Originally scheduled for release on March 31, BTN Intelligence’s 2025 State of the Industry Report was held back for further research and interviews. Sudden economic uncertainty, mainly tied to tariff policies coming out of the United States, upended markets around the world and has led to corporate travel uncertainty for 2025. BTN as a news outlet will continue to report on the developing economic story and how it is impacting the corporate travel outlook.

 

BTN Intelligence’s State of the Industry report takes into account current economic information, supplier earnings statements and buyer sentiment surveys BTN has gathered to date and sets on that backdrop the major buying trends, supplier strategy changes and technological innovations that are poised to transform the business travel industry.

Dive into each part of the State of the Industry Report from BTN Intelligence:

Part 1. 2025 Business Travel Outlook

Business travel outlook for 2025 initially projected growth, but geopolitical shifts and economic uncertainty have led some travel managers to predict cutbacks. On the ground data, so far, has shown relative resilience, but suppliers and TMCs are watching travel volumes closely across business and leisure travel to understand how to react. Read more

Part 2. Content Fragmentation Upends Industry Structures

Airline content fragmentation has put a heavy burden on the managed travel industry, with the traveler refrain 'I found it cheaper on the web' back to haunt travel managers. Read more

Part 3. Supplier Lens on Loyalty & Small, Midsize Market

Suppliers innovate to capture small and midsize enterprise business travel, focusing on loyalty programs and direct booking strategies, while travel management companies leverage technology to automate SME services for higher margins and strategic growth. Read more

Part 4. Negotiating Gets Tougher for Corporate Contracts

Corporate travel negotiations have become tougher due to reduced discounts, stricter supplier demands, and changes in how suppliers want to interact with corporate business strategically. Airlines and hotels are focusing less on discounts and more on loyalty and volume; car rental partners may face rising costs in the U.S. due to tariffs. Read more

Part 5. Travel Management Company Relationships and... Revolution?

Travel management companies are struggling to meet desired service levels, partly due to technology issues. There is interest in new TMC players addressing these issues, and the potential merger between American Express Global Business Travel and CWT could impact the market dynamic. Read more

Part 6. New Models & the Next Innovation Wave

Managed travel is slow to adopt technology innovations due to complexity in balancing traveler preferences and cost protocols and what some would characterize as inertia in commercial models. TMCs and buyers are pushing for AI-driven solutions that bridge tech gaps and offer more traveler personalization and responsiveness. Read more