LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global travel management industry and the industry is poised to experience spend growth of more than USD 600 billion between 2019-2024 at a CAGR of over 7% during the forecast period. Request Free Sample Pages.
Post recovery from the current COVID 19 pandemic, sectors that were observing a significant business slowdown will be on a war footing to compensate for the revenue lost during the pandemic. While the road to recovery will be long, their efforts to recover are expected to herald a surge in demand in the travel management industry. Large corporates and manufacturers from developed countries such as the US and the UK who account for business investments in LCCs such as India and China are expected to exhibit high demand for travel management services post the withdrawal of lockdown.
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The Top Travel Management Service Providers Enlisted in this Report:
Predictions of a demand surge render it crucial for buyers to prioritize engagement with travel management service providers who have the bandwidth to cater to ad-hoc requirements. Pricing term should be the area on which buyers must focus while finalizing contracts with service providers. On this note, this report has listed the top travel management service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this industry.
Expedia Group- Buyers are advised to insist on getting a bundled service package from this service provider. This will aid buyers to mitigate the risks involved in managing multiple stakeholders for various aspects of travel management. It will also facilitate buyers with better spend visibility and allow them to negotiate for better pricing during the procurement in the travel management industry.
CWT Global- Buyers must conduct benchmarking studies to deepen their knowledge about market pricing or billing rates of TMCs based on job roles and functions. This will aid them to not only save costs but also negotiate with service providers. For example, while negotiating on rates of bundled services, buyers can save significantly on a single service by cross-verifying the rates quoted by service providers against industry benchmarks.
Flight Centre Travel Group- For corporates, it is essential to evaluate this service provider’s flexibility to modify travel itineraries or arrange alternative travel/hotel bookings at short notice. Enabling such flexibility options will aid buyers to reduce costs associated with unavoidable cancellations and delays.
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Some of the key topics covered in this report are:
- Travel management industry spend segmentation by region
- Travel management supply market analysis
- Regional spend opportunity for travel management service providers
- Travel management service providers cost structure
- Total cost of ownership analysis in the travel management industry
- Travel management pricing models analysis
- Category management objectives
- Cost saving opportunities in the travel management industry
Free sample of reports that you may like:
- Global Hotel and Accommodation Industry – Procurement Intelligence Report
- Air Travel Industry – Procurement Market Intelligence Report
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