The size of the business travel market will reach USD 2,001.1 billion by 2028 at a CAGR of 13.2%
BANGALORE, India, October 20, 2021 /PRNewswire/ — The Business travel market is segmented by services (Transport, Catering & Accommodation, and Leisure), Industry (government and business), Traveler (Group and Solo). The report covers global opportunity analysis and industry forecast from 2021 to 2028. It is published in Appreciate the reports below To travel Category.
The size of the global business travel market has been estimated at $695.9 billion in 2020 and is expected to reach $2,001.1 billion by 2028, growing at a compound annual growth rate (CAGR) of 13.2% from 2021 to 2028.
The major factors driving the growth of the business travel market are:
Leisure travel (business + leisure), the development of smart hotels, virtual reality for hotel reservations and personalization are all aspects that are driving the business travel market. In the near future, all these hotel expansions will drive the growth of the catering and lodging segment, as well as the overall business travel market.
The use of robotic technology can help reduce human-to-human contact, which could help the business travel market thrive in the future. Robotic technology is a popular trend attracting customers to hotels. In hotels, robots are used to greet guests, provide information, handle luggage and clean rooms. The robots could be used in catering and food preparation stations in restaurants. Customers are pre-screened by robots in travel agencies.
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Trends Influencing Business Travel Market Growth
The expansion of the travel and tourism industry, as well as the increase in government initiatives for the development of the meetings, incentives, conferences and events (MICE) segment and the small and medium-sized enterprises (SME) sector ), drive global travel market activity. On the other hand, increasing infrastructure investments and rapid expansion of the travel retail industry are expected to provide profitable opportunities for the growth of the business travel market. With the increase in the demand for business travel, several organizations operating in the global business travel market are trying to provide consumers with well-managed and cost-effective programmers.
The emergence of many online travel agencies (OTAs) such as booking.com, KAYAK and Expedia is contributing to the expansion of the global business travel market. Additionally, the expansion of the travel and tourism industry, along with an increase in government initiatives for the development of the MICE segment (meetings, incentives, conferences and events) and the SME sector, are driving the travel market. business.
The global business travel market is mainly driven by the improvement in travel and tourism, as well as the rapid growth of businesses around the world. When it comes to business travel, which includes local and international movement of employees or organizations, emerging countries are the fastest growing market. Over the past five years, spending on business travel has increased. Hotels attract business people and consumers with a variety of free services such as free Wi-Fi, electronic gadgets for teleconferencing and video conferencing, and chat rooms to help people carry out business activities.
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Business Travel Market Share Analysis:
On the basis of service, the catering and accommodation segment is expected to be the fastest growing segment with a CAGR of 14.2% during the forecast period. In 2020, the catering and accommodation segment was also the most dominant, accounting for approximately 50.3% of the market. The rise of the restaurant and accommodation industry is being aided by the increasing penetration of hotel booking services such as Airbnb and Oravel Stays.
According to the industry, the business segment was the most dominant, and it is also expected to be the fastest growing category due to the global expansion of business activities. In 2020, the enterprise segment held a market share of approximately 65.6%, and it is expected to grow at a CAGR of 14.1% during the forecast period.
Based on travellers, the group was the largest and fastest growing sector, accounting for 59.5% market share in 2020 and is expected to grow at a substantial CAGR of 14.3% over the next few years . The group segment is booming as the costs of group tourism are lower. In addition, for group travel, providers offer discounted rates on accommodation and transportation.
Due to the rapid increase in infrastructure, good conditions for setting up businesses and government policies to encourage foreign investment, Asia Pacific is the largest and fastest growing market for business travel. In 2020, Asia Pacific held a market share of 43.5%, followed by North America and Europe, which held 26.3% and 24.3% market share respectively. Due to expanding economic activity, growing government initiatives seeking FDI (foreign direct investment), and continued infrastructure development in the region, LAMEA is expected to experience significant growth.
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Main players in the business travel market
- Airbnb Inc.
- American Express Company
- Group Bcd (Travel Bcd)
- Reservation Holdings, Inc.
- Carlson Wagonlit Voyage (Cwt)
- Business travel management
- Expedia, Inc.
- Fareportal, Inc.
- Flight Center Limited Travel Group
- Wexas Limited
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