Industry: Service & Software
Published Date: 2026-01-05
Pages: 113 Pages
Report ld: 5514531
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Travel Management Company (TMC) Market Size(US$)

CAGR 2026-2032
5.4%
Market Size,2032
USD 38,960
Million
Market Snapshot
Source: Secondary research, interviews with experts, and QYResearch analysis
The global market for Travel Management Company (TMC) was estimated to be worth US$ 27100 million in 2025 and is projected to reach US$ 38960 million, growing at a CAGR of 5.4% from 2026 to 2032.
Travel Management Company (TMC), also can be called as Corporate Travel Management Company, or Commercial Travel Office (CTO), is a travel agency that helps businesses and organizations manage their corporate travel.
The COVID-19 pandemic in 2020 caused a sharp decline in the size of the global travel market. This downward trend continued in 2021, and the global market size began to rebound sharply in 2022, but the market did not return to its pre-pandemic level until 2024.
Travel Management Company (TMC) has wide range of applications, such as Large Enterprises, SMEs, Government and NGO. And SMEs segment was the most widely used area which took up about 57.6% of the global total in 2023. The unmanaged business travel market in the SMEs market is larger, so the TMC business in the SMEs market is growing faster.
Market News
Oct. 2024, Amex GBT and CWT challenge CMA's merger investigation findings In a joint response submitted on 23 August but made public today as part of the ongoing investigation, the TMCs refute multiple findings of the CMA’s Phase 1 investigation, arguing among other points that the authority’s concerns over a substantial lessening of competition (SLC) are unfounded.
The TMCs also claim the CMA overstated the TMCs’ combined marketshare, overplayed the barriers to entry of new entrants to the market, and “accepted without question certain suppliers’ arguments that GBT could slow the development of NDC, which has no basis in fact”.
The 55-page written response, with numerous redacted sections, also argued that the TMCs are not currently each other’s closest competitor – instead pointing to BCD Travel – and endorsed the ability of several rivals to compete for global multinational (GMN) customers.
This report provides a comprehensive view of the global market for Travel Management Company (TMC), covering total sales revenue, the market share and ranking of key companies, along with analyses by region & country, by Type, and by Application.
The Travel Management Company (TMC) market size, estimations, and forecasts are presented in terms of sales revenue ($ millions), with 2025 as the base year and historical and forecast data from 2021 to 2032. The report combines quantitative and qualitative analysis to help readers develop growth strategies, assess the competitive landscape, evaluate their position in the current marketplace, and make informed business decisions regarding Travel Management Company (TMC).
MARKET SEGMENTATION
CHAPTER OUTLINE
Chapter 1: Introduces the scope of the report and the global market size (value). It also summarizes market dynamics and recent developments; identifies key drivers and restraints; outlines challenges and risks for players; reviews relevant industry policies.
Chapter 2: Provides a detailed analysis of the Travel Management Company (TMC) companies' competitive landscape—including revenue shares, recent development plans, and mergers and acquisitions (M&A).
Chapter 3: Analyzes market segmentation by Type, presenting the size and growth potential of each segment to help readers identify blue-ocean opportunities.
Chapter 4: Analyzes market segmentation by Application, presenting the size and growth potential of each downstream segment to help readers identify blue-ocean opportunities.
Chapter 5: Presents Travel Management Company (TMC) revenue at the regional level. It offers a quantitative assessment of market size and growth potential by region and summarizes market development, future prospects, addressable space, and country-level market size worldwide.
Chapter 6: Presents Travel Management Company (TMC) revenue at the country level. It provides segmented data by Type and by Application for each country/region.
Chapter 7: Profiles key players, detailing the main companies' product revenue, gross margin, product portfolios, recent developments, etc.
Chapter 8: Analysis of Value Chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.
QYRESEARCH'S STRENGTHS
Unlike generic global market reports, this study combines macro-level industry trends with hyper-local operational intelligence, empowering data-driven decisions across the Compound Chocolate value chain, addressing:
We identify regional market threats and growth prospects to guide your overseas layout.
We adjust product portfolios in line with local consumption habits.
