The latest report by IMARC Group, titled “Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global business travel market is expected to reach US$ 1.5 Trillion by 2027, exhibiting a CAGR of 7.88% during 2022-2027. Business travel, or corporate travel, refers to domestic or international travel carried out for work or business purposes on behalf of a company or organization. It involves traveling for business conferences or events and to different locations or branches of a company to meet with buyers or suppliers. It also includes other activities, such as brand promotion, meeting clients, new market assessment, project site evaluation, and employee training programs. In recent years, business travel has gained immense popularity across the globe as it helps improve business prospects and aids in business expansion.
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.
Global Business Travel Market Trends:
The rising digitization in the tourism and corporate sectors and rapid globalization represent the primary factors driving the market growth. Besides this, the emerging trend of Bleisure travel that incorporates business with pleasure elements, such as leisure or recreational activities, for relieving stress and improving work efficiency is another major growth-inducing factor. Additionally, the widespread adoption of advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR), to automate the process has facilitated smooth operations for both travelers and travel operators. Along with this, the escalating demand for enhanced, efficient, and personalized customer experiences has propelled the market growth. Furthermore, several corporate organizations are entering into tie-ups with the leading travel companies to offer customized collaborative spaces and team-building exercises, thereby contributing to the market growth. Other factors, including the growing penetration of high-speed internet for easy travel and bookings, rising number of small and medium enterprises (SMEs), developments in the travel and tourism sector, increased business activities, and technological advancements, are also creating a favorable market outlook.
- Based on the type, the market has been bifurcated into managed 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.
- The market has been segregated based on the expenditure into travel fare, lodging, dining, and others.
- Based on the age group, the market has been classified as travelers below 40 years and 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 bifurcated into group and solo travel.
- The market has been segmented based on the end user into government, corporate, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed with some of the key players being Airbnb Inc., American Express Company, BCD Travel Services B.V., Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, and Wexas Ltd.
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