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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.

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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, 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.

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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.

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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
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