|By PR Newswire||
|March 13, 2014 05:00 AM EDT||
- Business Travel Spending Set To Grow 5.1% in 2014, 6.5% in 2015
- First Year Since 2010 Forecast Projects Increase in Business Travel Spend in all Five Markets
LONDON, March 13, 2014 /PRNewswire/ -- The Global Business Travel Association (GBTA), the voice of the global business travel industry, announces the results of its latest GBTA BTI™ Outlook – Western Europe report, a semi-annual analysis of the five most critical business travel markets in Europe: Germany, the UK, France, Italy and Spain. These five markets together form the lion's share of business travel in the region acting as a good barometer of the health of the entire European business travel market. The report, sponsored by Visa Inc., includes the GBTA BTI™; an index of business travel spending that distills market performance over a period of time.
Key highlights of the report include:
- Business travel spending among the five markets is expected to hit $186.5 billion USD (€137B) in 2014, a 5.1% growth over 2013. The projected rate of growth is expected to increase in 2015 as spending picks up another 6.5% growing to $198.6 billion USD (€157B).
- The outlook for four of the five markets included in our analysis, Germany, the UK, France and Spain, were all revised upward from our expectations in our GBTA BTI™ Outlook – Western Europe 2013H2.
- Improved business confidence and expectations for stronger economic growth and employment growth contributed to stronger expectations for both domestic and international outbound business travel in Western Europe.
- While the North – South divide still exists and Germany and the UK will again lead the way in business travel spending for the rest of the region, France, Italy and Spain now appear to be showing solid signs of recovery.
- 2014 is expected to be first year since 2010 that sees all five business travel markets included in our analysis witness gains in business travel spending.
"Continued signs of strength and progress in the European economy and gathering momentum suggest that 2014 will be a transition year, said Catherine McGavock, Regional Director for Europe for GBTA. "At long last the 2012-2013 recession appears to be over and the European economy on a more solid footing. While challenges remain, this is very positive news and bodes well for business travel growth as business confidence rises across the region."
"According to the report, stronger economic conditions are forecast to lead to an across-the-board increase in business travel throughout Western Europe," said Tad Fordyce, SVP, Global Commercial Solutions, Visa. "As 2014 progresses there are still economic hurdles to clear, but the overall forecast is trending in a positive direction."
Outlook Positive, But Challenges Remain
Of course risks to this fragile recovery and a more promising forecast are ever-present. The sovereign debt crisis is far from over, oil prices are always a danger given the potential for Middle East supply interruptions and emerging markets currency risk has also recently show the potential for financial shocks. A new worry is the concern over current rates of disinflation giving way to deflation which can lead households and businesses to delay purchases in anticipation of lower future prices causing aggregate spending to drop.
Country-Level Business Travel Outlooks
- The German economy continues to remain one of the most robust in all of Europe. GBTA expects business travel spending to grow 7% in 2014 and really pick up the pace in 2015 with 10.6% growth – an unprecedented rate for a market as developed as Germany's.
- Spending on domestic business travel is on the rise with expected growth of 7.2% in 2014 and another 12.2% in 2015.
- After rebounding with 5.3% growth in 2013, GBTA expects international outbound travel spending to increase 6.3% in 2014.
- GBTA expects strong performance in UK business travel over the next two years with total business travel spending near $43 billion USD (£25.7B) in 2014, up 4.4% from 2013. Spending will continue to pick up pace in 2015, advancing 5.1% to $45.2 billion USD (£27B).
- Domestic spending is poised for strong growth in 2014 and 2015, with projected growth of 5.0% and 6.9% respectively.
- International outbound business travel is projected to grow 3.2% in 2014 and 1.7% in 2015.
- GBTA forecasts total business travel spending will finally turn positive in 2014 after two years of decline growing 5.4% to $37 billion USD (€26.8B) and will see similar gains in 2015, expanding 5.5% to $39 billion USD (€30.6B).
- Domestic business travel spending continues is expected to pick up momentum over 2014 and 2015 with growth projected at 3.6% and 7.1% respectively.
- Snapping back from negative spending in 2013, international outbound spending is expected to grow aggressively in 2014 at 8.8%, before it will moderate in 2015 with 2.6% growth to $13.5 billion USD (€9.8B).
- Spanish business travel spending has fallen on an annual basis for 10 consecutive quarters, but after finally beginning to grow in the second quarter, GBTA expects a 4% rise in 2014 followed by another 5% increase in 2015 to $18.4 billion USD (€14.4B).
- Domestic business travel will pick up 2.5% in 2014 and quicken the pace in 2015, growing 5.2%
- Spending on international outbound will leap forward 10% in 2014 and moderate to 4.2% growth in 2015.
- GBTA expects the first quarter of 2014 will be the last quarter of annual spending declines forecasting 2.8% growth followed by another 2.8% growth in 2015 to $32 billion USD (€25.2B).
- After falling in 2013, spending on domestic business travel in Italy will grow 2.4% in 2014 with similar projected gains of 2.3% in 2015.
- Spending on international outbound business travel is projected to rise even more steeply than domestic spending with gains of 6.5% in 2014 and another 6.7% in 2015.
About the GBTA Foundation:
The GBTA Foundation is the education and research foundation of the Global Business Travel Association (GBTA), the world's premier business travel and corporate meetings organisation. Collectively, GBTA's 6,000-plus members manage over $340 billion of global business travel and meetings expenditures annually. GBTA provides its network of 21,000 business and government travel and meetings managers, as well as travel service providers, with networking events, news, education & professional development, research, and advocacy. The foundation was established in 1997 to support GBTA's members and the industry as a whole. As the leading education and research foundation in the business travel industry, the GBTA Foundation seeks to fund initiatives to advance the business travel profession. The GBTA Foundation is a 501(c)(3) nonprofit organization. For more information, see gbta.org and gbta.org/foundation.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Mar. 24, 2017 01:15 PM EDT Reads: 3,757
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Mar. 24, 2017 01:15 PM EDT Reads: 295
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 24, 2017 12:45 PM EDT Reads: 199
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Mar. 24, 2017 12:45 PM EDT Reads: 1,784
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Mar. 24, 2017 12:30 PM EDT Reads: 2,925
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 24, 2017 12:15 PM EDT Reads: 863
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 24, 2017 12:15 PM EDT Reads: 1,313
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 24, 2017 12:00 PM EDT Reads: 1,805
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 24, 2017 12:00 PM EDT Reads: 1,568
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 24, 2017 11:30 AM EDT Reads: 3,265
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 24, 2017 10:55 AM EDT Reads: 332
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 24, 2017 10:45 AM EDT Reads: 1,339
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...
Mar. 24, 2017 10:45 AM EDT Reads: 10,556
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 24, 2017 09:45 AM EDT Reads: 2,671
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 24, 2017 09:45 AM EDT Reads: 2,724