TMCs underwent technological transformations that would have normally taken up to three years in just six months at the beginning of the Covid pandemic, according to a new white paper out today.
The Future of Business Travel, produced by The Business Travel Association (BTA) and technology company Amadeus, says that despite the acceleration, human interaction is not extinct.
“This transformation will meet returning travellers’ demands for contactless and risk managed travel. However, it does not mean that the human element of managed business travel is extinct,” the white paper says, revealing that 51 per cent of business travel specialists see human interaction as the number one success factor in both winning new clients and delivering effective travel programmes in the months and years ahead.
The paper also outlined the decimation of the sector, revealing that TMC revenues have been at 10 per cent or less of pre-pandemic levels, leading to “seismic change” in the industry.
“The companies that have navigated the pressures of Covid-19 will emerge leaner but with a deeper understanding of their corporate customer base,” says the report. “In reality, many small companies have either sadly been unable to continue trading or have merged with former rivals. This theme of consolidation and collapse is expected to continue into 2022 as Covid-19 continues to evolve and the timing of the effect of the vaccine rollout can be better determined.”
The white paper is based on global research by Amadeus along with interviews with the BTA’s Board members. The paper covers vaccine certification, talent gaps, mindful travel and stimulating demand for travel.
Clive Wratten, The BTA’s CEO, said: “Working with Amadeus, one of the BTA’s industry partners, has helped us to identify the key trends and areas to address in order for the travel industry to recover and navigate a route out of this global crisis. With business travellers recognising the importance of post-pandemic public safety as well as technological and environmental advances, the TMC community has many reasons to stay positive as we enter the second half of 2021.”
Liz Emmott, UK general manager and commercial business travel director of Amadeus, said: “It’s vital that all industry stakeholders collaborate to boost traveller confidence and restart an industry that, at its peak, was responsible for generating 10.3 per cent of global GDP.”