Corporate travel set to grow at 10.1% CAGR to $20.8 billion by FY30: Deloitte report
corporate travel sector is estimated to grow at 10.1 per cent CAGR to USD 20.8 billion by FY30, driven by tech-enabled, personalised and sustainable solutions, according to a report. Deloitte's report — Exploring India's Corporate Travel Market: Understanding Market Dynamics, TMCs, and User Preferences — is based on interviews of over 45 travel managers and a survey of over 160 corporate travellers from diverse industries and organisations of varying sizes.
Entering a transformative phase, betting on new ways of working and technological disruption, India's corporate travel sector is valued at over USD 10.6 billion and is projected to grow at 10.1 per cent CAGR and double to USD 20.8 billion by FY30, the report said.
As businesses recalibrate their travel strategies with hybrid work models after the pandemic, India's corporate travel sector underlines the critical role of travel management companies (TMCs) in steering the industry into a new era of innovation, cost efficiency and sustainability, it added.
The incorporation of cutting-edge technology is at the heart of this shift.
TMCs have revamped their strategies to meet the needs of new-age travellers, who need to engage deeper and faster using AI-powered chatbots, voice-assisted booking systems and real-time data analytics, it said.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By — Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI: Unveiling Tomorrow's Innovations
By —
