The business travel market accounted for US$1.37 billion in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019-2027, to account for US$2.09 billion by 2027 .
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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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.
• American Express International Business Travel
• BCD Group
• Reservation Holdings, Inc.
• Management of business trips
• Direct Travel, Inc.
• Expedia Group
• Trip report
• Flight Center Travel Group Limited
• Trip Leaders Group
The Business Travel Market report provides an overview of market segmentation. Additionally, it provides details of market size, valuation, and CAGR of each region and segment for all the years from 2019 to 2027. PEST analysis for each region is also provided.
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SEGMENTATION OF THE GLOBAL BUSINESS TRAVEL MARKET:
• Food and accommodation
• Recreational activity
The document will help readers get vital market information such as major players, their company profiles, portfolios, financial information, and latest developments. The report also enables companies to make strategic decisions such as partnerships, product launches, collaborations, etc. to gain a competitive advantage.
Factors affecting corporate travel market dynamics, revenue generation, and valuation i.e., drivers, restraints, opportunities, and threats are also assessed.
Key elements that the report recognizes:
• Growth rate and size of the market over the period of analysis.
• Key factors driving and hindering market expansion.
• Main market vendors and suppliers.
• Comprehensive SWOT analysis of each company.
• Detailed PEST analysis by region.
• Opportunities and threats faced by existing suppliers in the business travel market.
• Strategic initiatives taken by leading players.
Furthermore, the report includes an exhaustive analysis of the market and concludes with precise estimates of revenue generation by each segment, country, region and company. Every detail that could prove essential for making strategic decisions is mentioned along with solutions and suggestions from expert analysts. Each segment of the market is thoroughly researched to provide reliable knowledge for further investments in the market.
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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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