Global Business Travel Market (2021-2028) Industry Opportunity Analysis and Forecast

DUBLIN, November 09, 2021– (COMMERCIAL THREAD)–The “Business Travel Market by Service, Industry, Traveler: Global Opportunity Analysis and Industry Forecast 2021-2028” the report was added to ResearchAndMarkets.com offer.

The global business travel market was valued at $ 695.9 billion in 2020 and is expected to reach $ 2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028.

Business travel is a division of regular tourism in which people travel for business purposes. This includes transportation, accommodation, professional work, entertainment and other activities. The global travel and tourism industry is one of the largest industries with a global economic contribution of over $ 9 trillion. According to the World Travel and Tourism Council (WTTC), the global travel and tourism industry contributed approximately $ 9.2 trillion to global GDP (gross domestic product) in 2019. The business travel segment is experiencing the rate of The highest growth in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, well developed and suitable for commercial work.

Many companies operating in the global business travel market are attempting to provide well managed and cost effective programs to clients in the face of increasing demand for business travel management. The growth of the business travel market is driven by the expansion of the travel and tourism industry, the rise of government initiatives for the development of the Meetings, Incentives, Conferences and Events segment (MICE ) and the small and medium-sized enterprise (SME) sector, and increasing corporate globalization. However, the massive adoption of advanced technologies such as video conferencing is hampering the growth of the market because it is cost effective and takes less time than travel. Conversely, increased investment in infrastructure and the rapid growth of the travel retail market are expected to provide lucrative opportunities for the business travel market.

The COVID-19 outbreak has emerged as a major threat to the global travel and tourism industry, which has severely damaged the business travel industry. The pandemic has resulted in the cancellation of almost all major business travel activities and MICE events around the world. Moreover, the widespread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions, is expected to compete with players operating in the global business travel market in the future. The adoption of videoconferencing platforms meets the meeting and conferencing needs of many businesses and is also adopted by them as a cost control measure as companies avoid expensive business travel expenses. In this way, COVID-19 has changed the competitive landscape of the global business travel market and is expected to have a long term effect.

The global business travel market is segmented on the basis of service, industry, traveler, and region. Based on service, it is segmented into transportation, catering and accommodation and leisure. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on a traveler basis, is categorized as group and solo traveler. By region, the global business travel market is analyzed North America, Europe, Asia-Pacific, and LAMEA.

According to the business travel market forecast, based on service, the food and hospitality segment is expected to be the fastest growing segment, with a CAGR of 14.2% during the period forecast. Catering and accommodation was also the dominant segment, garnering approximately 50.3% market share in 2020. The growing penetration of hotel reservation agents such as Airbnb and Oravel Stays is driving the growth of the catering segment and accommodation.

Key Benefits

  • The study provides an in-depth analysis of the global business travel market, with current and future trends to elucidate the looming pockets of investment in the market.

  • Current and future trends are outlined in the report to determine the overall attractiveness of the market and distinguish profitable trends to gain a stronger foothold in the market.

  • The report provides insight into drivers, restraints, and opportunities with impact analysis.

  • A quantitative analysis of the current market and an estimate of it from 2020 to 2028 is provided to present the financial competence of the market.

  • Porter’s five industry forces model illustrates market competitiveness by analyzing various parameters such as the threat of new entrants, the threat of substitutes, the bargaining power of buyers, and the bargaining power of suppliers operating in the market. .

  • Competitive intelligence highlights the business practices followed by the main market players in various regions.

Market dynamics

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Companies mentioned

For more information on this report, visit https://www.researchandmarkets.com/r/c9hw2v

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211109006311/en/

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