The latest report by IMARC Group, titled “United States Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the United States business travel market exhibited moderate growth during 2015-2020. Business travel, or corporate travel, refers to traveling undertaken for business or work-related purposes. It generally involves meeting with suppliers or buyers or visiting a worksite at a different branch of the company or to a different location to build partnerships and strengthen relations between two entities. It also includes attending a conference, convention, or trade show, considering, examining, inspecting, or assessing new markets, and evaluating a project site. Business travel is necessary for individual interaction as it builds good support for future and existing relationships. Nowadays, business travel is gaining popularity due to the increasing digitization in the tourism and corporate sectors across the United States.
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.
United States Business Travel Market Trends:
The United States business travel market is primarily driven by the increasing digitization and the penetration of the Internet of Things (IoT) in the tourism and corporate sectors, facilitating the smooth operation for both travelers and the travel operators. They enable efficient and personalized customer experiences through the use of virtual reality (VR) technology. In addition to this, the rising number of start-ups, small and medium enterprises (SMEs), and tie-ups of various corporate organizations due to rapid globalization are increasing the number of business travelers. Furthermore, extensive investments in domestic as well as international business trips by various organizations, coupled with the weakening of the dollar, are fueling the market growth. Looking forward, the market is expected to witness strong growth during the forecast period (2021-2026).
- Based on the type, the market has been segmented into managed and unmanaged business travel.
- On the basis of the purpose type, the market has been classified into marketing, internal meetings, trade shows, product launch, and others.
- The market has been categorized based on the expenditure into travel fare, lodging, dining, others.
- On the basis of the age group, the market has been bifurcated into travelers below 40 years and above 40 years.
- Based on the service type, the market has been segregated into transportation, food and lodging, recreational activities, and others.
- The market has been categorized on the basis of the travel type into group and solo travel.
- On the basis of the end user, the market has been segmented into government, corporate, and others.
- Region-wise, the market has been divided into Northeast, Midwest, South, and West.
- The competitive landscape of the market has been examined in the report, with the detailed profiles of some of the key players operative in the industry.
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