Portland, OR, September 01, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the business travel market generated $ 695.9 billion in 2020 and is expected to generate $ 2,001 billion by 2028, with a CAGR of 13.2% from 2021 to 2028. The report offers a detailed analysis of the changing dynamics of the market, key investment pockets, major segments, value chain, regional scenario, and competitive landscape.
Globalization, the growth of SMEs and the development of the global tourism industry are driving the growth of the global business travel market. However, the increasing adoption of ICT technology is hampering the growth of the market. On the other hand, the adoption of different technological advances and the growth of infrastructure present new opportunities in the years to come.
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- The outbreak of the COVID-19 pandemic has resulted in the global shutdown of economic activities, causing severe damage to the tourism industry.
- According to the Global Business Travel Association (GBTA), global spending on business travel fell 52% in 2020 and the losses were 10 times greater than the Great Recession of 2008.
- Overall global spending on business travel has fallen by around 52%, resulting in huge revenue losses for players operating in the business travel market.
The report offers detailed segmentation of the global business travel market on the basis of service, industry, traveler, and region.
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On the basis of service, the food and hospitality segment accounted for the largest share in 2020, holding around half of the total share, and is expected to maintain its leading position during the forecast period. In addition, the same segment is expected to experience the fastest CAGR of 14.2% from 2021 to 2028. The other two segments studied include leisure and transportation.
On the basis of industry, the corporate segment held the highest share in 2020, accounting for nearly two-thirds of the global business travel market, and is expected to maintain its dominant share during the forecast period. Additionally, the same segment is estimated to exhibit the highest CAGR of 14.1% from 2021 to 2028.
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Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to maintain its leadership status in terms of revenue by 2028. The market in this region is also planned. to account for the largest CAGR of 14.4% during the forecast period. Other provinces studied in the report include Europe, LAMEA, and North America.
The major global business travel market players analyzed in the research include Corporate Travel Management, Expedia, Inc., Farreportal, Flight Center Travel Group Limited, Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, and Wexas Limited.
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to be successful. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.