Press release
Business Travel Lodging Market Report 2024: Outlook, Current And Future Industry Landscape Analysis 2033
Business Travel Lodging Market Report
The Business Research Company offers in-depth market insights through Business Travel Lodging Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The business travel lodging market size has grown strongly in recent years. It will grow from $357.35 billion in 2023 to $380.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to global economic growth, increased demand for corporate profitability, expansion of multinational corporations, emerging markets and travel expansion, digitalization and remote working.
The business travel lodging market size is expected to see strong growth in the next few years. It will grow to $477.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising popularity of hybrid work arrangements and bleisure trips (combining business and leisure), growing awareness of environmental impact, increasing focus on personalized experiences, growth of serviced apartments, extended-stay hotels, and co-living spaces. Major trends in the forecast period include integration of smart technologies in business travel lodging, technology-driven enhancements, smart room technology, sustainable practices and eco-conscious choices, robotic room service and assistance.
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Market Segmentation:
The business travel lodging market covered in this report 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
Major Driver - Business Travel Lodging Market Set To Thrive Amidst Tourism Booms
The growth of the travel and tourism industries is expected to propel the growth of the business travel lodging market going forward. 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. For instance, in July 2022, according to the International Trade Administration, a US-based Intergovernmental organization, the total non-resident international visitor flow in the United States increased to 5,210,752, with an increase of 160.8% from July 2021. Therefore, the growth of the travel and tourism industries is driving the growth of the business travel lodging market.
Competitive Landscape:
Major companies operating in the business travel lodging market report are American Express Company, Marriott International Inc., Booking.com, Priceline, Booking Holdings Inc., Hilton Worldwide Holdings Inc., Carlson Wagonlit Travel, Holiday Inn Express, Best Western International Inc., Four Seasons Hotels Limited, Radisson Hospitality AB, InterContinental Hotels Group, BCD Group, Hyatt Hotels Corporation, Accor SA, Agoda, Pullman Hotels and Resorts, TripAdvisor Inc., Wyndham Hotels and Resorts, Choice Hotels International Inc., Ritz Carlton Hotels LLC, Kayak, Mandarin Oriental Hotel Group, Kesari Tours Pvt Ltd., Extended Stay America Inc., Fairmont Hotels and Resorts, Candlewood Suites, Travelers Haven, Novotel, SevenRooms.
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Top Trend - Major Companies Drive Technological Advancements In The Business Travel Lodging Market
Technological advancements are a key trend gaining popularity in the business travel lodging market. 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.
The Table Of Content For The Market Report 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. Business Travel Lodging Market Size And Growth
…..
27. Business Travel Lodging Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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