According to the latest report by IMARC Group, titled "India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India business travel market reached a value of US$ 31.7 Billion in 2021. Business travel is generally undertaken for work or business purposes, including meetings and conferences, business expansion, employee training and development, promotion of products and services and strengthening company relations. It involves a wide range of services, such as planning and booking, sourcing and procurement, measuring and reporting and account management. It is usually paid by the organization via in-house travel departments and external service providers that include meals, airfare and lodging, transport services and expenses for communication devices. In India, there has been a considerable increase in the popularity of business travel due to a considerable decrease in airfares on account of the introduction of new airlines.
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.
India Business Travel Market Trends:
The market in India is primarily driven by the globalization of business operations, which has encouraged multinational companies to expand their business in the country. Moreover, the rising investments by public and private agencies for improving the travel infrastructure are creating a positive market outlook. Additionally, the increasing penetration of high-speed internet connectivity and the emergence of several online travel agencies (OTAs) are providing a boost to the market. In line with this, the widespread adoption of advanced technologies, such as robotics and virtual reality (VR), for offering personalized customer experiences is impacting the market growth favorably. Other factors, including rapid digitization, the rising partnership between businesses and airlines, the increasing trend for bleisure travel, continuous improvements in the airline, hospitality and tourism industries, and the development of meetings, incentives, conferences, and events (MICE) segment, are also positively influencing the market across India. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 55.2 Billion by 2027, exhibiting a CAGR of 8.1% during 2022-2027.
- On the basis of the type, the market has been bifurcated into managed and unmanaged business travels.
- Based on the purpose type, the market has been segmented into marketing, internal meetings, trade shows, product launch and others.
- On the basis of the expenditure, the market has been segregated into travel fare, lodging, dining and others.
- Based on the age group, the market has been classified into travelers below 40 years and travelers above 40 years.
- On the basis of the service type, the market has been categorized into transportation, food and lodging, recreational activities and others.
- Based on the travel type, the market has been divided into group travel and solo travel.
- On the basis of the end-user, the market has been segmented into government, corporate and others.
- Based on the region, the market has been segregated into North India, West and Central India, South India and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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