According to Phocuswright’s latest travel research report, Global Online Travel Overview 2019, online travel bookings are growing twice as fast as the overall market.
In Asia, it’s not just tourists making those bookings. According to Amadeus, “Asia’s corporate travel market is booming.” In fact, they expect corporate travel spending in Asia Pacific to “soar to $900 billion by 2025,” accounting for half of the world’s total.
Yet, for many companies in the region, business travel remains unmanaged – over 90% of trips, according to Travelstop CEO Prashant Kirtane. The result is that corporate travel budgets are being spent inefficiently.
“Traditional managed travel solutions have not evolved for decades, to the point that they don’t meet the needs of the modern company,” explains Kirtane. “The big players have complex and hidden pricing structures, and simply don’t work well across boundaries, languages, currencies, cultures, and demographics.”
At Travelstop, Kirtane and his co-founders Vijay Aggarwal and Altaf Dhamani are looking to change that by bringing the well-loved consumer travel experience to business travelers. In other words, they want to provide “a solution for the millennial generation of business travelers in Asia, who are tech-savvy and mobile.”
Here’s why they believe that business travel in Asia will only get bigger and better.