NEW YORK, July 14, 2022 (GLOBE NEWSWIRE) -- Recent study report released by Data Bridge Market research with titled “Global Business Travel Market” (covering USA, Europe, China, Japan, India, South East Asia and etc.) that highlighting opportunities, risk analysis, and leveraged with strategic and tactical decision-making support. Business Travel market report recognizes and analyses the emerging trends along with major driving factors, challenges and opportunities in the market for Business Travel industry. Few of the major industry insights of the Business Travel report can be listed as; distinct analysis of the market drivers and restraints, major market players involved like Business Travel industry, detailed analysis of the market segmentation and competitive analysis. To perform competitive analysis, a number of strategies of the major players in the market have been referred that include new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others which lead to a rise of their footprints in the market.
Data Bridge Market Research analyses that the business travel market was valued at USD 1.46 billion in 2021 and is expected to reach USD 2.46 billion by 2029, registering a CAGR of 6.73 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
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Market Overview:-
Living in an era, in which technology has taken us to advance levels of communication, then some people question for their need for business travel at all. Skype and Video conferencing are the fantastic source to communicate when the people working remotely, but when it comes to business crunching nobody quite beats the real life human interaction due to this increase the importance of business travel. Business travel is a partition of regular tourism in which people travel for a business related purpose. In this includes business work, entertainment, transportation, accommodation, and other activities. Global business travel industry is one of the major industries with global economic contribution.
Travel management companies (TMCs) will be under significant pressure to ensure business travelers receive the most up-to-date information regarding COVID-19. This is particularly relevant for the travel industry as restrictions can change daily on a global scale. As TMCs often act as an aggregator between the traveler and the airline, hotel or ancillary service, they will need to be up to speed with the varying regulations provided by each company and destination. Clear communication and regular updates to business travelers will be essential in ensuring the safety of each individual traveler. Hotels, transportation companies, and other ancillary services will also need to provide clear and consistent information. Hotels have already started to move towards the current sentiment from many travellers.
Major Players:-
- Airbnb, Inc. (US)
- American Express Company (US)
- BCD Group (Netherland)
- Booking Holdings (US)
- CWT Solutions (US)
- Corporate Travel Management (Australia)
- Expedia, Inc. (US)
- Fareportal (US)
- Flight Centre Travel Group Limited (formerly Flight Centre Limited) (US)
- Wexas Travel (UK)
- Hogg Robinson Ltd (UK)
- Priceline (US)
- Egencia LLC (US)
- Frosch International Travel (UK)
- Ovation Travel Group (US)
- Travel Leaders Group (US)
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Recent Development
- In April 2021, Flight Centre Travel Group Company, which is famous as an Australian travel agency, and an Israeli travel technology developer of Gimmonix’s cutting-edge hotel management and distribution solutions, declared that their present partnership will continue to continue renovating the Flight Centre’s digital connectivity infrastructure. This new infrastructure will use Gimmonix’s cutting-edge technology is package-based agency models and to power FCTG’s tour operator, as well as stake in the consumer facing space and strengthen the company’s competitiveness and stake in the consumer facing space.
Industry Segmentation:-
By Type (Managed Business Travel, Unmanaged Business Travel),
By Purpose (Marketing, Internal Meetings, Trade Shows, Product Launch, Others), By Expenditure (Travel Fare, Lodging, Dining, Others),
By Age Group (Travelers below 40 Years, Travelers above 40 Years),
By Traveller (Group Travel, Solo Travel),
By Service (Transportation, Food and Lodging, Recreation Activity),
By Industry (Government, Corporate)
Countries Studied
- North America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Industry Opportunities:-
- Usage of robotic technology
The use of robotic technology can help to reduce human-to-human touch and could help the business travel market to flourish in the upcoming future. Robotics technology is a popular trend which attract customers to hotels. In hotels, robots are used to handle luggage, clean the rooms, greet guests and provide information. Robots could be used in food preparation and foodservice positions in restaurants.
- Increased government initiative and infrastructure investment
Increased government initiatives are driving the business travel market due to the expansion of the events (MICE), meetings, incentives and conferences, and the small and medium-sized companies (SMEs) sector. Also, increased infrastructure investment and quick expansion in the travel retail industry will act as market drivers and further increase valuable opportunities for the market's growth rate.
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Business Travel Market Dynamics:-
Drivers
- Rising demand of bleisure
Bleisure travel is the form of business + leisure. The growing trend of Bleisure travel in which incorporates business offers leisure or recreational activities with pleasure elements to improve work efficiency and relieve stress. It has provided a positive growth to the market. The development of virtual reality for hotel bookings, smart hotels and personalization are all the aspects which are boosting the business travel market.
- Increasing digitization and penetration towards internet of things
The growing digitization is initially influencing the global business travel market in the corporate and tourism sectors. Also, rising penetration of the Internet of Things (IoT) has allowed both the travel operators and the travellers to get things done swiftly and in easy way. These factors are the major reason which are expected to drive the growth of the business travel market.
TABLE OF CONTENTS
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Pipeline Analysis
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers And Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
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