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Business Travel Market Size & Share to Surpass $1964.1 Billion by 2030 | Vantage Market Research

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WASHINGTON, June 13, 2023 (GLOBE NEWSWIRE) — Global Business Travel Market is valued at USD 742.9 Billion in 2022 and is projected to reach a value of USD 1964.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 14.9% over the forecast period 2023-2030.  

One of the most significant economic areas is the Business Travel business, and consistent expansion is projected going forward. Despite the industry’s turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for business travel, including rising investment requirements, developing technology, and new laws.

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Market Overview

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According to Vantage Market Research, some of the key factors anticipated to accelerate the Business Travel market growth over the forecast period. One of the main factors favorably affecting the demand for Business Travel is the increasing globalization of business operations, which requires frequent travel between cities and countries.

We forecast that the online category in Business Travel market sales will account for more than 30% of total sales by 2028 due to the convenience and cost savings it offers. The rise of online booking platforms has made it easier for businesses to manage their travel expenses, streamline their travel processes, and access real-time data and analytics.

North America dominates the market, and this trend of dominance will continue throughout the projection period. Factors like the strong economy of the region, widespread use of technology, such as online booking platforms and mobile devices, well-established travel infrastructure, and a high number of business hubs and corporate headquarters drive increased demand for Business Travel in this region.

Market Dynamics

Increased Use of Technology and Automation to Drive the Market:
In order to streamline the entire travel experience, businesses are leveraging various technological tools and automation solutions such as mobile apps, online booking tools, virtual meetings, and artificial intelligence (AI) to simplify travel planning, booking, expense reporting, and other travel-related tasks.

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Focus on Duty of Care to Promote Market Growth:
With rising security concerns, companies are increasingly focusing on the safety and well-being of their employees during business trips. As such, duty of care has become a top priority, and companies are investing in various solutions such as travel risk management programs, travel insurance, and emergency response plans.

Top Players in the Global Business Travel Market

  • Airbnb Inc. (U.S.)
  • American Express Company (U.S.)
  • BCD Group (BCD TRAVEL) (Netherlands)
  • Booking Holdings Inc. (U.S.)
  • Carlson Wagonlit Travel (CWT) (U.S.)
  • Corporate Travel Management (Australia)
  • Expedia Inc. (U.S.)
  • FAREPORTAL Inc. (U.S.)
  • Flight Centre Travel Group Ltd. (Australia)
  • Wexas Ltd. (UK)

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Top Trends in Global Business Travel Market

  • One trend that Vantage Market Research (VMR) expects to see in the Business Travel industry is the rise of alternative accommodations. Business travelers are seeking more personalized and unique accommodations beyond traditional hotels. As such, alternative accommodations such as vacation rentals, serviced apartments, and home-sharing platforms are gaining popularity among business travelers.
  • Another trend that VMR predicts will continue in the Business Travel industry is the growth of emerging markets. The rise of emerging markets, particularly in Asia and Africa, is driving the growth of the global business travel market. Companies are expanding their business operations in these regions, creating new travel opportunities and driving demand for business travel services.

Top Report Findings

  • Based on Service, most of the Business Travel market’s revenue is controlled by the Food & Lodging category. Factors include the increasing number of business travelers and the rise of online booking platforms driving its significant market share.
  • Based on Industry, the corporate category dominated the Business Travel market. This trend is anticipated to continue because of the increasing globalization of business operations and the need for companies to stay competitive by expanding their reach in new markets.
  • Based on Mode of Booking, the online category dominated the Business Travel market, and it is anticipated that this trend will continue due to the convenience and cost savings it offers.

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Global Business Travel Market Revenue Is Driven by Sales from Top Key Players Contributing Nearly Half the of The Total Market Share
Major players include Airbnb Inc. (U.S.), American Express Company (U.S.), BCD Group (BCD TRAVEL) (Netherlands), Booking Holdings Inc. (U.S.), Carlson Wagonlit Travel (CWT) (U.S.), Corporate Travel Management (Australia), Expedia Inc. (U.S.), FAREPORTAL Inc. (U.S.), Flight Centre Travel Group Ltd. (Australia), Wexas Ltd. (UK).These companies are expected to benefit from increased demand for their services, as well as growing investments in new products.

Corporate Category in Business Travel Market to Generate Over 30% Revenue
Vantage Market Research has analyzed the market for Business Travel to understand its current state and potential future growth factors. For better understanding, based on industry the Business Travel market is divided into: government and corporate.

