Business aviation has an opportunity to capitalize on the “soaring failure” in commercial travel, according to Vitalij Kapitonov, the CEO of European charter KlasJet, who cited growing delays, flight cancelations and mishandled bags as significant problems. Flightstats data reveal that 700 commercial flights are cancelled daily globally and 470,515 flights were delayed last month, the company noted. Delays and cancellations cost U.S. travelers $8.5 billion in 2014. Also, 21.8 million bags were mishandled in the U.S. last year, frustrating travelers.

“Since a single minute on a CEO’s schedule could cost thousands or even hundreds of thousands, more and more executives and entrepreneurs have actually started viewing private aviation as an insurance against many service-related disruptions that are common to commercial aviation services,” said Kapitonov.

The operator also pointed to JetAdvisor survey findings that a business aircraft traveler saves up to 7.5 hours round-trip between New York and Chicago. “With the commercial aviation industry falling behind due to the lack of punctuality, technical issues or mishandled items, it is up to business aviation to fill in the gap,” he concluded.