DUBLIN, November 09, 2021–(BUSINESS WIRE)–The “Business Travel Market by Service, Industry, Traveler: Global Opportunities Analysis and Industry Forecast 2021-2028” report has been added to from ResearchAndMarkets.com offer.
Global Business Travel Market was valued at USD 695.9 Billion in 2020 and is projected to reach USD 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 sector contributed approximately $9.2 trillion to the global GDP (gross domestic product) in 2019. The business travel segment is witnessing the rate growth rate in this industry, as employees working in multinational organizations are often required to travel across different countries for professional 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 trying to provide well-managed and cost-effective programs to customers with the increase in demand for business travel management. The growth of the business travel market is driven by the expansion of the travel and tourism industry, the upsurge in government initiatives for the development of the meetings, incentives, conferences and events (MICE) segment and the small and medium-sized enterprise (SME) sector, and increased globalization of business. However, the surge in the adoption of advanced technologies such as video conferencing is hampering the market growth as it is cost effective and less time consuming than travel. Conversely, increasing infrastructure investment and rapid growth in 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 led to the cancellation of almost all major business travel activities and MICE events across the world. Additionally, the widespread penetration of online video conferencing platforms such as Zoom and Google Meet, owing to travel restrictions, is expected to compete with players operating in the global business travel market in the future. The adoption of video conferencing platforms meets the needs of many companies for meetings and conferences and is also adopted by them as a cost control measure as companies avoid costly business travel expenses. In this way, COVID-19 has altered 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 transport, catering and accommodation, and leisure. Based on industry, the business travel market is segmented into government and corporate. The business travel market, on a traveler basis, is categorized into group and solo traveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the business travel market forecast, based on service, the catering and accommodation segment is expected to be the fastest growing segment, with a CAGR of 14.2% during the period forecast. Food and accommodation was also the dominant segment, with around 50.3% market share in 2020. The growing penetration of hotel booking agencies such as Airbnb and Oravel Stays is driving the growth of the food and beverage segment. accommodation.
The study provides an in-depth analysis of the global business travel market, with current and future trends to elucidate the impending investment pockets in the market.
Current and future trends are outlined in the report to determine the overall attractiveness of the market and identify profitable trends to gain a better foothold in the market.
The report provides information on drivers, restraints and opportunities with impact analysis.
A quantitative analysis of the current market and an estimate of the market from 2020 to 2028 are provided to showcase 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 leading market players across different regions.
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/
Laura Wood, Senior Press Officer
For EST business hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours call +353-1-416-8900