Business travel refers to domestic or international trips made by an employee for several business-related purposes, including the organization of trade shows, marketing of the company, product launches, and internal meetings. Tourism is one of the major sources of revenue for a number of countries and has a positive impact on the economy of both the source and host countries. The tourism industry has experienced a high growth in the last six decades, especially in regions like Europe that host a large number of international travelers on short breaks. Tourists usually have high budgets and a preference for good food and luxury accommodations. However, these preferences may differ from one tourist to another. For instance, some tourists prefer simple beach vacations, while others want family-oriented holidays at quieter resorts, uncommercialized places, or niche market-targeted destination hotels.
One of the major drivers for this market is the growing technological advances. The business travel market relies on technologically advanced solutions that aid travel agents and their clients access the travel data; compare reservation options; and book the most efficient, economical, and comfortable option. Furthermore, advances in artificial intelligence (AI) have helped automate the travel booking process, eliminating the need to re-enter the employee travel preferences and, in turn, saving time and energy.
Market Analysis and Insights : Global Business Travel Market
The global Business Travel market size is projected to reach USD 1489600 million by 2027, from USD 1182000 million in 2020, at a CAGR of 3.3% during 2021-2027.
With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Business Travel market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Business Travel market in terms of revenue.
On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Business Travel market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global Business Travel market.
Global Business Travel Scope and Market Size
Business Travel market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Business Travel market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.
Leading Key Players In the global Business Travel Market 2022:
- BCD Travel
- Carlson Wagonlit Travel (CWT)
- CTRIP
- Expedia
- American Express Global Business Travel
- Hogg Robinson Group
- CT Business Travel
- CTM
- SMART Corporate Travel
- Shandon Travel
- Clarity
- Upside
- Corporate Traveller
- Travel Leaders Group
- Montrose Travel
- Egencia
- Orbit World
- Morrison Corporate Travel
- Teplis
- North Shore Business Travel (NSBT)
- NexTravel
- TAG Group
- Fello
- TripActions
- Executive Travel
- FCM Travel
Driving Factors for the growth of the Business Travel Market:
The Increasing use of Business Travel in Below 40 Years, Above 40 Years is driving the growth of the Business Travel market across the globe.
Which product segment is expected to garner highest traction within the Business Travel Market In 2022:
Based on product, the Business Travel market is segmented into Trade Shows, Internal Meeting, Product Launch and other. The Business Travel products segment dominated the Business Travel market in 2022. Rising incidences and new product launches expected to drive the segment growth.
Which regions are expected to dominate the Business Travel Market:
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Number of Pages in Business Travel Market Report is 126 with Deatailed Analysis
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