We are already seeing in our company this taking effect. People are realising they don't need to fly half way round the world to have meetings if you can be organised. OK you might need to work early one morning, or late in the evening to meet APAC or US hours, but it means you don't have to fly there and be away from home for a week.
Some business travel will continue, but it will be dramatically cut down.
We are even starting to look at Virtual Events, rather than big trade shows that take place with 1000s of attendees, can this be done virtually instead.
In our department twice a year the high level US bosses would come over to the UK for a week, fly business class, stay in a nice hotel, go out for dinner every night, it would probably cost £20k minimum. They have already committed to only doing this once a year now, and doing the other one virtually.