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During the forecast period, the market for corporate is anticipated to experience the highest CAGR due to companies of all sizes investing heavily in travel-related expenses to achieve their goals and objectives. Corporate travel is an essential component of conducting business in today’s globalized economy. It enables companies to expand their operations, network with clients and partners, and gain a competitive edge in the market.

On the other hand, the government category is anticipated to grow significantly over the forecast period because government organizations are significant consumers of travel services. Government employees may travel domestically or internationally, and the expenses may be funded by the government or through reimbursement from the employee.

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Business Travel Market Forecast Report (2023-2030).           

Global Business Travel Market Segmentation

By Service

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  • Transportation
  • Food & Lodging
  • Business Activity

By Industry

  • Government
  • Corporate

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/business-travel-market-2161

Scope of the Report:    

Report Attributes Details
Market Size in 2022 USD 742.9 Billion
Revenue Forecast by 2030 USD 1964.1 Billion
CAGR 14.9% from 2023 to 2030
Base Year 2022
Forecast Year 2023 to 2030
Key Players Airbnb Inc., American Express Company, BCD Group (BCD TRAVEL), Booking Holdings Inc., Carlson Wagonlit Travel (CWT), Corporate Travel Management, Expedia Inc., FAREPORTAL Inc., Flight Centre Travel Group Ltd., Wexas Ltd.
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/business-travel-market-2161/customization-request

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About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.

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Artificial Intelligence

Tata Communications Hosted SASE redefines next-gen networking & security

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The unified solution marks the first of its kind implementation globally Harnesses company’s global network presence to deliver carrier grade performance and enhance user experience Provides unified visibility and control of network traffic with context led insightsMUMBAI, India, June 20, 2024 /PRNewswire/ — Tata Communications today announced the launch of its Unified/ Single-Vendor Hosted Secure Access Service Edge (SASE) for global enterprises. In partnership with Versa Networks, a leader in AI-powered Unified SASE, Tata Communications Hosted SASE, converges software-defined wide area networks (SD-WAN) and secure service edge (SSE) capabilities in a single pass technology enabling future ready businesses to fully harness the power and potential of cloud-based environments through exceptional performance, zero-trust security, ease of use, and cost effectiveness.

