Global Business Travel Market, By Type (Managed Business Travel, Unmanaged Business Travel), Purpose (Marketing, Internal Meetings, Trade Shows, Product Launch, Others), Expenditure (Travel Fare, Lodging, Dining, Others), Age Group (Travelers Below 40 Years, Travelers Above 40 Years), Service (Transportation, Food and Lodging, Recreation Activity), Industry (Government, Corporate), Traveler (Group Travel, Solo Travel), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
The business travel market is expected to witness market growth at a rate of approximately 4.6% in the forecast period of 2021 to 2028 and is expected to reach USD 2,096.14 billion by 2028. Data Bridge Market Research report on business travel market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increasing digitization in the tourism and corporate sectors is escalating the growth of business travel market.
Business travel refers to the journey which is done for the business or work purposes only. These travels are generally done to meet the customers to visit any worksite, building new partnership and meeting at other company, strengthening relations between companies or for the promotion of any product. Conference rooms and meeting rooms are there in the hotel itself so that meeting can be held there.
The increasing digitization in the tourism and corporate sector, growing penetration of the internet of things (IoT) enabling both the travelers and the travel operators to get things done swiftly and with ease and the benefits offered by the virtual reality (VR) technology such as better, efficient and personalized customer experiences are the major factors driving the business travel market. The increasing popularity of leisure travel incorporating business with pleasure elements and offers leisure or recreational activities to relieve stress and improve work efficiency and large-scale developments in the travel and tourism sector accelerate the business travel market growth. The rising in the number of business travelers, increase in small and medium enterprises (SMEs) and fast-paced globalization and tie-ups of several corporate organizations with the leading business travel companies to provide customized collaborative spaces and team-building exercises influence the business travel market. Additionally, rising disposable income of consumers, change in lifestyle, rapid urbanization and industrialization and increasing standard of living positively affect the business travel market growth. Furthermore, mergers and acquisitions among key players extend profitable opportunities to the business travel market players in the forecast period of 2021 to 2028.
On the other hand, increase in the advanced technology as video conferencing is expected to obstruct the business travel market growth. The outbreak of COVID-19 implementing quarantine globally is projected to challenge the business travel market in the forecast period of 2021 to 2028.
This business travel market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on business travel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, the business travel market is segmented into managed business travel and unmanaged business travel.
- On the basis of purpose, the 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 fare, lodging, dining and others.
- On the basis of age group, the business travel market is segmented into travelers below 40 years and travelers above 40 years.
- On the basis of service, the business travel market is segmented into transportation, food and lodging and recreation activity.
- On the basis of industry, the business travel market is segmented into government and corporate.
- On the basis of traveler, the business travel market is segmented into group travel and solo travel.
Global Business Travel Market Country Level Analysis
The business travel market is analyzed and market size, volume information is provided by country, type, purpose, expenditure, age group, service, industry and traveler as referenced above.
The countries covered in the global business travel market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the business travel market during the forecast period of 2021 to 2028 due to the strong economic growth, high penetration of internet and technology and increase in penetration of IoT is supporting both travelers and travel operators.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Business Travel Market Share Analysis
The business travel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to business travel market.
The major players covered in the business travel market report are CWT, Flight Centre 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 for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Business Travel Market
Data Bridge Market Research is a leader in consulting and advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include production cost analysis, trade route analysis, price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), import export and grey area results data, literature review, consumer analysis and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.