We unpack rivals’ operation strategies for scattered and highly concentrated industries.
We cover competition landscape, full supply chain and quantified market size data, and deliver tailor-made customized surveys to meet your unique business demands.
We own self-owned massive exclusive databases, backed by 19 years of global market research experience across thousands of sectors.
Our team operates 24 hours a day, 365 days a year, enabling ultra-fast report turnaround to respond to your research needs efficiently.
We integrate regional risk assessment, localized product optimization and competitor analysis to deliver actionable market strategies.
All data is cross-verified from multiple industry sources to deliver thorough, precise analysis that supports reliable corporate strategic decisions.
We provide responsive, dedicated after-sales support to resolve all follow-up inquiries about reports, data and industry interpretation.
TABLE OF CONTENTS
1 Market Overview
1.1 Travel Management Company (TMC) Product Introduction
1.2 Global Travel Management Company (TMC) Market Size Forecast (2021–2032)
1.3 Travel Management Company (TMC) Market Trends & Drivers
1.3.1 Travel Management Company (TMC) Industry Trends
1.3.2 Travel Management Company (TMC) Market Drivers & Opportunities
1.3.3 Travel Management Company (TMC) Market Challenges
1.3.4 Travel Management Company (TMC) Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Travel Management Company (TMC) Players Revenue Ranking (2025)
2.2 Global Travel Management Company (TMC) Revenue by Company (2021–2026)
2.3 Key Companies’ R&D and Operations Footprint and Headquarters
2.4 Key Companies Travel Management Company (TMC) Product Offerings
2.5 Key Companies General Availability (GA) Timeline for Travel Management Company (TMC)
2.6 Travel Management Company (TMC) Market Competitive Analysis
2.6.1 Travel Management Company (TMC) Market Concentration Rate (2021–2026)
2.6.2 Top 5 and Top 10 Global Companies by Travel Management Company (TMC) Revenue in 2025
2.6.3 Global Companies by Tier (Tier 1, Tier 2, Tier 3), based on Travel Management Company (TMC) revenue, 2025
2.7 Mergers & Acquisitions and Expansion
3 Segmentation Travel Management Company (TMC) Market Classification
3.1 Introduction by Type
3.1.1 Service
3.1.2 Software
3.1.3 Global Travel Management Company (TMC) Sales Value by Type
3.1.3.1 Global Travel Management Company (TMC) Sales Value by Type (2021 vs 2025 vs 2032)
3.1.3.2 Global Travel Management Company (TMC) Sales Value, by Type (2021–2032)
3.1.3.3 Global Travel Management Company (TMC) Sales Value, by Type (%), 2021–2032
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Large Enterprises
4.1.2 SMEs
4.1.3 Government and NGO
4.2 Global Travel Management Company (TMC) Sales Value by Application
4.2.1 Global Travel Management Company (TMC) Sales Value by Application (2021 vs 2025 vs 2032)
4.2.2 Global Travel Management Company (TMC) Sales Value by Application (2021–2032)
4.2.3 Global Travel Management Company (TMC) Sales Value by Application (%), 2021–2032
5 Segmentation by Region
5.1 Global Travel Management Company (TMC) Sales Value by Region
5.1.1 Global Travel Management Company (TMC) Sales Value by Region: 2021 vs 2025 vs 2032
5.1.2 Global Travel Management Company (TMC) Sales Value by Region (2021–2026)
5.1.3 Global Travel Management Company (TMC) Sales Value by Region (2027–2032)
5.1.4 Global Travel Management Company (TMC) Sales Value by Region (%), 2021–2032
5.2 North America
5.2.1 North America Travel Management Company (TMC) Sales Value, 2021–2032
5.2.2 North America Travel Management Company (TMC) Sales Value by Country (%), 2025 vs 2032
5.3 Europe
5.3.1 Europe Travel Management Company (TMC) Sales Value, 2021–2032
