India business travel market trends, size, company share,
According to the latest report by IMARC group, titled “India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Indian business travel market has reached a value of 31.7 billion US dollars in 2021. IMARC Group expects the market to reach US$55.2 billion by 2027, growing at a CAGR of 8.1% over the period 2022-2027.
Impact of COVID-19:
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Business travel is generally undertaken for professional or business purposes, including meetings and conferences, business expansion, employee training and development, promotion of products and services, and building relationships with the ‘company. This involves a wide range of services, such as planning and booking, supply and supply, measurement and reporting and account management. It is usually paid for by the organization through internal travel services and external service providers which include meals, airfare and accommodation, transportation services, and expenses for communication devices. In India, there has been a huge increase in the popularity of business travel due to a huge drop in air fares due to the introduction of new airlines.
Business Travel Market Trends in India:
India’s business travel market is mainly driven by the globalization of business operations, which has encouraged multinational corporations to expand their operations in the country. Additionally, increasing investments by public and private agencies for improving travel infrastructure are creating a positive market outlook. Additionally, the growing penetration of high-speed internet connectivity and the emergence of several online travel agencies (OTAs) are driving the market. In this light, the widespread adoption of advanced technologies, such as robotics and virtual reality (VR), to deliver personalized customer experiences is having a favorable impact on the growth of the market. Other factors, including rapid digitalization, growing partnership between business and airlines, the growing trend of leisure travel, the continuous improvement of the airline, hospitality and tourism industries, and the development from the Meetings, Incentives, Conferences and Events (MICE) segment, are also positively influencing the market across India.
Key Market Segmentation:
The report has segmented the Indian business travel market on the basis of type, purpose type, expenditure, age group, service type, trip type, end user and region.
Breakdown by type:
• Managed business trips
• Unmanaged business trips
Breakdown by type of objective:
• Internal meetings
• Trade shows
• Product launch
Breakdown by expenditure:
• Trip price
Breakdown by age group:
• Travelers under 40
• Travelers over 40
Breakdown by type of service:
• Food and accommodation
• Recreational activities
Breakdown by type of trip:
• Group travel
• Solo travel
Breakdown by end user:
Breakdown by region:
• North India
• West and Central India
• South India
• East India
Competitive landscape with key players:
The competitive landscape of the India business travel market has been studied in the report along with the detailed profiles of key players operating in the market.
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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Market trends
• Market drivers and success factors
• Impact of COVID-19
• Value chain analysis
• Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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This press release was published on openPR.