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Business Travel Market to Reach $2,095.4 Billion, Globally, by 2031 at 9.5% CAGR: Allied Market Research
The globalization of businesses, the rise in the number of SMEs, and growing investments in infrastructural developments are the major factors that are expected to drive the growth of the global business travel market during the forecast period. However, the growing adoption of ICT technologies such as online banking, phone calls, and video conferencing may hamper the market growth as business travel is a costly affair and the adoption of digital technologies may help businesses to minimize their costs. There are various technological advancements that emerged in recent years and are being adopted by business travel stakeholders. Popular technologies such as virtual reality, augmented reality, artificial intelligence, chatbots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the business travel market. These advanced technologies are expected to offer lucrative growth opportunities to the market players operating in the business travel industry.
By industry, the corporate segment dominated the market in 2021 holding around two-thirds of the global business travel market revenue. The same segment would also portray the fastest CAGR of 9.8% 2022 to 2031. This is because business travel is an integral part of the corporate sector. The activities in the corporate sector are driven by profit maximization motives. Client meetings, brand & product promotions, business expansion, employee training, and incentives are some of the activities involved in business travel. The rapid growth of SMEs is one of the vital factors propelling the growth of the corporate business travel segment.
By service, the food & lodging segment held the highest share in 2021, holding around half of the global business travel market revenue. The same segment would also portray the fastest CAGR of 9.8% 2022 to 2031. This is because, on an average, a business travel can extend maximum up to three to four days. Direct marketing with big corporate companies and involvement of hotel booking agents such as Airbnb, Inc., Oravel Stays Private Limited, and others offer lower hotel booking prices.
By region, Asia-Pacific garnered the major share in 2021, accounting for nearly two-fifths of the global business travel market revenue. The same segment would also portray the fastest CAGR of 9.9% 2022 to 2031. This is because the penetration of IoT is supporting both travelers and travel operators in managing different operations related to business travel such as planning, booking, and being updated with the current status of their travel program.
The report analyzes these key players in the global business travel market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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