The latest report published by IMARC Group, titled “Latin America Business Travel Market: Industry Trends, Share, Size, Growth, Opportunities and Forecasts 2022-2027”, offers a comprehensive analysis of the industry, which includes insights on market share. The report also includes competitor and country analysis, as well as contemporary advancements in the market.
The Latin America business travel market size reached US$40.27 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$62.99 billion. by 2027, growing at a CAGR of 6.59% over the period 2022-2027.
Request a free sample PDF of the report: https://www.imarcgroup.com/latin-america-business-travel-market/requestsample
Business travel, also referred to as corporate travel, refers to domestic or international travel undertaken by employees and officers of a company explicitly for business or professional purposes. It is generally set up either by internal travel departments or by external service providers and is paid for by the company. This involves traveling to different locations or branches of the organization to meet with suppliers and buyers and for business conferences and events. It contributes to business expansion and improved business prospects. In recent years, business travel has gained immense popularity among companies for brand and product promotion, customer meetings, new market assessments, project site assessments and training programs. employees.
Business travel market trends in Latin America:
In Latin America, the growth of business activities and rapid globalization are the major drivers of market growth. Furthermore, the revitalization of the region’s economy is another major growth factor. Additionally, with the growing demand for international routes, there has been a significant increase in air traffic and Revenue Passenger Kilometers (RPK). With this in mind, the growing popularity of low-cost carriers (LCCs) in various countries, such as Colombia, Peru, Argentina, and Chile, has accelerated product adoption rates. Additionally, several companies are working with leading travel agencies to provide personalized collaboration spaces and team building exercises. Along with this, the growing penetration of Internet of Things (IoT) and Virtual Reality (VR) technology that facilitates process automation and smooth running of travelers and tour operators has catalyzed the growth of the market. Apart from this, the emerging trend of bleisure travel which integrates the elements of business and pleasure, and provides leisure or leisure activities to relieve stress and improve work efficiency is positively influencing the growth of the market. Other factors, including the expansion of the travel and tourism industry, increasing digitalization in the business sector, the growing number of small and medium-sized enterprises (SMEs) and technological advancements, are also giving a positive impetus to market growth.
Key Market Segmentation:
The report has segmented the Latin America business travel market on the basis of type, purpose type, expenditure, age group, service type, trip type, end user and from the country.
Breakdown by type:
• Managed business trips
• Unmanaged business trips
Breakdown by type of objective:
• Internal meetings
• Trade shows
• Product launch
Breakdown by expenditure:
• Trip price
Breakdown by age group:
• Travelers under 40
• Travelers over 40
Breakdown by type of service:
• Food and accommodation
• Recreational activities
Breakdown by type of trip:
• Group travel
• Solo travel
Breakdown by end user:
Breakdown by country:
Competitive landscape with key players:
The competitive landscape of the Latin America business travel market has been studied in the report along with the detailed profiles of key players operating in the market.
Ask the analyst for a customization and explore the full report with table of contents and list of figures: https://www.imarcgroup.com/request?type=report&id=3458&flag=C
Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Market trends
• Market drivers and success factors
• Impact of COVID-19
• Value chain analysis
• Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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This press release was published on openPR.