Business Travel Market : Global Opportunity Analysis and Industry Forecast 2021-2028

The global Business Travel Market size was valued at US$ 695.9 billion in 2020 and is projected to reach US$ 2001.1 billion by 2028 growing at a Compound Annual Growth Rate (CAGR) of 13.2% from 2021-2028. Key drivers of the Business Travel Market include bleisure travel(business + leisure), IoT, development of smart hotels, personalization, and virtual reality for hotel bookings. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. The places usually involved with business travel are commercial places that are well developed and suited for trade work.

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According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations, are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work.

Other factors contributing to the growth of the Business Travel Market are using robotics technology, traveling for client meetings, brand and product promotion, business expansion, and employee training and incentives. Further increasing digitization in the travel and tourism sector, increasing small and medium scale enterprises and rising globalization are also contributing towards the growth of the market. Moreover, with several tie-ups of corporate organizations with leading business travel companies for providing personalized collaborative spaces and team-building exercises, the demand for business travel is expected to boom further during the forecast period.

Introduction of advanced technologies such as IoT, VR, and robotics will transform the market in the coming years
With the growing penetration of the Internet Of Things(IoT) and increasing digitization in the tourism and corporate sector, a growing number of travelers and travel operators are getting things done swiftly and with ease bolstering the market growth. Moreover, with the introduction of Virtual Reality (VR) and robotics, customization has become easier with personalization options tailored to specific consumer needs increasing the efficiency levels. Thus growing digitization and rapid increase in usage of advanced technologies will significantly expand the growth of the Business Travel Market during the forecast period.

Increasing globalization and rising trend for bleisure travel(travel+leisure) will spur the growth of the market
An increasing number of small and medium scale enterprises, rising globalization, and growing trend for bleisure travel will drive the growth of the market in the coming years. Bleisure is a combination of travel + leisure that mixes business with pleasure elements and offers leisure or recreational activities to relieve stress and improve work efficiency. Further, the ever-changing globalized world with an increasing need for client meetings, brand and product promotion, business expansion, and team-building exercises has propelled the growth of the Business Travel Market during the forecast period and will continue to rise further in the future. Also with several tie-ups of corporate organizations with business travel companies for providing collaborative spaces for recreation and bonding activities the growth of the Business Travel Market is going to shoot up in the near future.

Travel convenience will provide lucrative opportunities for the growth of the market
Convenience and increased autonomy is the most preferred choice looked upon by business travelers while traveling. Hence travel companies must look into this and create opportunities accordingly for boosting sales. There has been a preferred choice for autonomy and convenience related to flight bookings and direct flights, hotels nearby to the offices, and unlimited wifi for smooth operation. Hence travel companies are now interacting directly with business travelers in order to enhance their services and provide better customer satisfaction. Thus growing need for convenience and autonomy will create lucrative opportunities for the growth of the Business Travel Market during the forecast period.

Covid 19 impact will transform the market during the forecast period
Corporate travel took a big hit during the pandemic and with trade shows, conferences remaining mostly virtual the growth of the market has slowed down temporarily. But with successful vaccine rollout and protocols mandating essential only travel the Business Travel Market has picked up pace slowly and steadily. With the partial resumption of offices, the growth trajectory of the market is expected to rise in the near future. Hybrid models of working is the way forward with conferences and other industrial events making a comeback through live and hybrid formats. Thus although covid 19 has severely impacted the growth of the market it is expected to pick up the pace gradually in the coming years.

Business Travel Market Share Analysis
The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on the basis of travelers, is categorized as intergroup and solo travelers. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on service, The food and lodging segment is expected to provide lucrative opportunities for growth in the Business Travel market share, growing at a CAGR of 14.2% during the forecast period. Food & lodging was the dominating segment, garnering around 50.3% market share in 2020.

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