Hosted and managed end-to-end by Tata Communications, the solution offers secure, scalable, and agile deployment. The company’s cross domain expertise across network, security and cloud, delivers a seamless operational management and integration with existing systems for enterprises, ensuring robust support throughout their journey.
As enterprises increasingly adopt hybrid working, SD-WAN and a digital-first approach, their distributed network architecture increases vulnerability to cyberattacks, and hence the need for robust SSE solutions. A study commissioned by Tata Communications with Omdia identified that secure remote working was the top driver (49%) for adopting SASE solutions in global businesses, followed closely by simplified and integrated security models (43%). Furthermore, when implementing SASE, nearly half of businesses cited siloed security and networks teams as a key challenge.
Tata Communications Hosted SASE is uniquely positioned to address these challenges. The company is harnessing its globally distributed network for delivering Hosted SASE ensuring carrier grade connectivity and superior performance. It also offers advanced detection and real-time protection via a cyber threat intelligence platform that generates insights by aggregating data from Tata Communications’ network and other leading industry sources.
“Our customers operate in a hyperconnected environment, so it is vital that they are able to access data anytime anywhere without compromising on security or user experience,” said Srinivasan CR, Executive Vice President-Cloud and Cybersecurity Services & Chief Digital Officer, Tata Communications. “Our Hosted SASE solution powers global businesses with secure communication and collaboration weaving all of their data and applications into a single digital fabric that enables end-to-end control and visibility.”
Tata Communications Hosted SASE’s single pass technology ensures unified visibility and control of network traffic along with actionable insights to optimize network performance. This helps enterprises to avoid complexities and delays in managing an ever-growing stack of point solutions. Furthermore, they can also improve their return on investment — with Tata Communications Hosted SASE, the cost of ownership is estimated to be nearly 40% lower than deploying point solutions.
“As workforces become increasingly hybrid, there has never been a more important time to deliver something radically different, as every customer is unique and needs flexibility when determining how a SASE architecture fits into their environment. With the Hosted SASE, Tata Communications has set a new standard for enterprise security and connectivity for enterprises,” said Mouli S, SVP & CTO, Hinduja Global Solutions.
“We are thrilled to deepen our partnership with Tata Communications,” said Kelly Ahuja, CEO, Versa Networks. “Their Hosted SASE offering will help enterprises drive business transformation while enhancing security posture and providing a better user-to-app experience. Delivering this via a single platform and fully leveraging their global network footprint allows Tata Communications to create differentiation through data sovereignty and regulatory compliance.”
“Remote working, connectivity to clouds and collaboration are key enterprise considerations. But each comes with security risks. SASE helps simplify and integrate enterprise security models,” said Brian Washburn, Research Director, Omdia. “Tata Communications’ Hosted SASE solution marks a first for its type of implementation globally, combining the provider’s high-performance global network with enhanced security for enterprises to connect, communicate and collaborate more safely.”
Click here to learn more about Tata Communications Hosted SASE.
About Versa Networks
Versa, the leader in single-vendor Unified SASE platforms, delivers AI/ML-powered SSE and SD-WAN solutions. The platform provides networking and security with true multitenancy, and sophisticated analytics via the cloud, on-premises, or as a blended combination of both to meet SASE requirements for small to extremely large enterprises and service providers. Thousands of customers globally, with hundreds of thousands of sites and millions of users, trust Versa with their mission critical networks and security. Versa is privately held and funded by Sequoia Capital, Mayfield, Artis Ventures, Verizon Ventures, Comcast Ventures, BlackRock, Liberty Global Ventures, Princeville Capital, RPS Ventures, and Triangle Peak Partners. For more information, visit https://www.versa-networks.com or follow Versa on LinkedIn and X (Twitter) @versanetworks.
About Tata Communications
A part of the Tata Group, Tata Communications (NSE: TATACOMM) (BSE: 500483) is a global digital ecosystem enabler powering today’s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 80% of the world’s cloud giants. For more information, please visit www.tatacommunications.com 
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Forward-looking and cautionary statements
Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications’ expected financial position, business strategy, the future development of Tata Communications’ operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications’ network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company’s communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications’ industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications’ control, include, but are not limited to, those risk factors discussed in Tata Communications Limited’s Annual Reports. 
The Annual Reports of Tata Communications Limited are available at www.tatacommunications.com. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.
© 2024 Tata Communications Ltd. All rights reserved.
TATA COMMUNICATIONS and TATA are trademarks or registered trademarks of Tata Sons Private Limited in India and certain countries.
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Systecon Partners with PragoData to Expand Opus Suite Reach in Central and Eastern Europe

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STOCKHOLM, June 20, 2024 /PRNewswire/ — Systecon is proud to announce a strategic partnership with PragoData, naming the Czech company as our exclusive representative for the sale, implementation, and support of Systecon’s Opus Suite solution for analysis-driven Life Cycle Management in the Czech, Slovak, and Bulgarian markets. This strategic alliance marks a major milestone in our mission to provide robust, data-driven life cycle management solutions for complex technical systems and a significant step in broadening the availability and impact of Opus Suite.

“For over fifty years, Systecon has been at the forefront of developing methods and software for analysis-driven LCM that enable organizations to make informed decisions throughout the life cycle of their systems. Our partnership with PragoData not only extends our reach but also strengthens our capability to support our clients by leveraging PragoData’s local expertise and market presence,” said Magnus Andersson, Director Business Development at Systecon.
The Opus Suite is renowned for its role in optimizing performance and reducing costs of complex systems, widely used by NATO member countries and defense industry suppliers. It facilitates seamless data exchange, precise modeling, and optimization of system performance and cost-efficiency. Every day, Opus Suite is used by hundreds of companies and governments in more than 20 countries on five continents.
“Teaming up with Systecon elevates our ability to provide comprehensive life cycle management solutions. This partnership enables us to deliver even more value to our clients, particularly in managing complex systems and projects,” said Břetislav Moc, CEO of PragoData
This collaboration follows PragoData’s recent acquisition of CALS servis, marking another milestone in their “Product Life Centre of Excellence” initiative.
For further information, please visit  www.systecongroup.com
About Systecon
Systecon is a leading provider of decision support solutions, specializing in optimizing complex systems for military and commercial applications. With a track record of excellence, Systecon delivers innovative tools and expertise to empower organizations worldwide.
For over 50 years Systecon has developed methods and software for analysis-driven life cycle management. Our solution Opus Suite is used by organizations across the globe in different industries, from defense to renewables to transport, to make informed, smarter decisions in all phases of the system life cycle. We have the methodology, tools, and experience to understand and influence the factors that affect the performance and costs of technical systems – e.g., aircraft, trains, or wind turbines – and to optimize operations, system design, and maintenance solutions based on our customers’ conditions and objectives. Today Systecon is a thought leader in analytical LCM and many of the world’s most complex technology projects rely on our tools and expertise.
For more information, please visit www.systecongroup.com.
About PragoData
PragoData is a leading Czech company specialising in the development, implementation, and security of information systems. It has become a trusted partner for numerous clients in both the private and public sectors, such as Škoda Auto, the Ministry of Defence, or the Czech Technical University.
PragoData owns subsidiaries HAiDA spol. s r.o. for implementing GORDIC GINIS software and CALS servis s.r.o. for integrated product support (IPS) from the perspective of both the manufacturer and user. The company is also an exclusive partner of the Swedish company Systecon on certain European markets, a leading global provider of software for managing the life cycle of complex technical systems.
PragoData holds the highest security standards from the National Security Authority and the National Cyber and Information Security Agency.
PragoData and its subsidiaries are based in Prague, Brno, Česká Lípa, and Nový Bor.
www.pragodata.com
Media contact:Magnus AnderssonDirector Business DevelopmentPhone: +46 705 782 517E-mail: [email protected]
This information was brought to you by Cision http://news.cision.com
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Magnus Andersson, Director Business Development, Systecon
 

