The business travel market serves a multitude of applications, offering advantages that extend across diverse industries. It facilitates crucial in-person interactions for corporate meetings, conferences, and client engagements, fostering more precise communication, quicker decision-making, and relationship building. Sales and marketing events benefit from the hands-on approach of business travel, allowing companies to showcase offerings, generate leads, and stay abreast of industry trends. Training sessions and workshops conducted through business travel provide employees with a more interactive learning experience, contributing to skill development.
According to Data Bridge Market Research analyses, the Global Business Travel Market, which was USD 1.56 billion in 2022, is expected to reach USD 2.62 billion by 2030 and is expected to undergo a CAGR of 6.73% from 2023 to 2030.
"Rapid increase in bleisure travel boosts the market growth"
The surge in bleisure travel is reshaping the business travel landscape, driven by a desire for work-life balance among professionals. This trend brings about longer stays, increased travel frequency, and the incorporation of technology for enhanced experiences. The emphasis on personalization caters to individual preferences and positively impacts the broader economy, boosting sectors such as hospitality and transportation. Overall, bleisure travel signifies a transformative shift in the preferences of modern professionals, promoting a more holistic and enjoyable approach to business travel.
What restraints the growth of the global business travel market?
“Rise in advanced technology hinders the market growth”
The global business travel market faces a challenge with the rise of advanced technologies such as video conferencing. The efficiency and cost-effectiveness of virtual meetings reduce the necessity for extensive business travel. Video conferencing offers a time-saving and economical alternative, impacting traditional travel practices. This shift, driven by technological advancements, poses a potential impediment to the growth of the business travel sector on a global scale.
Segmentation: Global Business Travel Market
The global business travel market is segmented on the basis of type, purpose, expenditure, age group, traveler, service, and industry.
- On the basis of type, the global business travel market is segmented into managed business travel, unmanaged business travel
- On the basis of purpose, the global business travel market is segmented into marketing, internal meetings, trade shows, product launch, others
- On the basis of expenditure, the global business travel market is segmented into travel fare, lodging, dining, others
- On the basis of age group, the global business travel market is segmented into travelers below 40 years, travelers above 40 years
- On the basis of traveler, the global business travel market is segmented into group travel, solo travel
- On the basis of service, the global business travel market is segmented into transportation, food and lodging, recreation activity
- On the basis of industry, the global business travel market is segmented into government, corporate
Regional Insights: Asia-Pacific region dominates the Global Business Travel Market
The Asia-Pacific region dominates the business travel market, leading in revenue and market share throughout the forecast period. This supremacy is driven by a surge in demand fueled by robust economic growth, creating a vibrant business landscape that attracts professionals and corporations to engage in cross-border activities. The region's high technology penetration and widespread internet availability facilitate seamless travel coordination and communication, further enhancing the business travel experience.
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Recent Developments in the Global Business Travel Market
- In April 2021, the renowned Australian travel agency Flight Centre Travel Group and Gimmonix, an innovative Israeli travel technology developer, announced the extension of their partnership. This ongoing collaboration aims to enhance Flight Centre's digital connectivity infrastructure further, utilizing Gimmonix's cutting-edge hotel management and distribution solutions
The Prominent Key Players Operating in the Global Business Travel Market Include:
- ADEKA CORPORATION Airbnb, Inc. (U.S.)
- American Express Company (U.S.)
- BCD Group (Netherland)
- Booking Holdings (U.S.)
- CWT Solutions (U.S.)
- Corporate Travel Management (Australia)
- Expedia, Inc. (U.S.)
- Fareportal (U.S.)
- Flight Centre Travel Group Limited (formerly Flight Centre Limited) (U.S.)
- Wexas Travel (U.K.)
- Hogg Robinson Ltd (U.K.)
- Priceline (U.S.)
- Egencia LLC (U.S.)
- Frosch International Travel (U.K.)
- Ovation Travel Group (U.S.)
- Travel Leaders Group (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global business travel market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Business Travel Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
