Portland, OR, Sept. 01, 2021 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the business travel market generated $695.9 billion in 2020 and is expected to generate $2.001 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028. The report offers a detailed analysis of the changing dynamics of the market, main investment pockets, main segments, value chain and regional scenario. , and the 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, increasing adoption of ICT technology is hampering the growth of the market. On the other hand, the adoption of different technological advancements and the growth of infrastructure present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic has led to a global shutdown of economic activities, causing severe damage to the tourism industry.
- According to the Global Business Travel Association (GBTA), global business travel spending fell 52% in 2020 and losses were 10 times greater than during the Great Recession of 2008.
- Overall spending on business travel around the world has fallen by around 52%, leading to huge revenue losses for players operating in the business travel market.
The report offers a 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 services, the catering and accommodation segment accounted for the largest share in 2020, holding about half of the total share, and is expected to maintain its leading position during the forecast period. Moreover, the same segment is expected to see the fastest CAGR of 14.2% from 2021 to 2028. The other two segments studied include leisure and transportation.
Based on 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. Moreover, the same segment is estimated to have 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 leading revenue status through 2028. market in this region is also projected to represent the highest CAGR of 14.4% during the forecast period. Other provinces studied in the report include Europe, LAMEA and North America.
Key players of global business travel market analyzed in the research include Corporate Travel Management, Expedia, Inc., Farereport, 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 wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.