Great growth forecasts for Business Travel!

The sustained growth in the Business Travel sector is postulated as the common point of the various studies that are making forecasts for the coming years.

Recently, a study conducted by GEBTA y Braintrust stated that business travel in Spain will be worth around 15.6 billion euros by 2025.

The projection of this study, based on econometric data, highlights the strength of business travel and face-to-face meetings, which have not only been able to register growth over the last 8 years, but also to will continue to grow at a cumulative rate of 22% until 2025..

On the other hand, this sustained growth is also expected at the global level. According to the projections of the World Travel and Tourism Council (WTTCThe company is a member of the) is targeted at 41.1% growth this year and an average annual advance of 5.5% between 2022 and 2032.

In its latest report on the economic impact of tourism, the WTTC recalls that spending in this tourism segment plummeted by 56.2% in 2020, but the following year the recovery began, with an advance of 30.9% over the previous year.

The WTTC report notes that the corporate travel will continue to be an important part of the travel ecosystem, because they believe that face-to-face meetings will never be completely replaced by online meetings.

Both WTTC and GEBTA recall that the tourism MICE (meetings, incentive travel, congresses and events) also has the potential to attract numerous high-spending visitors to a destination and the ability to extending the tourist season. As well as that this segment could account for as much as 30% of the corporate travel spend basket by 2025.

GEBTA points out in its analysis that we should not only focus on the positive aspects of these large figures. We must also consider other aspects, such as the possible impacts or changes in the scenario that will occur in the period under study. From the point of view of Spanish companies, the document suggests the desirability of increasing digital adoption levelsas a strategy to continue to maximize the return on investment in business travel. The path to increased use of technology is a must to increase productivity and optimize export activities, an absolutely necessary element in today's increasingly fragmented, complex and uncertain environment, where companies will increasingly need technology, both to access the entire data inventory of travel providers and to ensure maximum security for travelers, as we have already stated on several occasions.

The second derivative of this statement implies that the acceleration of the pace of integration and digitalization of the processes associated with the travelThis will lead to greater concentration in the large players' segment, the entry of new players and the expulsion of many agencies that are unable to adapt to the speed of the changes that will take place, and that do not have the technology and expertise required to compete in a much more complex context than the current one.

How does Vyootrip fit into this scenario?

We at Vyootrip are gratified by these GEBTA findings, as they are indicative of the great path we have been following over the years.

We were born as a digital native platform. Creating from the beginning a travel management system that would provide autonomy and optimization of spending and processes to the companies that use it. This allows us to provide a technological environment created entirely to facilitate business travel, which meets all the requirements to which the sector is addressed, and that put us in an excellent position to face this new paradigm.

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