PUBLISHER: SkyQuest | PRODUCT CODE: 1180488
PUBLISHER: SkyQuest | PRODUCT CODE: 1180488
Global Business Travel Market size was valued at USD 787.76 billion in 2021 and is expected to reach USD 1876.37 billion by 2028, growing at a CAGR of 13.20% in the forecast period (2022-2028).
The rise of the business travel industry on a global scale will be facilitated by the government's increased efforts to resuscitate the economy by directing monies into the system. Additionally, it is anticipated that the market will be driven by the increasing trend of transformational travel, which is centered on wellness travels to heal, balance, and transform the mind, spirit, and body.
Top-down and bottom-up approaches were used to estimate and validate the size of the global business travel market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global business travel market segmentation is done on the basis of service, industry, traveler type and region. Based on services, the market is segmented into transport, food and lodging and recreation activity. Based on industry, the market is segmented into government and corporate. Based on traveler type, the market is segmented into group and solo traveler segment. Based on the region, the global business travel market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The standard for travel is set by individualized services, dependable transportation, exclusivity, and good & professional interactions with staff. Positive developments in attitudes regarding gender, race, ethnicity, sexual orientation, and political stability, as well as more lenient visa policies, have a significant impact on international travel. Travelers are searching for flexible itineraries that combine entertainment and relaxation to build their own unique experiences.
Restraint
The need for travel intermediaries is rising to previously unheard-of levels.
However, in order to attract customers, the majority of airline firms are releasing exclusive applications and promotions, and hotels are doing the same in order to increase their clientele on a global scale. This will likely provide challenges for the industry's growth in travel intermediaries. Despite their contribution to the growth of the travel and tourism industry, travel intermediaries have presented particular challenges to the market's infrastructure. As there are more intermediaries on the market, many service providers find it challenging to stand out from the crowd and connect with potential customers. This is particularly true for small and medium-sized businesses, whose finances are less robust than those of the big, established corporations.
Market Trends
Expedia Group surveyed 2,200 Americans in the US in March 2021 to better understand how the travel business has changed after the COVID-19 epidemic started. The survey found that 13% of Americans traveled abroad in 2021, while 67% of American families enjoyed a flexible vacation (working and attending school remotely) the same year. Particularly among millennial and younger travelers, value-driven vacations that deliver value for the money and businesses that focus on cost and convenience have grown in popularity. However, since the coronavirus pandemic, one of the earliest and most severely affected businesses has been the travel sector.