It's Important to Design a Business Travel Lodging Budget that Facilitates Your Team The Best

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.

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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.

Huge developments in the travel industry and rise in the number of SMEs have given way to increasing business travelers traveling from one place to another. Several corporate establishments are also making tie-ups with the prominent business travel organizations so as to provide personalized collaborative rooms and team-building movements, which has again turned out to be another key driving factor for the growth of the global business travel lodging market.

According to Allied Market Research, the market is projected to showcase a striking 14.77% CAGR from 2021 to 2028. Keeping in line with a lot of surveys conducted in the recent years, there are around four-hundred million SMEs around the world that account for almost ninety-five percent of the global business companies.

Prior to the COVID-19 pandemic, the business travel lodging market was growing steadily, with an increasing demand for boutique and lifestyle hotels. However, the pandemic has significantly impacted the industry, leading to decreased demand and a shift towards more remote work.

As travel restrictions and remote work continue to impact the industry, here are some trends that are emerging in the business travel lodging market:

Increased focus on health and safety: The pandemic has heightened concerns around health and safety, leading hotels to implement more rigorous cleaning protocols and social distancing measures.

Emphasis on technology: With remote work becoming more prevalent, hotels are increasingly offering advanced technology and high-speed internet to cater to business travelers' needs.

Flexible booking policies: Due to the uncertainty around travel plans, hotels are offering more flexible booking policies, such as free cancellations or changes to reservations.

Shift towards extended stays: With more people working remotely, there has been an increase in the demand for extended stay accommodations, such as serviced apartments and corporate housing.

Sustainable practices: The demand for sustainable travel practices is on the rise, and hotels are increasingly implementing eco-friendly initiatives to attract business travelers who prioritize sustainability.

Alternative accommodations: While traditional hotels have been the go-to choice for business travelers, alternative accommodations such as vacation rentals and home-sharing platforms like Airbnb are gaining popularity due to their cost-effectiveness and flexibility.

Overall, the business travel lodging market is adapting to the changing needs of travelers in response to the pandemic, with a focus on health and safety, flexibility, and new technology.

Key Take Away :

Large Enterprises would exhibit the highest CAGR of 15.48% during 2021-2028
Hospitality would exhibit the highest CAGR of 16.59% during 2021-2028
Asia-Pacific would exhibit the highest CAGR of 15.71% during 2021-2028
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%
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.

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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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