According to a new report published by Allied Market Research, titled, “Business Travel Market by Service, Industry, and Traveler: Global Opportunity Analysis and Industry Forecast, 2021–2028,” The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The global business travel market size was valued at $695.9 billion in 2020, and is expected treach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021-2028.
Business travel or business tourism refers to the activity of travelling or journey that is done for various business purposes such as meetings, negotiate deals, networking, trade shows, and exhibitions. Business travel is done mainly for building partnerships, joint ventures, meeting suppliers and customers, maintaining relation between companies, and promotion of product or service.
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Globalization, growth of SMEs, and development of global tourism industry drive the growth of the global business travel market. However, growing adoption of ICT technology hinder the market growth. On the other hand, adoption of different technological advancements and growing infrastructure present new opportunities in the coming years.
The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on the basis of traveler, is categorized into group and solo traveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on service, the food and lodging segment accounted for the largest share in 2020, holding around half of the total share, and is projected to continue its lead position during the forecast period. In addition, the same segment is expected to witness the fastest CAGR of 14.2% from 2021 to 2028. Other two segments studied include recreation and transportation.
Based on industry, the corporate segment held the highest share in 2020, accounting for nearly two-thirds of the global business travel market, and is expected to maintain its dominant share during the forecast period. Furthermore, the same segment is estimated to manifest the highest CAGR of 14.1% from 2021 to 2028.
Based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due to rapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.5% market in 2020 followed by North America and Europe that constituted 26.3% and 24.3% market share respectively in 2020. LAMEA is expected to show considerable growth due to growing business activities, growing government initiatives to attract FDIs (foreign direct investments), and continuous infrastructural development in the region.
The key players profiled in this report include Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, Corporate Travel Management, Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, and Wexas Limited.
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The outbreak of COVID-19 disease resulted in the global shutdown economic activities causing a severe damage to the tourism industry. According to the Global Business Travel Association (GBTA), the global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. The business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacific by 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses to the players operating in the business travel market.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Business Travel market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Business Travel Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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