Do You Know : At 14.77% CAGR Business Travel Lodging Market to Reach $450.8 Bn, Globally, by 2028

Rise in digitization in the corporate and tourism sectors across the world has given way to increasing penetration of the IoT, thereby allowing both the travel operators and the travelers to achieve their targets just in a jiffy. At the same time, the VR technology has also paved in the scenario, offering much enhanced, effective, and customized experiences for customers, which in turn has driven the global business travel lodging market in more than one way.

Additionally, in the last few years, there's been a steep incline in the trend of Bleisure travel, which integrates business with several pleasure essentials and doles out recreational activities to boot out stress as well as perk up work efficiency altogether. This factor has supplemented the market growth yet more.

According to Allied Market Research, the global business travel lodging market was valued at $257.40 billion in 2018, and is projected to reach $450.80 billion by 2028, growing at a CAGR of 14.77% from 2021 to 2028.

Prime determinants of growth

Continuous development in the travel & tourism industry, rise in tourism promotion, increase in accessibility of transport facilities, and surge in infrastructure development drive the growth of the global business travel lodging market. However, factors such as rise in adoption of ICT technology and high investment hinder the market growth. On the other hand, surge in industrialization and increasing visits of investors regarding business expansion worldwide present new opportunities in the coming years.

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The large enterprises segment to maintain its leadership status throughout the forecast period

Based on enterprise size, the large enterprises segment held the highest market share in 2020, accounting for more than two-fifths of the global business travel lodging market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 15.4% from 2021 to 2028, owing to the rising consumer preferences towards lodging comforts, amenities, and recreational services on the premises.

The retail & consumer goods segment to maintain its lead position during the forecast period

Based on industry, the retail & consumer goods segment accounted for the largest share in 2020, contributing to nearly one-fifth of the global business travel lodging market, and is projected to maintain its lead position during the forecast period. This is owing to rapid development in the sector's growth, increasing consumers spending over the retail products, and offerings of tremendous business opportunities for the manufacturers in the sector. However, the hospitality segment is expected to portray the largest CAGR of 16.5% from 2021 to 2028.

Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global business travel lodging market. Moreover, the same region is expected to witness the fastest CAGR of 15.7% during the forecast period. This is attributed to increasing industrialization and rapidly growing sectors such as food, pharmaceuticals, and others.

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Key findings of the study

Large enterprises segment is estimated to witness the fastest growth, registering a CAGR of 15.5% during the business travel lodging market forecast period.

Hospitality would exhibit the highest CAGR of 16.59% during 2021-2028, as the number of consumers travelling for the purpose of business, leisure's, and vacations has risen the multifold over the decade.

In 2020, the U.S. was the most prominent market in North America, and is projected to reach $96.4 billion by 2028, growing at a CAGR of 13.8% during the forecast period.

Asia-Pacific would exhibit the highest CAGR of 15.71% during 2021-2028, owing to the increasing industrialization, westernization, and rise in business opportunities in the region.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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