Global Business Travel Market By Service (Transportation, Food & Lodging, Recreation Activity), Industry (Government, Corporate), Traveller (Group, Solo), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Business Travel Market
Global Business Travel Market is expected to rise from its initial estimated value of USD 1375.36 billion in 2018 to an estimated value of USD 1915.83 billion by 2026, registering a CAGR of 4.23% in the forecast period of 2019-2026. Rise in the travel and tourism industry is the major factor for the growth of this market.
Market Definition: Global Business Travel Market
Business travel is the journey which is done for the business or work purposes only. These are usually done to meet the customers, meeting at other company, to visit any worksite, building new partnership, strengthening relations between companies or for the promotion of any product. These days, conference rooms and meeting rooms are there in the hotel itself so that meeting can be held there.
- Increase in urbanization is the major factor for the growth of this market.
- Development in the travel and tourism is driving the market.
- Increase in the advanced technology like video conferencing is the major factor restraining the growth of this market.
Segmentation: Global Business Travel Market
- By Service
- Food & Lodging
- Recreation Activity
- By Industry
- By Traveller
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- North America
Key Developments in the Market:
- In February 2018, American Express Global business Travel announced the launch of its Business Travel Made offer which will help the companies to easily role out travel management platform.
- In March 2016, QuadLabs announced the launch of their new cooperate booking tool for the travel management company and business traveller across the globe so that there will be smooth relationship between the travel houses and their clients.
Competitive Analysis: Global Business Travel Market
Global business travel market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of business travel market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Business Travel Market
Few of the major competitors currently working in the business travel market are Airbnb, Inc., American Express Company, Expedia, Inc., BCD Travel, CWT, Flight Centre Travel Group Limited, Hogg Robinson Ltd, Booking Holdings, Fareportal, WEXAS TRAVEL, Travel Leaders Group.
Research Methodology: Global Business Travel Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
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, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Competitive analysis of key competitors involved in the market
- Complete analysis of Market Segmentation and which segments are set to flourish in the forecast period of 2019 to 2026
- Market Drivers and Restraints analysis along with the analysis of the market structure