According to the new research report published by The Insight Partners, titled “Business Travel Market – Global Analysis and Forecasts by Industry (Government and Corporate), Service (Transportation, Food & Accommodation, and Recreation Activity); Traveler (Group and Solo) to 2027″, the global business travel market is expected to reach US$2.09 billion by 2027, from US$1.37 billion in 2018, registering a CAGR of 4.9 % over the forecast period 2019-2027.
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Key companies: American Express Global Business Travel, BCD Group, Booking Holdings, Inc., Corporate Travel Management, CWT, Direct Travel, Inc., Expedia Group, Fareportal, Flight Center Travel Group and Travel Leaders Group
The global trade and investment scenario has been growing at a steady pace, which has translated into a positive business environment and high consumer confidence. GDP growth in developing countries such as China and India is expected to provide many opportunities for the business travel market in the coming years. With a positive global economic outlook, investment in travel infrastructure, growth of SMEs, huge volumes of cross-border trade and stabilizing political conditions, business travel spending is expected to accelerate over the next few years around the world.
Global business travel is expected to exhibit an impressive growth rate during the forecast period of 2019 to 2027. Some of the major driving factors contributing to this market growth include increasing cross-border trade, positive economic outlook, and the increasing digitization of payments and travel reservations. ecosystem. However, factors such as data security and cyber security issues and uncertain scenario of international privacy regulations might hamper the market growth in the coming years. Despite these restraining factors, increasing business travel spending by small and medium-sized enterprises (SMEs) in both developed and developing countries is expected to fuel the future growth of the business travel market.
Business travel is a broad term that includes all activities performed to achieve a business goal or objective. This goal could be increasing sales, building business relationships, customer support, business operations, training, learning and development, among others. Business travel is a critical function in any organization and travel managers see it as a revenue generating opportunity. For governments too, business travel generates jobs, increases revenue and tax revenue. Business travel is influenced by factors such as the size of the economy, GDP growth, travel infrastructure development, population, industry composition, business dispersion, adoption of technology, exports, oil prices, taxation, security and regulatory policies.
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Spending on business travel solutions is quite high in both developed and developing regions such as North America, Europe and Asia-Pacific and the demand for business travel is expected to increase further over the course of the forecast period from 2019 to 2027. Trade volumes and positive economic outlook are some of the major macroeconomic factors driving the growth of the business travel market. The increasing digitization of payments and travel bookings is another important reason for the growing demand for business travel solutions worldwide. Rising business travel budget allocation by small and medium enterprises (SMEs) and rapid growth trend of bleisure are some of the crucial trends that are expected to fuel the future growth of the business travel market. business. Currently, globally, industry verticals such as food processing, utilities, real estate, social and personal services, and professional and business services are the top contributors to travel spending by ‘business.
Bleisure – A rapidly growing trend among business travelers
Bleisure is defined as the practice of combining both business and leisure during a business trip. The popularity of bleisure travel continues to grow among business travelers around the world, as it allows frequent travelers to get away from the busy travel schedule and business meetings while on a trip. More than half of business travelers prefer to take bleisure trips. These trips help travelers increase their work productivity by reducing the stress associated with business travel. With the rise of the connected generation and young millennial professionals, the demand for leisure services is expected to grow at a rapid rate during the forecast period. According to the latest survey conducted by Expedia Group Media Solutions on “Unpacking Bleisure Traveler Trends”, more than 60% of business trips converted to bleisure trips in five countries in 2017. This survey was conducted among more than 2,500 business travelers from China. , Germany, India, UK and US There was a 40% increase since last year’s survey, when only 43% of business travel was leisure in the USA. With this growing trend of mixing leisure and business and each traveler taking an average of more than 6 trips in a year, bleisure travel represents a huge opportunity for market players operating in the global business travel market during the period. forecast from 2019 to 2027.
Growing adoption of technologies such as AI and IoT in the global travel ecosystem
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Contact person: Sameer Joshi
Email: [email protected]
The Insight Partners is a one-stop provider of actionable intelligence industry research. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals and the materials.
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