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Tapping India's $20 Billion Corporate Travel Opportunity
23.10.2024 - 06:51 / skift.com / Peden Doma Bhutia
This episode of the Skift India Travel Podcast sets the stage for an in-depth discussion on India’s evolving corporate travel market. Avinash Chandani, partner at Deloitte India, talks to Asia Editor Peden Doma Bhutia about the growth potential of the Indian corporate travel market. Key topics include growth drivers, industry trends like blended travel, the impact of technology and data, and the role of travel management companies. The podcast provides an insight into how businesses are navigating high travel costs, geopolitical challenges, and shifting traveler expectations providing a comprehensive understanding of the opportunities and challenges in India’s corporate travel landscape, with a mix of data-driven analysis and expert commentary.
Market Size and Growth: India’s corporate travel market is valued at $10.6 billion, making up 20% of the country’s overall travel market. By 2030, this is projected to grow to $20 billion, driven by improved infrastructure and economic growth.
SME Contributions: SMEs account for 30% of corporate travel, with sporadic yet growing demand. The government’s focus on encouraging exports and driving the Make in India initiative will further boost SME travel needs.
Sector-Specific Growth: IT services and BFSI lead corporate travel spending, driven by the nature of their work requiring on-site deployments and domestic market development.
Blended Travel: A notable trend is the blending of business and leisure travel, with about 30% of travelers extending their business trips for leisure. This trend is reshaping the hospitality sector to cater to work and leisure needs.
Corporate Travel Management Companies (TMCs): Travel management companies, including MyBiz by MakeMyTrip, are evolving to serve SMEs and large corporations. These companies are providing tech-enabled tools like self-booking platforms and offering integrated reporting, reconciliation, and analytics capabilities.
Evolving Corporate Policies: Corporate travel policies are adapting to accommodate bleisure preferences, with a focus on providing seamless travel experiences that blend work and leisure.
Accommodation Preferences: Business travelers increasingly prefer accommodations that offer both business amenities and leisure experiences. Hotels are adjusting to this demand by offering wellness packages, local activities, and tech-enabled workspaces.
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The Indian corporate travel market, which is currently valued at $10.6 billion, is projected to double to $20 billion by 2030.
Avinash Chandani, partner at Deloitte India, highlights key drivers behind this growth, including significant investments in infrastructure, both surface and air, which have made corporate travel
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