According to the latest report by IMARC Group, titled “Asia Pacific Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Asia Pacific business travel market size reached a value of US$ 414.6 Billion in 2021. Business travel is defined as a journey wherein the primary purpose is to expand or complete business operations. A work-life balance is maintained by combining business and pleasure elements and offering leisure activities to relieve stress and improve productivity. Business tourism encompasses professional reasons or work, including employee training, networking, marketing, incentives, trade shows, conferences, and exhibitions. In most cases, business travel managers are responsible for managing these trips, including coordinating travel logistics, booking flights, negotiating with airlines and hotels, and enforcing company policies. As the global economy expands and business activities grow in Asia Pacific, business travel is gaining immense popularity among organizations.
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.
Asia Pacific Business Travel Market Trends:
The market in Asia Pacific is majorly driven by the rising trend of B-leisure travel among working professionals. This can be attributed to a considerable rise in economic growth across the region. Moreover, the growing number of corporate organizations partnering with business travel companies to provide collaborative spaces for recreation and bonding are providing an impetus to the market. In line with this, the expanding number of small and medium scale enterprises, along with rapid globalization, is impacting the market positively. Additionally, the increasing adoption of advanced technologies, such as the Internet of Things (IoT) for swift and efficient travel management processes, is propelling the market growth. In addition to the increased ease of travel restrictions post-pandemic, the availability of additional facilities, including visa on arrival, is also fueling the market. Some of the other factors creating a positive market outlook include the increasing penetration of high-speed internet, ease of online booking processes, and the inflating disposable income levels. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 641.2 Billion by 2027, exhibiting a CAGR of 6% during 2022-2027.
- Based on the type, the market has been segmented into managed business travel and unmanaged business travel.
- On the basis of the purpose type, the market has been divided into marketing, internal meetings, trade shows, product launch, and others.
- Based on the expenditure, the market has been categorized into travel fare, lodging, dining, and others.
- On the basis of the age group, the market has been classified into travelers below 40 years, and travelers above 40 years.
- Based on the service type, the market has been divided into transportation, food and lodging, recreational activities, and others.
- On the basis of the travel type, the market has been segmented into group travel and solo travel.
- Based on the end user, the market has been categorized into government, corporate, and others.
- On the geographical front, the market has been segregated into China, Japan, India, South Korea, Australia, Indonesia and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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