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The travel industry has been facing disruptive world events for the last 50 years and has always managed to bounce back over time. Business travel in particular has shown resilience, and in the wake of the COVID-19 pandemic, Travel Management Companies (TMCs) are evolving once again to meet the changing needs of business travelers.
Our recent e-book, “Rebuilding Business Travel – Insights from the global TMC leaders on the business travel industry outlook and recovery strategies for 2022 ” delves deep into the opportunities and strategies for TMCs across the globe to secure recovery and growth. In Europe, Middle East and Africa (EMEA), we see three core areas of heightened expectations around servicing,duty of care and sustainable travel. How to successfully address these needs is key to unlocking new opportunities for our travel management companies.
New needs – new roles
These days, complexity rules – whether we like it or not. So, planning even the simplest of business trips has additional logistical and risk management exercises, and employers realize the need for professional support whenever employees travel. As a result, even though there might be lower business travel volumes in the near future, TMC support will be needed more than ever before. This opens up new possibilities and has prompted TMCs to look at evolving both current service offerings and business models to cater to this increased demand.
There is little doubt that TMCswill have an expanded role as information providers. Health and safety information before and during the trip was identified by the EMEA region as the top priority for their business travelers. The need to live with volatility in the form of last-minute bookings or changes and empowerment through self-service are also stronger trends here than in other regions. Our TMCs see a clear added value that plays to their strengths in these areas.
Sustainability is front and centre in EMEA - our TMCs consider this a higher business traveler priority than elsewhere in the world. This is not surprising considering that Millennials recentlybecame the largest cohort of people on Earth and they are making an impact on global commerce. TMCs see customers increasingly seeking guidance in this area, whether that is providing alternative modes of transport from air, emissions data or finding more environmentally friendly hotels. TMCs are looking to provide the choice and information their customers need to manage their travel decarbonization strategies.
Rough road to recovery – but optimism prevails
Despite the many challenges that the pandemic has brought with it, we feel a sense of optimism in EMEA about what comes next for business travel. TMCs are developing strategies to seize the new opportunities identified in the wake of COVID-19, that will allow them to recover and grow.
Diversification into new revenue sources is the most popular recovery acceleration option in our region. This could mean attracting new types of customers or selling from a broader and deeper pool of content. TMCs have clearly identified an increase in demand for travel options beyond flights - such as accommodation, high-speed rail or cars – as an emerging trend, and they are looking to leverage this to boost their revenues.
Technological enhancements rank as the second most favored growth acceleration strategy among our TMCs in EMEA. This is however less than with their colleagues in other regions, which may be related to an already relatively high investment in technology in many of these markets overall. On the other hand - expansion, acquisition and consolidation are under consideration far more here than in the Americas or Asia Pacific.
Embracing change
Through our exchanges with TMCs, we wanted to learn how we can work together to move forward, and if and how TMCs are discovering success in a changing business travel landscape. The good news is there is a solid foundation on which to build future success. The dynamic global scene, the quest for more sustainable business practices and the need to ensure the welfare of travelers means TMCs – both globally and in EMEA – that embrace change and adapt fast, have never been more vital.
To get more insights from TMC leaders across the globe on the business travel industry outlook and recovery strategies, download oure-book .
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