Dublin, Nov. 10, 2021 (GLOBE NEWSWIRE) -- The "Business Travel Market by Service, Industry, Traveler: Global Opportunity Analysis and Industry Forecast 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global business travel market was valued at $695.9 billion in 2020, and is expected to reach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028.
Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9000 billion. According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work.
Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management. The business travel market growth is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of meetings, incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector, and increase in globalization of businesses. However, surge in adoption of advanced technology such as video conferencing hampers the market growth, as it is cost-effective and less time-consuming as compared to travelling. Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the business travel market.
The outbreak of COVID-19 emerged as a major threat to the global travel & tourism industry that severely deteriorated the business travel industry. The pandemic led to cancellation of almost all the major business travel activities and MICE events across the globe. Moreover, the wide spread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions is expected to compete with the players operating in the global business travel market in the future. The adoption of video conferencing platforms is serving the needs of many companies for meetings and conferences and is also adopted by them as a cost control measure as companies are avoiding the costly business travel expenses. In this way, COVID-19 has changed the competitive landscape of the global business travel market and is anticipated to have a long-term effect.
The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on the basis of traveler, is categorized into group and solo traveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the business travel market forecast, based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 14.2% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.3% market share in 2020. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.
As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is also forecasted to be the fastest-growing segment due to growth of business activities across the globe. The corporate segment accounted for around 65.6% market share in 2020 and is expected to witness growth at the highest CAGR of 14.1% during the forecast period.
According to the business travel market trends, based on traveler, the group was the largest and the fastest-growing segment that garnered 59.5% market share in 2020 and is anticipated to grow at a significant CAGR of 14.3% in the upcoming future. The group segment is prospering as the cost involved in group tourism is lower. Further, the service providers offers discounted rates on accommodation and transportation for group travel.
Based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due to rapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.5% market in 2020 followed by North America and Europe that constituted 26.3% and 24.3% market share respectively in 2020. LAMEA is expected to show considerable growth due to growing business activities, growing government initiatives to attract FDIs (foreign direct investments), and continuous infrastructural development in the region.
The players operating in the global business travel market have adopted various developmental strategies to expand their market share, exploit the business travel market opportunities, and increase profitability in the market. The key players profiled in this report include Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, Corporate Travel Management, Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, and Wexas Limited.
Key Benefits
- The study provides an in-depth analysis of the global business travel market, with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis of the current market and estimation for the same from 2020 to 2028 is provided to showcase the financial competency of the market.
- Porter's five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Competitive intelligence highlights the business practices followed by the leading market players across various regions.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Top Player Positioning
3.3. Parent market overview: Business Travel market (2020)
3.4. Key findings
3.4.1. Top investment pockets
3.5. Porter's five forces analysis
3.6. Market dynamics
3.6.1. Drivers
3.6.1.1. Globalization is positively impacting business travel
3.6.1.2. Rapid growth of SMEs
3.6.1.3. Development of global tourism industry
3.6.2. Restraint
3.6.2.1. Growing adoption of ICT technology
3.6.3. Opportunities
3.6.3.1. Adoption of different technological advancements
3.6.3.2. Growing infrastructure
3.7. COVID-19 impact and analysis
3.8. Top Impacting Factors
CHAPTER 4: BUSINESS TRAVEL MARKET, BY SERVICE
4.1. Overview
4.1.1. Market size and forecast
4.2. Transportation
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast
4.3. Food & Lodging
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast
4.4. Recreation
4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast
CHAPTER 5: BUSINESS TRAVEL MARKET, BY INDUSTRY
5.1. Overview
5.1.1. Market size and forecast
5.2. Government
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast
5.3. Corporate
5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast
CHAPTER 6: BUSINESS TRAVEL MARKET, BY TRAVELER
6.1. Overview
6.1.1. Market size and forecast
6.2. Group
6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast
6.3. Solo
6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast
CHAPTER 7: BUSINESS TRAVEL MARKET, BY REGION
CHAPTER 8: COMPETITION LANDSCAPE
8.1. Top winning strategies
8.2. Product mapping
8.3. Competitive dashboard
8.4. Competitive heat map
8.5. Key developments
8.5.1. Acquisition
8.5.2. Partnership
8.5.3. Product Launch
8.5.4. Joint Venture
8.5.5. Agreement
CHAPTER 9: COMPANY PROFILES
9.1. AIRBNB INC.
9.1.1. Company overview
9.1.2. Key Executives
9.1.3. Company snapshot
9.1.4. Operating business segments
9.1.5. Product portfolio
9.1.6. R&D Expenditure
9.1.7. Business performance
9.1.8. Key strategic moves and developments
9.2. AMERICAN EXPRESS COMPANY
9.2.1. Company overview
9.2.2. Key Executives
9.2.3. Company snapshot
9.2.4. Operating business segments
9.2.5. Product portfolio
9.2.6. Business performance
9.2.7. Key strategic moves and developments
9.3. BCD GROUP (BCD TRAVEL)
9.3.1. Company overview
9.3.2. Key Executives
9.3.3. Company snapshot
9.3.4. Product portfolio
9.3.5. Key strategic moves and developments
9.4. BOOKING HOLDINGS, INC.
9.4.1. Company overview
9.4.2. Key Executives
9.4.3. Company snapshot
9.4.4. Product portfolio
9.4.5. Business performance
9.4.6. Key strategic moves and developments
9.5. CARLSON WAGONLIT TRAVEL (CWT)
9.5.1. Company overview
9.5.2. Key Executives
9.5.3. Company snapshot
9.5.4. Product portfolio
9.5.5. Key strategic moves and developments
9.6. CORPORATE TRAVEL MANAGEMENT
9.6.1. Company overview
9.6.2. Key Executives
9.6.3. Company snapshot
9.6.4. Operating business segments
9.6.5. Product portfolio
9.6.6. Business performance
9.6.7. Key strategic moves and developments
9.7. EXPEDIA, INC.
9.7.1. Company overview
9.7.2. Key Executives
9.7.3. Company snapshot
9.7.4. Operating business segments
9.7.5. Product portfolio
9.7.6. Business performance
9.8. FAREPORTAL, INC.
9.8.1. Company overview
9.8.2. Key Executives
9.8.3. Company snapshot
9.8.4. Product portfolio
9.8.5. Key strategic moves and developments
9.9. FLIGHT CENTRE TRAVEL GROUP LIMITED
9.9.1. Company overview
9.9.2. Key Executives
9.9.3. Company snapshot
9.9.4. Operating business segments
9.9.5. Product portfolio
9.9.6. Business performance
9.9.7. Key strategic moves and developments
9.10. WEXAS LIMITED
9.10.1. Company overview
9.10.2. Key Executives
9.10.3. Company snapshot
9.10.4. Product portfolio
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