NEW YORK, New York – The global economy had some hiccups in early 2016, and uncertainty made a comeback. But, US indicators remain mixed, and with unemployment at an 8-year low and overseas travel more attractive due to the US currency’s strength, the travel industry remains optimistic. The corporate travel market has seen steady growth in the past few years as companies opened up their purse strings and sent their travelers back on the road. A new report from travel industry research authority, Phocuswright, US Corporate Travel: Market Sizing and Trends, sizes the total corporate travel market in the US including forecasts through 2017 and trends that influence it.
The US corporate travel market is expected to continue to grow at a moderate pace through 2017.
Mobile devices are largely used to search for travel components. More than half (55%) of managed travelers searched for airfares and 44% for hotels on their smartphones.
The shift from mobile as a novelty to mobile as a necessity has changed the business travel market in a few short years. As a result, enhancing mobile capabilities is the biggest technological priority for travel managers.
“Despite recent economic headwinds, corporate travel in the US will continue to grow through 2017,” says Phocuswright’s director, research, Charuta Fadnis. “The rise comes against a backdrop of technological innovation and changing consumer behavior, both of which have transformed business travel. Mobile is a prime example. Its high penetration among travelers places it at the top of travel managers’ as well as travel companies’ priorities.”