The business travel market is expected to witness market growth at a rate of around 4.6% in forecast 2028

Global business travel market

Global Business Travel Industry to 2028 – Large Scale Developments in the Travel and Tourism Sector Present Opportunities

PUNE, MAHARASHTRA, INDIA, June 16, 2022 /EINPresswire.com/ — Databridgemarketresearch.com announces the publication of the report “Global business travel market

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The business travel market The market is expected to grow at a rate of approximately 4.6% during the forecast period from 2021 to 2028 and is expected to reach USD 2,096.14 billion by 2028. The Data Bridge Market Research report on the market Business Travel Services provides analysis and insights on various factors expected to prevail throughout the forecast period while providing their impacts on market growth. Increasing digitalization in the tourism and corporate sectors is accelerating the growth of the business travel market.

Business travel refers to travel taken solely for business or professional purposes. These trips are usually made to meet the customers to visit any construction site, to establish new partnerships and to meet in other companies, to strengthen relations between companies or for the promotion of any product. Conference rooms and meeting rooms are there in the hotel itself so that the meeting can be held there.

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Business travel market scope and market size

The business travel market is segmented on the basis of type, purpose, expenditure, age group, service, industry and traveler. Growth among different segments helps you to gain the knowledge related to the different growth factors that are expected to prevail in the market and formulate different strategies to help you identify the major application areas and the difference between your target markets.

• On the basis of type, the business travel market is segmented into managed business travel and unmanaged business travel.
• Based on purpose, business travel market is segmented into marketing, internal meetings, trade shows, product launch and others.
• On the basis of expenditure, the business travel market is segmented into travel fares, accommodation, catering and others.
• Based on age group, the business travel market is segmented into travelers under 40 and travelers over 40.
• On the basis of service, the business travel market is segmented into transportation, catering and accommodation and leisure activities.
• Based on industry, the business travel market is segmented into government and corporate.
• On the basis of travellers, the business travel market is segmented into group travel and solo travel.
Company Profiles

CWT, Flight Center Travel Group Limited, Hogg Robinson Ltd, Booking Holdings, Fareportal, WEXAS TRAVEL, Travel Leaders Group, Airbnb, Inc., American Express Company, Expedia, Inc., BCD Travel among other domestic and global players. Market share data is available separately for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America . DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Countries studied

America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)

Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and assess the position of companies based on their industry position score and market performance score. The tool uses various factors to classify players into four categories. Some of these factors considered for analysis are financial performance over the past 3 years, growth strategies, innovation score, new product launches, investments, market share growth, etc
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Business travel market, by service

• Transportation
• Food and accommodation
• Commercial activities

Based on service, the market is divided into transportation, catering and accommodation, and business activity. The food service and accommodation segment is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to the growth of the segment are associated with the massive presence of affordable hotels and the increase in the trend of online bookings which have lowered the cost of stay. The commercial activities segment is also expected to grow at a significant rate during the forecast period.

Business travel market, by traveler

• Band
• Only

Based on Traveler, the market is divided into group and solo. The solo segment is estimated to experience the highest CAGR for the forecast period. Factors that can be attributed to the growth of the segment are associated with channel leaks, privacy, and security risks. Due to the concern mentioned above, people prefer solo business trips. Global business travel market by geography

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Reasons to buy this report

• Qualitative and quantitative market analysis based on segmentation involving both economic and non-economic factors
• Provision of market value data (USD Billion) for each segment and sub-segment
• Indicates region and segment expected to grow fastest and dominate the market
• Geographical analysis highlighting the consumption of the product/service in the region and indicating the factors that affect the market in each region
• Competitive landscape that incorporates market ranking of major players, as well as new service/product launches, partnerships, business expansions, and acquisitions over the past five years of profiled companies
• Comprehensive company profiles including company overview, company information, product benchmarking and SWOT analysis for major market players
• Current and future industry market outlook with respect to recent developments (which involve opportunities and growth drivers as well as challenges and restraints of emerging and developed regions
• Includes in-depth market analysis from various perspectives through Porter’s Five Forces analysis
• Provides market insight across the value chain
• Market dynamics scenario, along with market growth opportunities in the coming years
• Support to post-sales analysts for 6 months

Frequently Asked Questions

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