Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global business travel market size reached US$ 1.0 Trillion in 2022. Looking forward, the market is set to reach US$ 1.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.
Business travel, also known as corporate travel, is a journey explicitly undertaken for work purposes or to expand business operations. It includes traveling to a different branch of the company, or to a different location to meet with suppliers and buyers, or for conferences and business events. In recent years, the rapidly globalizing world has accelerated the trend of business travel, which collectively includes client meetings, brand and product promotion, business expansion, and employee training and incentives.
The global market is primarily being influenced by the increasing digitization in the tourism and corporate sectors. In line with this, growing penetration of the Internet of Things (IoT) has enabled both the travelers and the travel operators to get things done swiftly and with ease.
Along with this, the virtual reality (VR) technology also provides better, efficient and personalized customer experiences, thus bolstering the market growth. Apart from this, the rising trend of Bleisure travel, which incorporates business with pleasure elements and offers leisure or recreational activities to relieve stress and improve work efficiency, has provided a positive thrust to the market.
Large-scale developments in the travel and tourism sector, an increase in small and medium enterprises (SMEs) and fast-paced globalization has led to a rise in the number of business travelers. This, along with tie-ups of several corporate organizations with the leading business travel companies to provide customized collaborative spaces and team-building exercises, is acting as another major growth-inducing factor.
Key Questions Answered in This Report:
- What is the expected growth rate of the global business travel market during 2023-2028?
- What are the key factors driving the global business travel market?
- What has been the impact of COVID-19 on the global business travel market?
- What is the breakup of the global business travel market based on the type?
- What is the breakup of the global business travel market based on the purpose type?
- What is the breakup of the global business travel market based on the expenditure?
- What is the breakup of the global business travel market based on the age group?
- What is the breakup of the global business travel market based on the service type?
- What is the breakup of the global business travel market based on the travel type?
- What is the breakup of the global business travel market based on the end-user?
- What are the key regions in the global business travel market?
- Who are the key companies/players in the global business travel market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1 Trillion |
| Forecasted Market Value (USD) by 2028 | $1.5 Trillion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
Competitive Landscape:
- Airbnb Inc.
- American Express Company
- BCD Travel
- Booking Holdings Inc.
- Carlson Wagonlit Travel Inc.
- Expedia Group Inc.
- Fareportal Inc.
- Flight Centre Travel Group
- Hogg Robinson Group
- Travel Leaders Group LLC
- Wexas Ltd.
Key Market Segmentation:
Breakup by Type:
- Managed Business Travel
- Unmanaged Business Travel
Breakup by Purpose Type:
- Marketing
- Internal Meetings
- Trade Shows
- Product Launch
- Others
Breakup by Expenditure:
- Travel Fare
- Lodging
- Dining
- Others
Breakup by Age Group:
- Travelers Below 40 Years
- Travelers Above 40 Years
Breakup by Service Type:
- Transportation
- Food and Lodging
- Recreational Activities
- Others
Breakup by Travel Type:
- Group Travel
- Solo Travel
Breakup by End-User:
- Government
- Corporate
- Others
For more information about this report visit https://www.researchandmarkets.com/r/e1n2dv
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