The US is the most prominent market in North America and is expected to reach $23.5 billion by 2028, growing at a CAGR of 12.5% during the forecast period.
PORTLAND, 205, 5933 NE WIN SIVERS DRIVE, UNITED STATES, May 27, 2023 /einpresswire.com / — According to a new report published by Allied Market Research, entitled “Business Travel Market by Service, Industry and Traveller: Global Opportunity Analysis and Industry Forecast, 2021–2028”, the global business travel market size is expected to reach USD 2,001.1 billion by 2028, with a CAGR of 13.2% from 2021 to 2028.
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Business travel or business tourism refers to the traveling or traveling activity that is done for various business purposes such as meetings, negotiations, networking, fairs and exhibitions. Business trips are mainly made to form partnerships, joint ventures, meet suppliers and customers, maintain relationships between companies and promote products or services.
The growing popularity of leisure incorporating business with recreational or leisure activities to relieve stress and increase work efficiency is driving the global business travel market. The development and growth of various online travel agencies (OTA) such as booking.com, KAYAK and Expedia are contributing to the growth of the global business travel market. In addition, the growth of the global business travel market is driven by the expansion of the travel and tourism industry, increased government initiatives for the development of the MICE (meetings, incentives, conferences and events) segment and SME sector and increasing globalization. of business.
Trend drivers responsible for fueling the business travel market include bleisure (business + leisure) travel, IoT (internet of things), smart hotel development, virtual reality for hotel bookings, and personalization. All these developments in hotels will lead to the growth of the food and lodging segment as well as the general business travel market in the near future. In addition, the use of robotic technology is a trend factor attracting customers to hotels. Robots are being used in hotels for welcoming guests, providing information, baggage handling and cleaning purposes. In restaurants, robots can potentially be used in food service and food preparation roles. Also, travel agents use robots to pre-screen customers. The use of robotic technology is very helpful in reducing human-to-human contact, which can promote the growth of the business travel market in the future.
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The players operating in the global sunglasses market have adopted various development strategies to expand their market share, explore the opportunities of the sunglasses market, and increase the profitability in the market. Key players in this report include Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, Corporate Travel Management, Expedia, Inc., Fareportal, Flight Center Travel Group Limited and Wexas Limited.
The government has tried to introduce COVID-19 measures to revive the business travel industry slump. For example, the Singapore Ministry of Health announced the increase in capacity limits for MICE events to 750 people from 250 people in April 2020. This change was welcomed by the Singapore Convention and Exhibition Suppliers and Organizers Association (Saceos). According to the President of Saceos, it was the most necessary step to reopen and restart the MICE industry. However, there were few market players who were very concerned about rising costs due to expanding capacity limits.
The global business travel market is segmented based on service, industry, traveler and region. On the basis of service, it is segmented into transportation, food and accommodation and recreation. Based on industry, the business travel market is segmented into government and corporate. The business travel market, based on the traveler, is categorized into group and individual traveler. By region, the global business travel market is analyzed in North America, Europe, Asia Pacific and LAMEA.
As per the business travel market forecast, based on service, the food and lodging segment is expected to be the fastest growing segment, growing at a CAGR of 14.2% during the forecast period. Food & lodging was also the dominant segment, capturing around 50.3% market share in 2020. The increasing penetration of hotel booking agents such as Airbnb and Oravel Stays are driving the growth of the food & lodging segment.
According to the industry-based business travel market analysis, the corporate segment was the dominant segment and is also predicted to be the fastest growing segment due to the growth of business activities across the world. The corporate segment accounted for around 65.6% of the market share in 2020 and is expected to witness growth at the highest CAGR of 14.1% during the forecast period.
On a per traveler basis, the group was the largest and fastest growing segment capturing 59.5% market share in 2020 and is expected to grow at a significant CAGR of 14.3% in the near future. The group segment is thriving as the cost involved in group tourism is lower. In addition, service providers offer discounted rates on accommodation and transportation for group travel.
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Main conclusions of the study
The business travel market was valued at $695.9 billion in 2020 and is estimated to reach $2,001.1 billion by 2028, growing at a CAGR of 13.2% during the forecast period.
By industry, the food and lodging segment is estimated to have the fastest growth, registering a CAGR of 14.2% during the forecast period.
In 2020, depending on the sector, the corporate segment was valued at US$457.1 billion, accounting for 65.6% of the global business travel market share.
In 2020, the US was the most prominent market in North America and is expected to reach $23.5 billion by 2028, growing at a CAGR of 12.5% during the forecast period.
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David Correa
Allied Analytics LLP
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