Business Travel Market to grow at a CAGR of 13.2% from 2021–2028 | Valuates Reports

The global business travel market size was valued at $695.9 billion in 2020 and is expected to reach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. The global travel & tourism industry is one of the largest industries with a global economic contribution of more than $9000 billion.

According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations, are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work.

Inquire for sample report: https://reports.valuates.com/request/sample/ALLI-Manu-1B51/Business_Travel_Market

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, the 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. In restaurants, robots can be potentially used in foodservice and food preparation roles. Moreover, travel agents use robots for pre-screening customers. The use of robotic technology is very helpful in reducing human-to-human contact that may foster the growth of the business travel market in the future.

Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management. 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 meetings, incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector, and increase in globalization of businesses. However, the surge in adoption of advanced technology such as video conferencing hampers the market growth, as it is cost-effective and less time-consuming as compared to traveling. Conversely, an increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the business travel market growth.

The outbreak of COVID-19 disease resulted in the global shutdown of economic activities causing severe damage to the tourism industry. According to tthe Global Business Travel Association (GBTA), 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 for the players operating in the business travel market.

View Full Report: https://reports.valuates.com/reports/ALLI-Manu-1B51/business-travel

According to the business travel market forecast, based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 14.2% during the forecast period. Food & lodging was the dominating segment, garnering around 50.3% market share in 2020. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays are fostering the growth of the food & lodging segment.

According to the business travel market share analysis, based on travelers, 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 offer discounted rates on accommodation and transportation for group travel.

As per the business travel market trends, 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 constituting 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 business travel industry have adopted various developmental strategies to expand their market share, exploit the business travel market opportunities, 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.

Business Travel Market by Industry
➣Government
➣Corporate

Business Travel Market by Service
➣Transportation
➣Food & Lodging
➣Recreation

Business Travel Market by Traveler
➣Group
➣Solo

by Regional and Country-level Analysis
➣North America
➣United States
➣Canada
➣Asia-Pacific
➣China
➣Japan
➣South Korea
➣India
➣Southeast Asia
➣Australia
➣Rest of Asia-Pacific
➣Europe
➣Germany
➣France
➣U.K.
➣Italy
➣Russia
➣Nordic Countries
➣Rest of Europe
➣Latin America
➣Mexico
➣Brazil
➣Rest of Latin America
➣Middle East & Africa
➣Turkey
➣Saudi Arabia
➣UAE
➣Rest of MEA

Major Players in the Business Travel Market
➣Airbnb Inc
➣American Express Company
➣Bcd Group (Bcd Travel)
➣Booking Holdings, Inc
➣Carlson Wagonlit Travel (Cwt)
➣Corporate Travel Management
➣Expedia, Inc
➣Fareportal, Inc
➣Flight Centre Travel Group Limited
➣Wexas Limited

Valuates Reports
sales@valuates.com
For U.S. Toll Free Call +1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp : +91-9945648335

Website: https://reports.valuates.com
Twitter - https://twitter.com/valuatesreports
Linkedin - https://in.linkedin.com/company/valuatesreports
Facebook - https://www.facebook.com/valuatesreports/

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

This release was published on openPR.