According to IMARC Group’s latest report, titled “Asia-Pacific Business Travel Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, the business travel market size in Asia -Pacific reached US$414.6 billion in 2021. IMARC Group expects the market to reach US$641.2 billion by 2027, growing at a growth rate (CAGR) of 6% during of the period 2022-2027.
COVID-19 impact analysis:
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, or business travel, refers to travel explicitly undertaken for business purposes. This type of travel effort serves various corporate purposes, such as business expansion, exhibitions, networking, customer meetings, brand promotion, employee incentives and training. These trips are typically managed by a corporate travel manager who coordinates travel logistics, books flights, negotiates with airlines and hotels for best prices, and enforces travel policies.
Market Trends and Drivers:
The business travel market in Asia Pacific is primarily driven by the booming travel and tourism industry along with the increasing adoption of advanced technologies in travel management operations. In this light, the trend of corporate globalization and digitalization of tourism using the Internet of Things (IoT) has intensified the need for business travel in the region. Additionally, the growing practice of combining work with pleasure elements that provide anti-stress activities to improve work efficiency is propelling the growth of the market. However, the massive outbreak of the coronavirus disease (COVID-19) has presented challenges for the growth of the Asia-Pacific market owing to the travel ban imposed by the governments of various countries to limit the spread of the virus. . The market should recover the hampered growth once normality returns.
Key Market Segmentation:
The report has segmented the Asia Pacific business travel market on the basis of type, purpose type, expenditure, age group, service type, trip type, end user and the country.
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 country:
• South Korea
Competitive landscape with key players:
The competitive landscape of the Asia Pacific 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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