The global business travel market has experienced significant growth in recent years, driven by the increasing digitization in the tourism and corporate sectors. This growth is expected to continue, with the market projected to reach US$ 1.5 Trillion by 2028, exhibiting a CAGR of 7.6% during the forecast period of 2023-2028. Business travel refers to journeys specifically undertaken for work purposes, such as meetings, conferences, and business events.
The global market has been influenced by the rising trend of digitization and the penetration of the Internet of Things (IoT) in both the travel industry and corporate sector. These technological advancements have made travel operations more efficient and convenient for both travelers and travel operators. Additionally, virtual reality (VR) technology has improved customer experiences and contributed to market growth.
Another factor fueling the growth of the business travel market is the increasing popularity of Bleisure travel. This concept combines business travel with leisure activities, providing a balance between work and pleasure. It helps relieve stress and enhance work efficiency, attracting more business travelers.
The rise in the number of business travelers can also be attributed to large-scale developments in the travel and tourism sector, as well as the expansion of small and medium enterprises (SMEs) and globalization. To cater to the needs of these business travelers, many corporate organizations are partnering with leading business travel companies to offer customized collaborative spaces and team-building exercises.
The report on the global business travel market addresses several key questions, such as the expected growth rate during the forecast period, the factors driving market growth, and the impact of COVID-19. It also provides insights into the market based on type, purpose, expenditure, age group, service type, travel type, and end-user.
Key players in the global business travel market include 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, and Wexas Ltd.
In conclusion, the global business travel market is experiencing steady growth, driven by factors such as digitization, the rise of Bleisure travel, and the partnership between corporate organizations and travel companies. The market is expected to continue expanding in the coming years, presenting opportunities for various players in the travel industry.