Navigating the Future of Business Travel: a Look at 2040

• Factors such as sustainability, technological advancements, and geopolitical volatility are shaping the future of business travel.
• A report by CWT and GBTA identifies three potential scenarios for business travel by 2040: Baseline, Boom, or Bust.

Ancient Babylonians gazed at the stars six thousand years ago to predict future events. Today, we use technology and data to anticipate what’s next. Forecasting becomes crucial in a world marked by uncertainty and rapid change, especially in business travel. A recent report by CWT and GBTA explores potential scenarios for the future of business travel in 2040.

The report identifies three key areas shaping this future: sustainability, technological transformation, and geopolitical volatility.

Sustainability on the Horizon

With 82% of leaders confirming their organizations’ commitment to carbon emissions reduction, sustainability goals are already influencing business travel. Companies expect to continue integrating sustainable practices into their travel policies by 2040. This could involve selecting service providers recognized for their environmental practices or favoring eco-friendly hubs known for their commitment to sustainability.

The Impact of Tech Transformations

Artificial Intelligence (AI) and automation are set to revolutionize business travel. AI can optimize travel routes and costs in real time, while automation can drastically reduce the admin work associated with managing travel. The McKinsey Global Institute estimates AI can add $400 billion in annual value to the travel industry. Other technologies, such as Blockchain and virtual reality (VR), are also expected to streamline the travel process and potentially alter the need for certain trips.

Dealing with Geopolitical Volatility

The World Economic Forum reports that 63% of leaders predict a turbulent future. Global firms must prepare for this volatility. This could involve maintaining a visible presence in unstable regions, being more cautious about sending employees into potentially dangerous situations and relying more on digital communication tools or local partners. Recent research suggests that 25% of global trade could relocate within the next three years due to economic and geopolitical instability.

In this era of uncertainty, leaders who plan travel and meetings must ask their people the right questions and ask them often. They can thrive by planning for different scenarios emphasizing sustainability, leveraging emerging technology, and anticipating geopolitical shifts. In a world where the only constant is change, the art of predicting the future becomes more of a necessity than a luxury.

Predicting the future of business travel is both an art and a science. To gain strategic insight into what’s ahead, read 2040: Baseline, Boom or Bust.