IMARC Group’s latest report, titled “Latin America Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the Latin America business travel market reached a value of US$ 43.7 Billion in 2022. Business travel, also known as corporate travel, refers to domestic or international travel undertaken by employees and executives of a company explicitly for work or business purposes. It is generally set up either by in-house travel departments or external service providers and is paid for by the company. It involves traveling to different locations or branches of the organization to meet with suppliers and buyers and for business conferences and events. It assists in business expansion and improving business prospects. In recent years, business travel has gained immense popularity among enterprises for brand and product promotion, client meetings, new market assessments, project site evaluations, and employee training programs.
Latin America Business Travel Market Trends:
In Latin America, the rising business activities and rapid globalization represent the primary factors driving the market growth. Besides this, the revitalization of the economy in the region is another major growth-inducing factor. Additionally, with the escalating demand for international routes, there has been a significant increase in air traffic and revenue passenger kilometers (RPKs). In line with this, the growing popularity of low-cost carriers (LCCs) in various countries, such as Colombia, Peru, Argentina, and Chile, has accelerated product adoption rates. Furthermore, several corporate organizations are collaborating with leading travel companies to provide customized collaborative spaces and team-building exercises. Along with this, the surging penetration of the Internet of Things (IoT) and virtual reality (VR) technology that facilitates process automation and smooth operations for travelers and travel operators has catalyzed market growth. Apart from this, the emerging trend of Bleisure travel that incorporates the elements of business and pleasure, and offers leisure or recreational activities to relieve stress and enhance work efficiency is positively influencing the market growth. Other factors, including the expanding travel and tourism industry, increasing digitization in the corporate sector, rising number of small and medium enterprises (SMEs), and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 66.7 Billion by 2028, growing at a CAGR of 6.2% during 2023-2028.
- 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 categorized into marketing, internal meetings, trade shows, product launch, and others.
- The market has been segmented 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 travelers above 40 years.
- On the basis of the service type, the market has been divided into transportation, food and lodging, recreational activities, and others.
- The market has been segregated based on the travel type into group and solo travel.
- Based on the end user, the market has been classified into government, corporate, and others.
- Country-wise, the market has been segmented into Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||Type, Purpose Type, Expenditure, Age Group, Service Type, Travel Type, End User, Country
||Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others
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