openPR Logo
Press release

Business Travel Market Size to Reach USD 2,001.1 Billion by 2028 at CAGR 13.2% - Valuates Reports

07-05-2022 07:51 PM CET | Tourism, Cars, Traffic

Press release from: Valuates Reports

Business Travel Market Size to Reach USD 2,001.1 Billion by 2028

The global business travel market size was valued at USD 695.9 Billion in 2020 and is expected to reach USD 2,001.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.2% from 2021 to 2028.

Major Factors Driving The Growth Of The Business Travel Market Are:

Bleisure travel (business + leisure), the development of smart hotels, virtual reality for hotel bookings, and personalization are all aspects that are fuelling the business travel market. In the near future, all of these hotel expansions will drive the growth of the food and lodging segment, as well as the overall business travel market.

The use of robotic technology can assist reduce human-to-human contact, which could help the business travel market to flourish in the future. Robotics technology is a popular trend that draws customers to hotels. In hotels, robots are used to greet guests, provide information, handle luggage, and clean the rooms. Robots could be utilized in foodservice and food preparation positions in restaurants. Customers are pre-screened by robots at travel agencies.

Get your sample today: https://reports.valuates.com/request/sample/ALLI-Manu-1B51/Business_Travel_Market

Trends Influencing The Growth Of The Business Travel Market

The expansion of the travel and tourism industry, as well as increased government initiatives for the development of the meetings, incentives, conferences, and events (MICE) segment and the small and medium-sized companies (SMEs) sector, are driving the worldwide business travel market. Increased infrastructure investment and quick expansion in the travel retail industry, on the other hand, are expected to give profitable chances for the growth of the corporate travel market. With the surge in demand for business travel, several organizations operating in the global business travel market are attempting to provide well-managed and cost-effective programmers to consumers.

The emergence of numerous online travel agencies (OTAs) such as booking.com, KAYAK, and Expedia is contributing to the global business travel market expansion. Furthermore, the expansion of the travel and tourism industry, as well as an increase in government initiatives for the development of the MICE (meetings, incentives, conferences, and events) segment and the SME sector, are driving the business travel market.

The global Business Travel Market is primarily driven by improvements in travel and tourism, as well as the rapid growth of enterprises all over the world. When it comes to business travel, which includes local and international journeys by employees or organizations, emerging countries constitute the fastest growing market. Over the last five years, spending on business travel has risen. Hotels are enticing businesspeople and consumers with a variety of free services such as free Wi-Fi, electronic gadgets for teleconferencing and video conferencing, and discussion rooms to assist people to do business activities.

Browse the Table of Contents and List of figures at: https://reports.valuates.com/reports/ALLI-Manu-1B51/business-travel

Business Travel Market Share Analysis:

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. In 2020, the food and lodging segment was also the most dominant, accounting for roughly 50.3 percent of the market. The rise of the food and lodging industry is being aided by the increasing penetration of hotel booking services such as Airbnb and Oravel Stays.

According to the industry, the corporate segment was the most dominant, and it is also expected to be the fastest-growing category due to the global expansion of commercial activities. In 2020, the corporate segment had a market share of roughly 65.6 percent, and it is predicted to increase at a CAGR of 14.1 percent over the forecast period.

Based on travelers, Group was the largest and fastest-growing sector, accounting for 59.5 percent of market share in 2020 and expected to increase at a substantial CAGR of 14.3 percent in the next few years. The group segment is thriving since the costs of group tourism are lower. Furthermore, for group travel, the service providers offer lower rates on lodging and transportation.

Due to rapidly increasing infrastructure, good circumstances for establishing enterprises, and government policies aimed at encouraging foreign investment, Asia-Pacific is the largest and fastest-growing market for business travel. In 2020, Asia-Pacific had a 43.5 percent market share, followed by North America and Europe, which had 26.3 percent and 24.3 percent market shares, respectively. Due to expanding economic activity, growing government initiatives seeking FDIs (foreign direct investments), and continual infrastructural development in the region, LAMEA is likely to see significant growth.

Report Customization Request: https://reports.valuates.com/request/customisation/ALLI-Manu-1B51/Business_Travel_Market

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
Others
Buy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-1B51&lic=single-user

Buy Now for Enterprise License + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-1B51&lic=enterprise-license

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS

Global Freight Forwarding Market Insights and Forecast to 2028 - https://reports.valuates.com/market-reports/QYRE-Othe-4Q275/freight-forwarding

Global Pallet Pooling Market - https://reports.valuates.com/reports/QYRE-Auto-15U2483/covid-19-impact-on-global-pallet-pooling

Global Drone Logistics and Transportation Market - https://reports.valuates.com/market-reports/QYRE-Auto-32R1184/global-drone-transportation-and-logistics

CONTACT US:
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
Follow on Twitter - https://twitter.com/valuatesreports
Follow on Linkedin - https://in.linkedin.com/company/valuatesreports
Follow on 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.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Business Travel Market Size to Reach USD 2,001.1 Billion by 2028 at CAGR 13.2% - Valuates Reports here

