Latin America Business Travel Market Report, Size, Share, Growth and Industry Trends 2022-2027

According to IMARC Group's latest report, titled "Latin America Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the Latin America business travel market size reached US$ 40.27 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 62.99 Billion by 2027, growing at a CAGR of 6.59% 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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Industry Overview and Application:

Business travel, also known as corporate travel, refers to domestic or international travel undertaken by employees and executives of a company explicitly for work or business purposes. It is generally set up either by in-house travel departments or external service providers and is paid for by the company. It involves traveling to different locations or branches of the organization to meet with suppliers and buyers and for business conferences and events. It assists in business expansion and improving business prospects. In recent years, business travel has gained immense popularity among enterprises for brand and product promotion, client meetings, new market assessments, project site evaluations, and employee training programs.

Market Trends and Drivers:

In Latin America, the rising business activities and rapid globalization represent the primary factors driving the market growth. Besides this, the revitalization of the economy in the region is another major growth-inducing factor. Additionally, with the escalating demand for international routes, there has been a significant increase in air traffic and revenue passenger kilometers (RPKs). In line with this, the growing popularity of low-cost carriers (LCCs) in various countries, such as Colombia, Peru, Argentina, and Chile, has accelerated product adoption rates. Furthermore, several corporate organizations are collaborating with leading travel companies to provide customized collaborative spaces and team-building exercises. Along with this, the surging penetration of the Internet of Things (IoT) and virtual reality (VR) technology that facilitates process automation and smooth operations for travelers and travel operators has catalyzed market growth. Apart from this, the emerging trend of Bleisure travel that incorporates the elements of business and pleasure, and offers leisure or recreational activities to relieve stress and enhance work efficiency is positively influencing the market growth. Other factors, including the expanding travel and tourism industry, increasing digitization in the corporate sector, rising number of small and medium enterprises (SMEs), and technological advancements, are also providing a positive thrust to the market growth.

Key Market Segmentation:

The report has segmented the Latin America 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:

• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Others

Competitive Landscape With Key Players:

The competitive landscape of the Latin America 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.

About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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.