Business Travel Lodging Market to Reach $450.8 Bn, Globally, by 2028 at 14.77% CAGR: Allied Market Research

Prime determinants of growth Prime determinants of growth Continuous development in the travel & tourism industry, rise in tourism promotion, increase in accessibility of transport facilities, and surge in infrastructure development drive the growth of the global business travel lodging market. However, factors such as rise in adoption of ICT technology and high investment hinder the market growth. On the other hand, surge in industrialization and increasing visits of investors...

Prime determinants of growth

Continuous development in the travel & tourism industry, rise in tourism promotion, increase in accessibility of transport facilities, and surge in infrastructure development drive the growth of the global business travel lodging market. However, factors such as rise in adoption of ICT technology and high investment hinder the market growth. On the other hand, surge in industrialization and increasing visits of investors regarding business expansion worldwide present new opportunities in the coming years.

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The large enterprises segment to maintain its leadership status throughout the forecast period

Based on enterprise size, the large enterprises segment held the highest market share in 2020, accounting for more than two-fifths of the global business travel lodging market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 15.4% from 2021 to 2028, owing to the rising consumer preferences towards lodging comforts, amenities, and recreational services on the premises.

The retail & consumer goods segment to maintain its lead position during the forecast period

Based on industry, the retail & consumer goods segment accounted for the largest share in 2020, contributing to nearly one-fifth of the global business travel lodging market, and is projected to maintain its lead position during the forecast period. This is owing to rapid development in the sector's growth, increasing consumers spending over the retail products, and offerings of tremendous business opportunities for the manufacturers in the sector. However, the hospitality segment is expected to portray the largest CAGR of 16.5% from 2021 to 2028.

Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global business travel lodging market. Moreover, the same region is expected to witness the fastest CAGR of 15.7% during the forecast period. This is attributed to increasing industrialization and rapidly growing sectors such as food, pharmaceuticals, and others.

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