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CO_181605
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Pages: 150
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Jan 2018 | 4820 Views
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Author's :
Yash Doshi and Smriti Loomba
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Tables: 51
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Charts: 39
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The Business Travel Market size is expected to reach $1,657 billion by 2023, registering a CAGR of 4.1% during the forecast period. Substantial development of the travel & tourism sector has fostered the demand for business travel.
Rise in travel & tourism has intensified the demand for business travel market. Moreover, increase in globalization of businesses and continued growth of SMEs supplement the market growth. In addition, increase in infrastructural investments by regional governments and rapid growth in travel retail market are anticipated to fuel the growth of the global market during the forecast period. However, increased adoption of technology impedes the market growth, as the SMEs prefer video conferencing over traveling.
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The business travel market is segmented on the basis of service, industry, traveler, and geography. Based on service, the global market is categorized into food & lodging, transportation, and recreation activities. Food & lodging registers the highest growth rate, owing to the presence of affordable hotels and increase in online booking trend that have lowered the cost of stay. Based on industry, the market is classified into government and corporate. By traveler, it is divided into group and solo. Regionally, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Asia-Pacific is the largest business travel market in the world, owing to strong economic growth. In addition, high penetration of internet & technology in densely populated countries boost the growth of the market. Moreover, increase in 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.
China generated the maximum revenue in Asia-Pacific in 2016. The key industry segments boosting the growth for business travel market in China are manufacturing, utility & agriculture, and forestry & fishing.
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Group traveler segment accounted for the maximum share in 2016, as the amount spent on a group travel is much lower than in solo travel. Moreover, service providers offer discounted rates on accommodation and transportation of group travel, which acts as a major driver of the market. In addition, traveling in a group helps in exchanging ideas and experience, which further boosts the company’s productivity level, thereby promoting the growth of the group business travel market.
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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 activities involved in business travel. Thus, frequent corporate domestic and international trips have supplemented the corporate travel market growth.
Major companies profiled in the report include Airbnb Inc., American Express Travel, Expedia Inc., BCD Travel, Carlson Wagonlit Travel, Flight Centre Travel Group, Hogg Robinson Group, The Priceline Group, Fareportal, Inc. (travelong inc.), and Wexas Travel.
Key Benefits
Business travel market has witnessed steady growth in the recent years. Asia-Pacific and North America are some of the largest travel markets in the world. The growth of the business travel market is driven by the corporate industries, due to the massive increase in business activities such as client meetings, brand promotions, employee training activities & others. Moreover, rise in government initiatives to promote SMEs and liberalization of market entry to increase FDIs are anticipated boost the growth of the industry.
The business travel market is segmented based on type of industry into corporate and government. Business travel is an integral part of the corporate sector. The activities in the corporate sector are driven by profit maximization motives such as brand & product promotions, business expansion, employee training, and incentives.
The corporate sector is anticipated to be the dominating consumer of the business travel market, owing to the presence of large number of SMEs availing frequent domestic business trips, as this segment seeks for every small opportunity to increase its market presence, expand within the domestic regions & globally, and gain higher market share.
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