Asia Pacific Business Travel Market Trends 2022-2027 | Industry Size, Growth and Competitive Analysis

According to IMARC Group's latest report, titled "Asia Pacific Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the Asia Pacific business travel market size reached US$ 414.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 641.2 Billion by 2027, exhibiting a growth rate (CAGR) of 6% during 2022-2027.

COVID-19 Impact Analysis:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Business travel, or corporate travel, refers to a journey explicitly undertaken for work purposes. Such kind of travel endeavor serves various corporate objectives, such as business expansion, exhibitions, networking, client meetings, promoting brands, incentives, and employee training. These trips are usually managed by a business travel manager who coordinates travel logistics, books flights, negotiates with airlines and hotels for best prices, and enforces travel policies.

Market Trends and Drivers:

The Asia Pacific business travel market is majorly driven by the rise in the travel and tourism industry along with increasing adoption of advanced technologies in travel management operations. In line with this, the trend of globalizing businesses and digitizing tourism with the help of the Internet of Things (IoT) have intensified the need for business travel in the region. Moreover, the rising practice of combining work with pleasure elements that offer stress-relieving activities to improve work efficiency is propelling the market growth. However, the mass outbreak of the coronavirus disease (COVID-19) presented challenges to the market growth in the Asia Pacific due to the travel ban imposed by governments of various nations to constrain the spread of the virus. The market is expected to recover the impeded growth once normalcy is regained.

Key Market Segmentation:

The report has segmented the Asia Pacific business travel market on the basis of type, purpose type, expenditure, age group, service type, travel type, end user and country.

Breakup by Type:

• Managed Business Travel
• Unmanaged Business Travel

Breakup by Purpose Type:

• Marketing
• Internal Meetings
• Trade Shows
• Product Launch
• Others

Breakup by Expenditure:

• Travel Fare
• Lodging
• Dining
• Others

Breakup by Age Group:

• Travelers Below 40 Years
• Travelers Above 40 Years

Breakup by Service Type:

• Transportation
• Food and Lodging
• Recreational Activities
• Others

Breakup by Travel Type:

• Group Travel
• Solo Travel

Breakup by End User:

• Government
• Corporate
• Others

Breakup by Country:

• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others

Competitive Landscape With Key Players:

The competitive landscape of the Asia Pacific business travel market has been studied in the report with the detailed profiles of the key players operating in the market.

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.