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While the U.S. corporate travel market fell the fastest and hardest during the recession (down 26% in 2009), the sector also bounced back more quickly than any other. Following consecutive years of strong double-digit growth, the corporate market has recovered to pre-recession levels. Despite its quick rebound, however, the industry is still in the midst of major transformation. In addition to an economic climate that remains shaky, a number of fundamental shifts are influencing how business travel will be conducted in the future.
PhoCusWright's U.S. Corporate Travel Report: Market Size and Technology Trends provides a comprehensive view of the state of the managed travel sector in the U.S. It includes complete market sizing and forecasts, along with the key metrics and dynamics that will shape the arena through 2013. The report also identifies a range of technology-centered trends that are significantly impacting the corporate travel distribution landscape, including mobile usage, social media and digital cash. Data and analysis in the report are based on surveys conducted with over 150 travel managers in the U.S., and executive interviews with a range of leading players in the corporate travel space.
Key topics include:
- Corporate travel market sizing (with projections through 2013), including proportion of total U.S. travel market and comparison to leisure/unmanaged business travel
- Online penetration and the use of online booking tools in the corporate travel marketplace
- Intermediary versus supplier-direct bookings, with projections through 2013
- Corporate travel spend across key expense categories – air, hotel, car rental and rail – along with key priorities through 2012
- Most common elements prescribed by corporate travel policy, and the impact of technology on policy components
- Key U.S. corporate travel technology trends, including: IT consumerization; traveler engagement; extended personalization; brand drafting; impact of smartphones, location-based services and tablets; digital cash and more
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Table of Contents
2. Size of the Market
The Total U.S. Travel Market
U.S. Corporate Travel
Intermediaries vs. Supplier Direct
Corporate Travel Spend and Priorities
Online Booking Tools
3. Key U.S. Corporate Travel Technology Trends
Traveler Engagement - Game On!
Getting Personal - Traveler Centricity 3.0
Smart Revolution - Thinking Inside the Box
LIST OF TABLES
Total U.S. Travel Market Gross Bookings, 2008-2013
U.S. Total and Corporate Travel Market Gross Bookings and Growth, 2008-2013
Corporate vs. Leisure/Unmanaged Business Travel Share of Total U.S. Travel Market, 2009 and 2013
Online vs. Offline Corporate Travel Gross Bookings, 2009-2013
Intermediary vs. Direct Share of Online and Offline Corporate Travel, 2009-2013
Composition of the U.S. Corporate Travel Market by Segment Share, 2010
Travel Buyers' Top Three Technology Priorities Through 2012
Travel Buyers' Top Three Strategic Priorities Through 2012
Elements Prescribed by Corporate Travel Policy in 2011
Number of Online Booking Tools Used in U.S., 2010
Incidence of Companies' Online Corporate Booking Tool Usage, 2010
Key Elements for Engagement in Enterprise Gamification
Multi-Layered Approach to Personalization
Smartphone Ownership by Leisure and Business Travelers
This report sizes the total corporate travel market in the U.S. and includes bookings made through online and offline channels, including supplier-direct and intermediary methods such as a TMC or GDS. While quite small, mobile figures are also captured (where reported) as part of online figures. Market sizing figures exclude fees associated with ancillary services (e.g., hotel upgrades, Wi-Fi, baggage fees). Corporate travel spend is represented in gross travel value (US$B) and defined as U.S. supplier (air, car and hotel) bookings generated from transient or managed business travelers. It includes travel purchases made both within and outside of policy (rogue). Miscellaneous expenses such as parking, ground transportation and meals are not included in corporate travel gross booking figures. Total U.S. market size figures, retrieved from PhoCusWright's U.S. Online Travel Overview Eleventh Edition, also omit these miscellaneous expenses.
Corporate travel spend estimates and projections are compiled from U.S. supplier revenue, industry interviews with travel providers, and data from a web-based PhoCusWright survey completed in summer 2011 with 170 corporate travel buyers (PhoCusWright's Corporate Travel Manager Survey). While survey respondents had oversight of their firms' U.S. travel budgets, some were responsible for other geographic regions of travel spend. To understand current and changing market dynamics and shifts in spend, PhoCusWright interviewed more than 45 decision-makers at travel management, technology (e.g., itinerary management, mobile), supplier, GDS, corporate card and expense management companies in 2011. While discussions centered on the use and value of web-based tools, respondents were interviewed about their overall business strategies, travel buyer and traveler requirements, the influence of consumer technology, and the corporate travel marketplace in general.
This report contains actual figures for 2008-2010 and estimates and forecasts for 2011-2013.