BANGALORE from India, 20 October 2021 / PRNewswire / – The Business travel market is segmented by service (Transport, food and accommodation, and leisure), Industry (government and business), Traveler (Group and Solo). The report covers the analysis of global opportunities and industry forecast from 2021 to 2028. It is published in Evaluate reports below To travel Category.
The size of the global business travel market has been estimated to be $ 695.9 billion in 2020 and should reach $ 2,001.1 billion by 2028, with 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 fueling the business travel market. In the near future, all of these hotel expansions will drive the growth of the restaurant and accommodation 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 flourish in the future. Robotic technology is a popular trend that attracts customers to hotels. In hotels, robots are used to greet customers, provide information, manage luggage and clean rooms. The robots could be used in catering and food preparation stations in restaurants. Customers are preselected by robots in travel agencies.
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Trends influencing the growth of the business travel market
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 of the small and medium-sized enterprises (SMEs) sector. ), stimulate the global travel market activity. On the other hand, increased investment in infrastructure and rapid expansion of the retail sector 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 profitable 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. In addition, the expansion of the travel and tourism industry, as well as an increase in government initiatives for the development of the MICE segment (Meetings, Incentives, Conferences and Events) and the SME sector, are boosting the travel market. business.
The global business travel market is primarily driven by improvements 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 travel for employees or organizations, emerging countries are the fastest growing market. Over the past five years, business travel spending has increased. Hotels attract businessmen 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 conduct business.
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Business Travel Market Share Analysis:
On the basis of service, the food and hospitality segment is expected to be the fastest growing segment, with a CAGR of 14.2% during the forecast period. In 2020, the foodservice and accommodation segment was also the most dominant, accounting for around 50.3% of the market. The boom in the restaurant and accommodation industry is being driven by the increasing penetration of hotel reservation services such as Airbnb and Oravel Stays.
According to the industry, the business segment was the most dominant and is also expected to be the fastest growing category due to the global expansion of business activities. In 2020, the business segment held a market share of around 65.6%, and it is expected to grow at a CAGR of 14.1% during the forecast period.
Based on travelers, the group was the largest and fastest growing industry, 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, service providers offer more advantageous rates on accommodation and transport.
Due to the rapid increase in infrastructure, good conditions for business creation and government policies to encourage foreign investment, Asia Pacific is the largest and fastest growing market for business travel. In 2020, Asia Pacific had a 43.5 percent market share, followed by North America and Europe, which respectively held 26.3% and 24.3% market share. Due to expanding economic activity, increasing government initiatives to seek FDI (Foreign Direct Investments) and continued infrastructure development in the region, LAMEA is expected to experience significant growth.
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Major players in the business travel market
- Airbnb Inc
- American Express Company
- Bcd Group (Bcd Travel)
- Reservation Holdings, Inc
- Carlson Wagonlit Trip (Cwt)
- Business travel management
- Expedia, Inc
- Fareportal, Inc
- Flight Center Travel Group Limited
- Wexas Limited
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