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 global business travel market size is expected to reach $2,001.1 billion by 2028 at a CAGR of 13.2% from 2021 to 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.
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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The growing popularity of leisure incorporating business with recreational or leisure activities to relieve stress and enhance work-efficiency is propelling the global business travel market. The development and growth of various online travel agencies (OTA) such as booking.com, KAYAK, and Expedia, are contributing toward the growth of the global business travel market. Moreover, the growth of the global business travel market is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, and increase in globalization of business.
The trending factors responsible for fueling the business travel market include bleisure travel (business + leisure), IoT (internet of things), development of smart hotels, virtual reality for hotel bookings, and personalization. All these developments in hotels will lead to the growth of the food & lodging segment as well as the overall business travel market in the upcoming future. Moreover, use of robotics technology is a trending factor that attracts customers to hotels. Robots are being used in hotels for greeting guests, providing information, luggage handling, and cleaning purposes.
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.
As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is also forecasted to be the fastest-growing segment due to growth of business activities across the globe. The corporate segment accounted for around 65.6% market share in 2020 and is expected to witness growth at the highest CAGR of 14.1% during the forecast period.
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Based on traveler, the group was the largest and the fastest-growing segment that garnered 59.5% market share in 2020 and is anticipated to grow at a significant CAGR of 14.3% in the upcoming future. The group segment is prospering as the cost involved in group tourism is lower. Further, the service providers offers discounted rates on accommodation and transportation for group travel.
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 players operating in the global sunglasses market have adopted various developmental strategies to expand their market share, exploit the sunglasses market opportunity, and increase profitability in the market. 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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Key benefits for stakeholders:
• The study provides an in-depth analysis of the global business travel market, with current and future trends telucidate the imminent investment pockets in the market.
• Current and future trends are outlined in the report tdetermine the overall market attractiveness and single out profitable trends tgain a stronger foothold in the market.
• The report provides information regarding drivers, restraints, and opportunities with impact analysis.
• A quantitative analysis of the current market and estimation for the same from 2020 t2028 is provided tshowcase the financial competency of the market.
• Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
• Competitive intelligence highlights the business practices followed by the leading market players across various regions.
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