LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global travel and entertainment cards market is expected to grow at a CAGR of 4% over the next five years strong growth of corporate travel, widespread adoption of card culture in APAC and MEA, and availability of effective and integrated expense management programs.
The research report titled ‘Global Travel and Entertainment Cards Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the travel and entertainment cards market will be driven by increase in cashless transactions which are likely to grow across the world at a rate of more than 10% during the forecast period,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, use of travel and entertainment card is helping businesses reduce instances of corporate travel expense fraud, which will further drive the market,” adds Angad.
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Cost saving opportunities in the travel and entertainment cards market
The adoption of various cost-optimization levers helps buyers of global travel and entertainment cards realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the travel and entertainment cards market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such Use of EMV cards, SaaS, digitized payment processing systems such as mobile applications, online booking portals, and platforms that are compatible with mobile wallets and NFC payments help to simplify, secure and regulate travel expenditure.
Digitized express management programs should also be able to provide assistance in reducing the overall spend by identifying high-spend areas and methods to decrease the spend on these areas.
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Optimization of supplier competition saving aspects
Optimization of supply pool segregation is critical in the global travel and entertainment cards market. Technavio analysts suggest competitive bidding based on parameters such as industry specific experience, technological expertise, licenses, and availability of expense management programs.
Suppliers must acquire and possess necessary licenses and permits mandated by regulatory authorities to operate in a region. They must be registered as bank or money services businesses with authorities such as the RBI in India and the FDIC in the US to operate in the respective countries. Also, they should form necessary alliances with financial service providers such as American Express, Discover, Visa, or Mastercard to provide their services.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global travel and entertainment cards market is the need for consolidation and unification travel activities. Organizations are looking to consolidate services such as travel insurance, online booking access, and provision of virtual cards. Suppliers should be able to provide 24/7 customer support through various communication platforms such as helplines, emails, and SMS.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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