Corporate Travel Services - Market Research Report (2014-2029)
London, United Kingdom
Last Updated: May 2024
SIC SP0.190Revenue
£4.5bn
Past 5-Year Growth
Profit
£XXX.Xm
Employees
10,591
Businesses
710
Wages
£XXX.Xm
Corporate Travel Services industry analysis
Corporate travel is closely tied to fluctuations in business confidence. Economic uncertainty, Brexit and the COVID-19 pandemic, which grinded the industry to a halt, significantly dented revenue for agencies in the five years through 2020-21 and it is still adapting to the new working trends and spending strategies of corporate companies post-pandemic in 2024-25. Demand for travel services has also faced recent hurdles of high prices for flights and hotels due to high inflation and companies trying to curb their carbon emissions. Video calls are now a cemented alternative to domestic and international business travel that saves time and money for companies.
Trends and Insights
- The pandemic accelerated shift to online meetings, hindering travel agencies. The global pandemic has driven a permanent change in business behaviour, pushing companies towards virtual meetings and functions, reducing the need for non-essential travel, and negatively impacting corporate travel agencies.
- Domestic travel has grown in importance. Since the COVID-19 pandemic, Zoom meetings, domestic travel and accommodation, arranged by agencies, has overtaken traditional international routes as agencies' significant moneymaker.
- London is a prime hotspot for corporate travel agencies. Its position as the financial nucleus of the UK, accessible transportation to worldwide destinations, and easy coordination with clients and suppliers make it appealing to travel firms.
- Service quality sets agencies apart. Corporate travel agents can stand out from the rest of the pack by proving their worth with exceptional and adaptable customer service, making clients more inclined to choose them for their travel needs.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 4.1 % over the past five years, to reach an estimated £4.5bn in 2024.
Trends and Insights
Changes to working styles have disrupted traditional corporate travel
- The global pandemic has caused a business behavioural shift towards online meetings and events, limiting unnecessary travel and driving business cost savings.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Sustainability concerns will define future corporate travel growth
- Climate concerns are forcing businesses to reduce travel per employee by more than 20% to meet their 2030 sustainability targets according to the Deloitte 2023 corporate travel study.
Biggest companies in the Corporate Travel Services
| Company | Market Share (%)
2025 | Revenue (£m)
2025 |
|---|---|---|
TUI Travel Ltd | 774.0 | |
Flight Centre (UK) Ltd | 210.6 | |
CWT UK Group Ltd | 62.2 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Corporate Travel Services
Products & Services
Industry revenue is measured across several distinct product and services lines, including Overseas travel arrangements, Domestic travel arrangements and Overseas accommodation arrangements. Overseas travel arrangements is the largest segment of the Corporate Travel Services.
Trends and Insights
Domestic travel and accommodation have become the biggest money maker for agents
- Travel agencies can arrange various domestic travel and accommodation provisions, including trains, coaches, hotels, conference rooms and other services for domestic trips.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Travel Agencies in the UK
Complementors
- Scheduled Passenger Air Transport in the UK
- Non-Scheduled Passenger Air Transport in the UK
- Tour Operators in the UK
International industries
- Global Travel Agency Services
- Travel Agencies in the US
- Travel Agencies in Canada
- Travel Agency and Tour Arrangement Services in Australia
- Corporate Travel Services in Australia
Table of Contents
About this industry
Industry definition
Operators in the Corporate Travel Services industry provide travel services for employers and employees who are travelling for business purposes.
What's included in this industry?
Overseas travel arrangementsDomestic travel arrangementsOverseas accommodation arrangementsDomestic accommodation arrangementsAdvisory servicesCompanies
TUI Travel LtdFlight Centre (UK) LtdCWT UK Group LtdPurchase this report to view all 5 major companies in this industry.
Related Terms
ABTABFSIHUBIndustry Code
SIC 79.11 - Corporate Travel Services
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The pandemic accelerated shift to online meetings, hindering travel agencies. The global pandemic has driven a permanent change in business behaviour, pushing companies towar...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Domestic travel has grown in importance. Since the COVID-19 pandemic, Zoom meetings, domestic travel and accommodation, arranged by agencies, has overtaken traditional intern...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
London is a prime hotspot for corporate travel agencies. Its position as the financial nucleus of the UK, accessible transportation to worldwide destinations, and easy coordi...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Europe, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Service quality sets agencies apart. Corporate travel agents can stand out from the rest of the pack by proving their worth with exceptional and adaptable customer service, m...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Economies of scale makes TUI the dominant industry company. As the biggest agency in the industry, TUI enjoys low-cost operations, which leads to competitive pricing and cust...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of TUI Travel Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Flight Centre (UK) Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of CWT UK Group Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for TUI Travel Ltd, and factors influencing its performance in the industry
- Description and key data for Flight Centre (UK) Ltd, and factors influencing its performance in the industry
- Description and key data for CWT UK Group Ltd, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Package Travel and Linked Travel Arrangements Regulations 2018 protect travellers. These regulations ensure financial safeguards and help when there are disruptions, to prote...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit is still recovering from pandemic devestation. A sluggish comeback of corporate travel following the outbreak of COVID-19 has left profit still recovering. High airlin...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2018-2022)
- Coverage Ratios (2018-2022)
- Leverage Ratios (2018-2022)
- Operating Ratios (2018-2022)
- Assets (2018-2022)
- Liabilities (2018-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
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Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the UK include:
- Office for National Statistics
- Office for Budget Responsibility
- Bank of England
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Corporate Travel Services industry in United Kingdom in 2024?
The market size of the Corporate Travel Services industry in United Kingdom is £4.5bn in 2024.
How many businesses are there in the Corporate Travel Services industry in 2024?
There are 710 businesses in the Corporate Travel Services industry in United Kingdom, which has declined at a CAGR of 2.3 % between 2019 and 2024.
Has the Corporate Travel Services industry in United Kingdom grown or declined over the past 5 years?
The market size of the Corporate Travel Services industry in United Kingdom has been declining at a CAGR of 4.1 % between 2019 and 2024.
What is the forecast growth of the Corporate Travel Services industry in United Kingdom over the next 5 years?
Over the next five years, the Corporate Travel Services industry in United Kingdom is expected to grow.
What are the biggest companies in the Corporate Travel Services market in United Kingdom?
The biggest companies operating in the Corporate Travel Services market in United Kingdom are TUI Travel Ltd, Flight Centre (UK) Ltd and CWT UK Group Ltd
What does the Corporate Travel Services in United Kingdom include?
Overseas travel arrangements and Domestic travel arrangements are part of the Corporate Travel Services industry.
Which companies have the highest market share in the Corporate Travel Services in United Kingdom?
The company holding the most market share in United Kingdom is TUI Travel Ltd.
How competitive is the Corporate Travel Services industry in United Kingdom?
The level of competition is moderate and increasing in the Corporate Travel Services industry in United Kingdom.
