2018, the company’s gross booking has amounted to a whopping $92 billion.
Get in-depth insights on the supply market for travel management services along with procurement best practices, supply market trends, pricing insights, category management, and procurement challenges in SpendEdge’s report on the global travel management services market.
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