5.3.2 Europe Travel Management Company (TMC) Sales Value by Country (%), 2025 vs 2032
5.4 Asia Pacific
5.4.1 Asia Pacific Travel Management Company (TMC) Sales Value, 2021–2032
5.4.2 Asia Pacific Travel Management Company (TMC) Sales Value by Subregion (%), 2025 vs 2032
5.5 South America
5.5.1 South America Travel Management Company (TMC) Sales Value, 2021–2032
5.5.2 South America Travel Management Company (TMC) Sales Value by Country (%), 2025 vs 2032
5.6 Middle East & Africa
5.6.1 Middle East & Africa Travel Management Company (TMC) Sales Value, 2021–2032
5.6.2 Middle East & Africa Travel Management Company (TMC) Sales Value by Country (%), 2025 vs 2032
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Travel Management Company (TMC) Sales Value Growth Trends, 2021 vs 2025 vs 2032
6.2 Key Countries/Regions Travel Management Company (TMC) Sales Value, 2021–2032
6.3 United States
6.3.1 United States Travel Management Company (TMC) Sales Value, 2021–2032
6.3.2 United States Travel Management Company (TMC) Sales Value by Type (%), 2025 vs 2032
6.3.3 United States Travel Management Company (TMC) Sales Value by Application, 2025 vs 2032
6.4 Europe
6.4.1 Europe Travel Management Company (TMC) Sales Value, 2021–2032
6.4.2 Europe Travel Management Company (TMC) Sales Value by Type (%), 2025 vs 2032
6.4.3 Europe Travel Management Company (TMC) Sales Value by Application, 2025 vs 2032
6.5 China
6.5.1 China Travel Management Company (TMC) Sales Value, 2021–2032
6.5.2 China Travel Management Company (TMC) Sales Value by Type (%), 2025 vs 2032
6.5.3 China Travel Management Company (TMC) Sales Value by Application, 2025 vs 2032
6.6 Japan
6.6.1 Japan Travel Management Company (TMC) Sales Value, 2021–2032
6.6.2 Japan Travel Management Company (TMC) Sales Value by Type (%), 2025 vs 2032
6.6.3 Japan Travel Management Company (TMC) Sales Value by Application, 2025 vs 2032
6.7 South Korea
6.7.1 South Korea Travel Management Company (TMC) Sales Value, 2021–2032
6.7.2 South Korea Travel Management Company (TMC) Sales Value by Type (%), 2025 vs 2032
6.7.3 South Korea Travel Management Company (TMC) Sales Value by Application, 2025 vs 2032
6.8 Southeast Asia
6.8.1 Southeast Asia Travel Management Company (TMC) Sales Value, 2021–2032
6.8.2 Southeast Asia Travel Management Company (TMC) Sales Value by Type (%), 2025 vs 2032
6.8.3 Southeast Asia Travel Management Company (TMC) Sales Value by Application, 2025 vs 2032
6.9 India
6.9.1 India Travel Management Company (TMC) Sales Value, 2021–2032
6.9.2 India Travel Management Company (TMC) Sales Value by Type (%), 2025 vs 2032
6.9.3 India Travel Management Company (TMC) Sales Value by Application, 2025 vs 2032
7 Company Profiles
7.1 AMEX GBT (Egencia)
7.1.1 AMEX GBT (Egencia) Profile
7.1.2 AMEX GBT (Egencia) Main Business
7.1.3 AMEX GBT (Egencia) Travel Management Company (TMC) Products, Services, and Solutions
7.1.4 AMEX GBT (Egencia) Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.1.5 AMEX GBT (Egencia) Recent Developments
7.2 BCD Travel
7.2.1 BCD Travel Profile
7.2.2 BCD Travel Main Business
7.2.3 BCD Travel Travel Management Company (TMC) Products, Services, and Solutions
7.2.4 BCD Travel Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.2.5 BCD Travel Recent Developments
7.3 SAP Concur
7.3.1 SAP Concur Profile
7.3.2 SAP Concur Main Business
7.3.3 SAP Concur Travel Management Company (TMC) Products, Services, and Solutions
7.3.4 SAP Concur Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.3.5 SAP Concur Recent Developments
7.4 JTB Business Travel
7.4.1 JTB Business Travel Profile
7.4.2 JTB Business Travel Main Business
7.4.3 JTB Business Travel Travel Management Company (TMC) Products, Services, and Solutions
