The global Business Travel market accounted for US$ 1.37 Bn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019–2027, to account for US$ 2.09 Bn by 2027.
Business travel is a broad term that consists of all the activities executed to achieve a business goal or objective. This objective could be increasing sales, building business relationships, client support, business operations, training, and learning & development among many others. Business Travel is a critical function in any organization and travel managers sees it as an opportunity for revenue generation. For governments also, business travel generates jobs, increases income and tax revenues. Business Travel is affected by factors such as size of the economy, GDP growth, travel infrastructure development, population, industry mix, business dispersion, technology adoption, exports, oil prices, tax, security, and regulatory policies.
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Among the various geographic regions, Asia Pacific held the leading position in the global Business Travel market and it is anticipated to be the highest spending contributor throughout the forecast period. The market growth in Asia Pacific is primarily driven by development of travel infrastructure and presence of a large number of Small and Medium Enterprises (SMEs).
Top Key Players: American Express Global Business Travel, BCD Group, Booking Holdings, Inc., Corporate Travel Management, CWT, Direct Travel, Inc., Expedia Group, Fareportal, Flight Centre Travel Group Limited, and Travel Leaders Group among others.
The spending on Business Travel solutions is quite high in both developed and developing regions such as North America, Europe, and the Asia Pacific and the demand for business travel is expected to grow further during the forecast period of 2019 to 2027. Rising globalization, increasing trade volumes, and positive economic outlook are some of the major macroeconomic factors driving the growth of Business Travel market.
Growing digitalization of payments and travel bookings is another important reason for the increasing demand of business travel solutions worldwide. Increased budget allocation of Business Travel by Small and Medium Enterprises (SMEs), and fast growing trend of bleisure are some of the crucial trends, that are expected to fuel the future growth of Business Travel market. Presently on a global scale, industry verticals such as food processing, utilities, real estate, social & personal services, and professional & business services are the major contributors in business travel spending.
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Industry sectors such as food processing, utilities, non-metallic mineral products, rubber & plastic manufacturing, construction, transportation, agriculture, forestry & fishing, government, and social & personal services sectors are poised to drive the market of Business Travel in this region during the forecast period of 2019 to 2027. Rest of the developing regions such as South America and Middle East & Africa are also expected to grow significantly throughout the forecast period.
The report segments the global Business Travel market as follows:
Global Business Travel Market – By Industry
Global Business Travel Market – By Service
• Food & Accommodation
• Recreation Activity
Global Business Travel Market – By Traveler
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This post was originally published on The Picayune Current