With the increasing digitalization of travel bookings and payments, the business travel market is expected to grow at an impressive rate during the forecast period. The digitalization of payments and bookings has made it easier for both enterprises and individual travelers to organize their travel needs.

A wide variety of online and cashless payment options allow travelers to pay for services such as hotel accommodation, airfare, dining, ground transport, souvenirs, and recreational activities without using credit or debit cards or net banking. With continuous improvements in security, these transactions are secure and easy to track for administrative purposes.

Payment options such as Apple Pay, Samsung Pay, Paytm, Venmo, and other digital payment methods are growing at an impressive pace due to the convenience they offer. These online payment options with the use of virtual account numbers (VANs) have great potential in the business travel market as they result in complete cashless transactions. These options are also considered more secure than traditional credit cards and help reduce potential fraud transactions.

In addition to the benefits for individual business travelers, this digitalization revolution presents a massive opportunity for businesses to transform their business models and existing processes in order to increase operational efficiency and revenue. Digital transformation, or digitalization, is the integration of digital technology in business models, business processes, and organizational activities.

End-to-end business process optimization, operational efficiency, reduction of cast, and human errors are some of the major drivers for digital transformation in any industry, including the business travel industry. In the past decade, the proliferation of smart devices, the easy availability of the internet, the advancement of IoT, artificial intelligence (AI), and the advent of smart workplaces have been increasing exponentially. This shift from offline to online applications and services in the business travel market is anticipated to drive the growth of the business travel market in the near future.

Some of the key players present in the business travel market are

• American Express Global Business Travel
• BCD Group
• Booking Holdings, Inc.
• Corporate Travel Management
• CWT
• Direct Travel, Inc.
• Expedia Group
• Fareportal
• Flight Centre Travel Group Limited
• Travel Leaders Group