7.4.4 JTB Business Travel Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.4.5 JTB Business Travel Recent Developments
7.5 CWT
7.5.1 CWT Profile
7.5.2 CWT Main Business
7.5.3 CWT Travel Management Company (TMC) Products, Services, and Solutions
7.5.4 CWT Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.5.5 CWT Recent Developments
7.6 FCM Travel
7.6.1 FCM Travel Profile
7.6.2 FCM Travel Main Business
7.6.3 FCM Travel Travel Management Company (TMC) Products, Services, and Solutions
7.6.4 FCM Travel Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.6.5 FCM Travel Recent Developments
7.7 Corporate Travel Management (CTM)
7.7.1 Corporate Travel Management (CTM) Profile
7.7.2 Corporate Travel Management (CTM) Main Business
7.7.3 Corporate Travel Management (CTM) Travel Management Company (TMC) Products, Services, and Solutions
7.7.4 Corporate Travel Management (CTM) Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.7.5 Corporate Travel Management (CTM) Recent Developments
7.8 Direct Travel
7.8.1 Direct Travel Profile
7.8.2 Direct Travel Main Business
7.8.3 Direct Travel Travel Management Company (TMC) Products, Services, and Solutions
7.8.4 Direct Travel Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.8.5 Direct Travel Recent Developments
7.9 Navan
7.9.1 Navan Profile
7.9.2 Navan Main Business
7.9.3 Navan Travel Management Company (TMC) Products, Services, and Solutions
7.9.4 Navan Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.9.5 Navan Recent Developments
7.10 TravelPerk
7.10.1 TravelPerk Profile
7.10.2 TravelPerk Main Business
7.10.3 TravelPerk Travel Management Company (TMC) Products, Services, and Solutions
7.10.4 TravelPerk Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.10.5 TravelPerk Recent Developments
7.11 AltexSoft
7.11.1 AltexSoft Profile
7.11.2 AltexSoft Main Business
7.11.3 AltexSoft Travel Management Company (TMC) Products, Services, and Solutions
7.11.4 AltexSoft Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.11.5 AltexSoft Recent Developments
7.12 ITILITE
7.12.1 ITILITE Profile
7.12.2 ITILITE Main Business
7.12.3 ITILITE Travel Management Company (TMC) Products, Services, and Solutions
7.12.4 ITILITE Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.12.5 ITILITE Recent Developments
7.13 Spendesk
7.13.1 Spendesk Profile
7.13.2 Spendesk Main Business
7.13.3 Spendesk Travel Management Company (TMC) Products, Services, and Solutions
7.13.4 Spendesk Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.13.5 Spendesk Recent Developments
7.14 Frosch
7.14.1 Frosch Profile
7.14.2 Frosch Main Business
7.14.3 Frosch Travel Management Company (TMC) Products, Services, and Solutions
7.14.4 Frosch Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.14.5 Frosch Recent Developments
7.15 Ramp
7.15.1 Ramp Profile
7.15.2 Ramp Main Business
7.15.3 Ramp Travel Management Company (TMC) Products, Services, and Solutions
7.15.4 Ramp Travel Management Company (TMC) Revenue (US$ Million), 2021–2026
7.15.5 Ramp Recent Developments
8 Industry Chain Analysis
8.1 Travel Management Company (TMC) Value Chain
8.2 Travel Management Company (TMC) Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Key Suppliers of Raw Materials
8.2.3 Cost Structure
8.3 Midstream Analysis
8.4 Downstream (Customer) Analysis
8.5 Sales Model and Sales Channelss
8.5.1 Travel Management Company (TMC) Sales Model
8.5.2 Sales Channels
8.5.3 Travel Management Company (TMC) Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer
TABLE OF FIGURES
List of Tables
List of Figures
KEY QUESTIONS ADDRESSED BY THE REPORT
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REPORT COVERAGE
DESCRIPTION
OVERVIEW
MARKET SEGMENTATION
CHAPTER OUTLINE
QYRESEARCH'S STRENGTHS
TABLE OF CONTENTS
TABLE OF FIGURES
RLEATED REPORTS
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