Portland, March 19, 2019 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Business Travel Market by Service (Transportation, Food & Lodging, Business Activity), Industry (Government, Corporate), Traveler (Group and Solo) - Global Opportunity Analysis and Industry Forecast, 2017-2023”. According to the report, the global business travel market accounted for $1,304 billion in 2017 and is expected to garner $1,657 billion by 2023, registering a CAGR of 4.1% during the forecast period.
The growth of the global business travel market is driven by rapid development of the travel & tourism industry, overall globalization of businesses, and swift increase in small and medium-sized enterprises (SMEs). However, the high adoption of technology significantly hampers market growth by limiting travels. Nonetheless, surge in infrastructure investment and rapid growth in the travel retail market is set to provide lucrative opportunities to emerging market players in the near future.
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Based on service, the food & lodging segment occupied just over half of the total market share in 2017. It is expected to remain the largest segment through 2023 and grow at the highest CAGR of 4.7%, on account of reduced hotel booking prices and overall ease of booking due to the involvement of numerous hotel booking agents. Based on industry, the corporate segment is expected to continue its dominance throughout the forecast period and grow at the highest CAGR of 4.7%. This is attributed to the presence of a large number of SMEs availing frequent domestic business trips.
Group travel segment is expected to remain the largest segment through 2023 and also grow at the highest CAGR of 4.8% from 2017 to 2023. This is due to the fact that group travel incurs a lower cost per head and is susceptible to more discounts as compared to solo travel. Regionally, Asia-Pacific generated the highest revenue in 2017 and is expected to maintain the lead during the forecast period. The region is also projected to grow at the fastest rate, a CAGR of 5.5%, owing to favorable government policies promoting business travels and high penetration of internet & technology in the region.
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The key players analyzed 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.