Global Business Travel Market Study Analysis: The Business Travel Market Is Expected To Grow At A CAGR Of More Than 18%

The global Business Travel market is expected to grow from $ billion in 2020 to $ billion in 2028 at a CAGR of 18%. Business travel means people travel for a business-oriented purpose and it includes transportation, accommodation, business work, entertainment, and other activities. Travel and tourism are one of the largest industries with the largest economic contributor. The employees working in the various multinational organization are often required to travel across various countries for business purposes. This has increased the business travel segment.

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Global Business Travel Drivers And Restrain:
The major factor driving the growth of the market includes the development of smart hotels, online booking, and personalization. There has been an increase in the usage of robotics technology to attract the customer. robots are being used for greeting guests, luggage handling, providing information, and cleaning purposes in the hotel. The companies operating in the travel market are trying to provide well-managed and cost-effective programs. Furthermore, the expansion of the travel & tourism industry, increase in government initiatives for the development of meetings, incentives, conferences, and events segment & small and medium-sized enterprises sector and rise in the globalization of businesses.
The major factor restraining the growth of the market includes the increase in the adoption of advanced technology such as video conferencing. Furthermore, the outbreak of covid has resulted in the global shutdown of economic activities. This has led to the restriction on travel reducing business travel.

Covid-19 Scenario:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window

Global Business Travel Market Segments:
The global Business Travel market is further segmented into service, industry, traveler, and geography.
By Service: Transportation, Food & Lodging, and Recreation
By Industry: Government and Corporate
By Traveler: Group and Solo

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa and South America)

The Asia-Pacific is expected to witness steady economic growth due to the huge penetration of the internet & technology in densely populated nations. Furthermore, the increase in penetration of IoT is helping both travelers and travel executives in handling different operations related to business travel such as planning, booking, and being updated with the recent status of their journey plans.

Key Players of Global 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

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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Business Travel Market
• Value Chain Analysis of Global Business Travel Market
• What is the CAGR of the global Business Travel Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis

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