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OQC Founder, Dr. Peter Leek, appointed as Chief Scientific Officer

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READING, England, June 20, 2024 /PRNewswire/ — OQC, a global leader in quantum computing solutions and spin-out from Oxford University’s Department of Physics, today announced the appointment of Dr Peter Leek as Chief Scientific Officer. Leek, the visionary behind OQC’s core technology, will lead the company’s scientific research operations and spearhead its global research programmes.

Dr. Leek has been instrumental in shaping OQC’s scientific foundation since its inception in 2017, serving as a scientific advisor to the company alongside his continuing academic research at the University of Oxford. His pioneering work in quantum computing, particularly with superconducting qubits, has positioned OQC at the forefront of the industry. This appointment comes at a pivotal moment as OQC embarks on its next stage of growth and focuses on advancing its core technology toward the era of universal fault tolerant quantum computation.
CEO Gerald Mullally commented, “As OQC continues to grow and we progress on our journey, it is an exciting time to see Peter take on the new role of Chief Scientific Officer. His deep expertise and vision have been fundamental to our success, and his leadership will be crucial as we continue to build on our core IP and drive scientific excellence forward.”
Dr. Leek, an active researcher, is a pioneer in the field of quantum computing, particularly known for his contributions to superconducting quantum circuits. With a PhD from the University of Cambridge, and postdoctoral research experience from ETH Zurich in the science of circuit QED, he has led his own research group at the University of Oxford since 2012, where OQC’s core IP was first developed.. The new Chief Scientific Officer is also a co-investigator in the UK’s national quantum computing research hub, where he continues to play a prominent role in the national programme.
“Taking on the role of Chief Scientific Officer at OQC is both an honour and an exciting opportunity,” said Dr. Peter Leek. “The OQC team is full of talent and I am excited to work with them to continue to advance our research and innovation in quantum computing. Together, we will build on our strong foundation and drive the next wave of technological breakthroughs.”
The core IP developed by Leek has underpinned OQC achieving the  world-first integration of a quantum computer into  a colocation data centre and delivering Europe’s first Quantum Compute-as-a-Service platform. The company’s research department has continued to make notable contributions to the progression of the technology, including electron-beam annealing of Josephson junctions offers precise control over qubit frequencies post-fabrication, and developing a hardware efficient error-detection method laying the foundation to implement quantum error correction in next-generation quantum computers.
About OQC 
OQC is a global leader in quantum computing-as-a-service, building a brighter future by providing enterprise-ready quantum solutions that seamlessly integrate into digital infrastructures and customer workflows. By pushing technological boundaries, we were the first commercially available quantum computer in the UK, the first Quantum Compute-as-a-Service company in Europe, and the first in the world to deploy a quantum computer to a commercial data centre including the integration with high performance compute. Our work has begun to break down technical, financial, and geographical barriers to quantum; offering every enterprise a chance to seize a competitive edge.
Our latest device, OQC Toshiko, is the world’s first and only enterprise ready platform: a powerful next generation system, deployed to commercial data-centres, enabling businesses to securely tap into ground-breaking technology. For more information, visit our website: www.oqc.tech.
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