BTN's annual list of the 25 Most Influential People in business travel can't help but also follow the biggest industry trends. In 2025, travel management companies have been in the news for innovation, initial public offerings, acquisitions, partnerships and even reversals of fortune. The result has been a bustle of TMC bidding activity by corporates looking for greener pastures in the form of upgraded technologies, enhanced personalization and service, or at least something new. Some TMCs are equipped to deliver, and some are making big promises. Buyers, too, are more prepared to innovate, according to some of this year's list-makers. But buyers may not get innovations across their total programs as de-globalization becomes a more serious strategy consideration for both buyers and suppliers. Indeed, not just geographically, some major players are narrowing their innovation apertures so they can run fast with a select soulmate while letting other relationships ride along it the wake.