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Travel Management Company (TMC) Market Growth Analysis, Market Dynamics, Key Players and Innovations
from Travel Management Company (TMC) Market Growth Analysis, Market Dynamics, Key Players and Innovations
The global Travel Management Company (TMC) market was valued at US$ 23.67 billion in 2023. It is anticipated to reach US$ 35.47 billion by 2030, witnessing a CAGR of 5.4% during the forecast period 2024-2030.
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Travel Management Company (TMC) refers to a professional service provider that specializes in managing business travel for organizations. TMCs offer a wide range of services designed to streamline travel planning, optimize costs, and ensure compliance with corporate travel policies. These companies act as intermediaries between businesses and travel suppliers, such as airlines, hotels, car rental services, and other travel-related entities.
The major global companies of Travel Management Company (TMC) include TravelPerk, AltexSoft, Corporate Travel Management (CTM), BCD Travel, Direct Travel, CWT, Navan, AMEX GBT (Egencia), and FCM Travel, etc. In 2023, the world's top three vendors accounted for approximately 22% of the revenue.
This report aims to provide a comprehensive presentation of the global market for Travel Management Company (TMC), with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Travel Management Company (TMC).
The Travel Management Company (TMC) market size, estimations, and forecasts are provided in terms of and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Travel Management Company (TMC) market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Travel Management Company (TMC) companies, new entrants, and industry chain related companies in this market with information on the revenues for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
TravelPerk
AltexSoft
Corporate Travel Management (CTM)
BCD Travel
Direct Travel
CWT
Navan
AMEX GBT (Egencia)
FCM Travel
ITILITE
JTB Business Travel
Spendesk
TruTrip
SAP Concur
TravelBank
Segment by Type
Service
Software
By Service Type
Corporate Travel Management
Business Travel Planning
Expense Management
Risk Management & Travel Security
Consulting Services
Meetings & Event Management
Travel Insurance Services
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By End User
Corporate Clients
Individual Business Travelers
Government Organizations
By Mode of Travel
Domestic Travel
International Travel
Segment by Application
Large Enterprises
SMEs
Government and NGO
By Region
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
The Middle East and Africa (Middle East, Africa)
South and Central America (Brazil, Argentina, Rest of SCA)
Recent Developments:
1. U.S. Department of Justice Blocks Major TMC Merger
In January 2025, the U.S. Department of Justice filed a lawsuit to prevent the $570 million merger between American Express Global Business Travel Group and CWT Holdings. The DOJ expressed concerns that this consolidation would diminish competition among leading business travel management service providers in the U.S., potentially leading to higher prices and reduced innovation. American Express Global Business Travel Group is currently evaluating its next steps, while CWT has not provided a comment.
2. Corporate Travel Management (CTM) Expands Global Network
In February 2025, Corporate Travel Management (CTM) announced the addition of Colombian TMC Trafalgar Tours to its global agency network. This move aims to enhance CTM's presence in Latin America, offering clients expanded services in the region. Additionally, CTM appointed Darren Toohey as Chief Sales & Customer Officer, signaling a strategic focus on strengthening customer relations and sales initiatives.
3. Serko Completes Acquisition of GetThere
In January 2025, New Zealand-based travel management technology company Serko finalized its acquisition of corporate travel booking platform GetThere from Sabre for $12 million. Serko plans to invest $100 million over the next three years to advance its platform technology, aiming to build the travel platform of the future. This platform will integrate data and AI to enhance capabilities across Serko's products, including GetThere, Zeno, and Booking.com for Business.
4. Inside Travel Group Secures Investment to Promote Japanese Culture
In November 2024, Inside Travel Group received a £10 million investment from Cool Japan Fund, alongside an equal investment from private equity firm Piper. This funding aims to promote Japanese culture globally and will support the company's expansion plans, including enhancing its presence in Japan and broadening its holiday services across Asia.
5. Corporate Travel Management Recognized as Investment Opportunity
In November 2024, Rikki Bannan of IFM Investors highlighted Corporate Travel Management (CTM) as a compelling investment opportunity. Despite challenges during the COVID-19 pandemic, CTM has demonstrated resilience through strategic acquisitions and a strong balance sheet. With the global travel industry normalizing, CTM is poised for significant growth, supported by its proprietary technology and recent appointments by the U.S. and U.K. governments.
Drivers
Rising Demand for Corporate Travel Management: The growing need for businesses to manage travel efficiently, reduce costs, and ensure compliance with corporate policies drives the demand for TMC services.
Adoption of Travel Technology: Integration of advanced technologies such as AI, machine learning, and data analytics in travel management platforms enhances personalization, booking efficiency, and expense tracking, boosting market growth.
Globalization of Businesses: As companies expand their operations globally, the complexity of managing international travel, visa processes, and currency exchanges increases, making TMCs essential for smooth travel management.
Focus on Cost Optimization: TMCs provide businesses with insights and tools to minimize travel expenses through negotiated rates, streamlined itineraries, and effective budget management.
Emphasis on Duty of Care: The growing focus on employee safety and compliance with duty of care obligations has led businesses to rely on TMCs for real-time updates, risk assessment, and crisis management during travel.
Restraints
High Dependence on Economic Stability: The demand for TMC services is directly influenced by global economic conditions. Recessions or downturns can significantly reduce corporate travel budgets, impacting the market.
Competition from Self-Service Tools: The rise of user-friendly online booking platforms and expense management tools offers businesses the ability to manage travel independently, reducing reliance on traditional TMCs.
Complexity of Integrating Technologies: While technology adoption is a driver, the integration of advanced systems into existing travel management processes can be costly and time-consuming, posing challenges for smaller TMCs.
COVID-19 Legacy Impacts: The pandemic disrupted global travel, forcing businesses to adopt remote work and virtual meetings, reducing the need for physical travel and impacting TMC revenues.
Opportunities
Hybrid Work Models Driving Travel: As hybrid work becomes the norm, companies are organizing more team off-sites, conferences, and client meetings, creating new opportunities for TMCs to cater to evolving travel needs.
Emerging Markets: The expansion of businesses in emerging markets such as Asia-Pacific, Africa, and Latin America offers untapped growth opportunities for TMCs, driven by increasing travel activities in these regions.
Sustainability Trends: With a growing emphasis on sustainable practices, TMCs can offer eco-friendly travel options, carbon offset programs, and sustainable itineraries, aligning with corporate sustainability goals.
Focus on Personalized Services: By leveraging data analytics and AI, TMCs can offer personalized travel recommendations, enhancing customer satisfaction and loyalty.
Integration with Travel Risk Management: The rising awareness of travel risks has opened opportunities for TMCs to integrate robust risk management services, such as real-time alerts, crisis response, and insurance.
Challenges
Managing Rapid Technological Advancements: The fast pace of technological changes requires TMCs to continuously upgrade their systems, which can be resource-intensive and disruptive.
Regulatory and Compliance Challenges: Navigating complex and evolving travel regulations, including visa requirements and COVID-related travel restrictions, can be challenging for TMCs.
Pressure to Deliver Cost-Effective Solutions: With growing competition and tighter corporate budgets, TMCs face pressure to offer competitive pricing without compromising on service quality.
Retention of Clients Amid Competition: The availability of multiple travel service providers increases competition, making it difficult for TMCs to retain clients and secure long-term contracts.
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