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Business Travel Lodging Market Size, Trends, Industry Analysis, Key Drivers, Top Major Players And Forecast To 2032
Business Travel Lodging Market Analysis
The Business Research Company's Business Travel Lodging Global Market Report 2023 identifies growth of the travel and tourism industries as the major driver for the business travel lodging market's growth in the forecast period. The travel and tourism industry refers to a large sector that includes people who travel to other places, either nationally or internationally, as well as various activities, services, and businesses related to travel, tourism, and hospitality. Business travel lodging in tourism destinations provides several benefits for professionals, such as accessibility to tourist attractions, improved work-life balance, and networking in a relaxed setting.
The global business travel lodging market is expected to grow from $334.42 billion in 2022 to $357.35 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The business travel lodging market is expected to reach $447.96 billion in 2027 at a CAGR of 5.8%.
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Major competitors in the business travel lodging market are American Express Company, Marriott International Inc., Booking.com, Priceline, Booking Holdings Inc., Hilton Worldwide Holdings Inc., Carlson Wagonlit Travel.
A key trend in the business travel lodging market includes technological advancement. Major companies operating in the business travel lodging market are adopting new technologies to sustain their position in the market. For instance, in October 2022, Stayntouch, a US-based enterprise mobile cloud platform, launched Stayntouch 2.0, a cutting-edge technology suite for the hotel industry. This comprehensive offering includes an upgraded cloud property management system (PMS), a guest kiosk, a secure payment gateway, a customizable booking engine, and an easy-to-use channel manager. The suite enables hotels to deliver superior service through mobile platforms, automation, mobile guest check-in, and automated upsells. Stayntouch 2.0 aims to empower hotel operators to take control of the guest experience while simplifying processes and scaling business operations.
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The business travel lodging market is segmented -
1) By Type: Hotels, Motels, Serviced Apartments, Vacation Rentals, Other Types
2) By Price Range: Economy Or Budget, Mid-scale, Upscale Or Luxury
3) By Traveler Type: Solo Travelers, Croup Travelers, Business Travelers, Leisure Travelers
4) By Booking Channel: Online Travel Agencies (OTAs), Direct Booking, Corporate Bookings
5) By Industry: Construction And Engineering, Pharmaceutical And Healthcare, Agriculture Food And Beverage, Hospitality, Business Services And Consulting, Information Technology(IT) And Telecom, Finance And Insurance, Non Profit Organizations, Transport And Logistics, Other Industries
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the business travel lodging market.
The Business Research Company's "Global Business Travel Lodging Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Business Travel Lodging Market Include:
1. Executive Summary
2. Business Travel Lodging Market Characteristics
3. Business Travel Lodging Market Trends And Strategies
4. Business Travel Lodging Market - Macro Economic Scenario
5. Global Business Travel Lodging Market Size and Growth
………..
32. Global Business Travel Lodging Market Competitive Benchmarking
33. Global Business Travel Lodging Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Business Travel Lodging Market
35. Business Travel Lodging Market Future Outlook and Potential Analysis
36. Appendix
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