News-ID: 2672139 • Views: 898

More Releases from Valuates Reports

Polyimide Films market size is estimated to be worth US$ 1365 million in 2022 an …
Polyimide Films market size is estimated to be worth US$ 1365 million in 2022 and is forecast to a readjusted size of US$ 2058.6 million by 2028 with a CAGR of 7.1% during the review period. Key drivers of the Polyimide films market include the extensive use in novel electronic applications. Free PDF Sample - https://reports.valuates.com/request/sample/QYRE-Auto-11H3158/Global_Polyimide_Films_Market_Insights_and_Forecast_to_2028 Polyimide Films Market Size and Share Based on type, the segmentations are Benzene polyimide films and Biphenyl
Logistics Market Size To Reach USD 12,975.64 Billion By 2027 Registering A CAGR …
The global logistics market was valued at USD 7,641.20 billion in 2017 and is projected to reach USD 12,975.64 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027. Major Factors Driving The Growth Of The Logistics Market Are Logistics market expansion is fueled by factors such as the rising e-commerce industry and the rise in reverse logistics activities. In addition, the
The cleanroom consumables market was valued at USD 3688.38 million in 2020, and …
The cleanroom consumables market was valued at USD 3688.38 million in 2020, and it is anticipated to reach USD 6658.35 million by 2030, registering a CAGR of about 5.40% during the forecast period (2021 to 2030). North America is expected to experience growth at the highest rate, registering a CAGR of 4.20% during the forecast period. Key drivers of the cleanroom consumables market include the growing need for sterilized pharmaceuticals,
Same-day Delivery market size is projected to reach US$ 123050 million by 2027, …
The global Same-day Delivery market size is projected to reach US$ 123050 million by 2027, from US$ 11620 million in 2020, at a CAGR of 38.5% during the forecast period 2021-2027. Same-day delivery services have gained popularity in the logistics industry because they give profitable business growth and expansion options for service providers. Get Regional report - https://reports.valuates.com/request/regional/QYRE-Auto-18U764/Global_Same_day_Delivery_Market_Size_Status_and_Forecast_2020_2026 This in turn is expected to drive the Same Day Delivery market. Furthermore, as

All 5 Releases


More Releases for Travel

Travel Insurance Market Growth, Analysis and Advancement Outlook 2021 – CSA Tr …
The Global Travel Insurance Market size was valued at USD 15.87 billion in 2020 and is predicted to reach USD 58.93 billion by 2030 with a CAGR of 14.4% from 2021-2030. Travel insurance provides financial security to the insured person in the event of luggage loss, trip cancellation, medical and other expenses incurred during a trip. Travel insurance can be availed at the time of booking for either a single
Excellent Growth of Business Travel Management Service Market Key Players- Carls …
“Business Travel Management Service Industry 2020 Market Research Report” A new report added by reportsandmarkets.com to its research database. Business Travel Management Service Market is segmented by Regions/Countries. All the key market aspects that influence the Business Travel Management Service market presently and will have an impact on it have been evaluated and propounded in the Business Travel Management Service market research status and development trends reviewed in the new
Honeymoon Tourism Market Is Thriving Worldwide : China Travel, HRG North America …
A fresh market research study titled Honeymoon Tourism Market explores several significant facets related to Honeymoon Tourism Market covering industry environment, segmentation analysis, and competitive landscape. Realistic concepts of the market are mentioned in a simple and plain manner in this report. A comprehensive and elaborate primary analysis report highlights numerous facts such as development factors, business enhancement strategies, statistical growth, financial gain or loss to help readers and clients
Luxury Travel Market - Performance Survey 2026 |Abercrombie & Kent USA, Absolute …
Notice: This Content does not contains all the information of the Report Please fill the form (via Link) and get all Recent Information juss one click in Sample PDF with latest update, charts and Table of content. The Report Titled on "Luxury Travel Market" which provides COVID19 Impact analysis on Market Size (Production,Capacity, Value, Values & Consumption), Regional and Country-Level Market Size, Segmentation Market Growth, Market Share, Competitive Landscape, Sales Analysis,
Student Travel Market is Booming | STA Travel, StudentUniverse, Ellison Travel
The Student Travel Market has witnessed continuous growth in the last few years and is projected to grow even further during the forecast period of 2020-2026. The exploration provides a 360 view and insights, highlighting major outcomes of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions to improved profitability. In addition, the study helps venture or private players in understanding the
Travel CEO Wins World's Best Travel CRM Software & Travel Agency Software at Int …
9 Years of Unparalleled Service Recognized on World Platform Bengaluru, Karnataka., September 18, 2019 -- The International Travel Awards is one of the most prestigious hospitality and tourism awards in the world. So, it is a matter of great pride to announce that Travel CEO is the recipient of the World's Best Travel CRM Software & Travel Agency Software awards at the ITA 2019. The ITA recognises the best players in