NEW
YORK, Aug. 14, 2024 /PRNewswire/ -- The global
business travel market size is estimated to grow by USD 3.21 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of over
34.28% during the forecast period. Growing
technological advances is driving market growth, with a trend
towards growing preference of consumers to book through online
travel agencies. However, rising penetration of online video
conferencing platforms poses a challenge. Key market players
include ADTRAV Corp., Airbnb Inc., American Express Global Business
Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV,
Booking Holdings Inc., Christopherson Business Travel, CWT Global
BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions,
Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA
Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders
Group Holdings LLC, UNIGLOBE Travel International Limited
Partnership, Walmart Inc., and WexasA Ltd.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Marketing,
Internal meeting, Trade show, and Product launch), Type (Travel
fare, Lodging, Dining, and Others), and Geography (APAC, Europe,
North America, South America, and Middle East and
Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
ADTRAV Corp., Airbnb
Inc., American Express Global Business Travel GBT, ATG Travel
Worldwide BV, BCD Travel Services BV, Booking Holdings Inc.,
Christopherson Business Travel, CWT Global BV, Direct Travel Inc.,
Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group
Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega
World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE
Travel International Limited Partnership, Walmart Inc., and
WexasA Ltd.
|
Key Market Trends Fueling Growth
Online travel portals have become a preferred choice for
businesses due to their convenience and organization. Upside, for
instance, caters specifically to business travelers with exclusive
deals and VIP programs. Their offerings include a free USD150 card for each purchased package,
attracting over 5,000 companies. Booking.com is another prominent
portal, offering customized hotel options based on business trip
types and amenities. These innovative strategies contribute
significantly to the expansion of the global business travel market
during the forecast period.
Business travel, a significant segment of the tourism industry,
continues to evolve with various trends shaping its landscape.
Regular tourism merges with bleisure travel, allowing professionals
to combine business and leisure. Virtual reality and augmented
reality technologies enhance travel experiences, while smart hotels
and digitization streamline accommodation and work-related needs.
Transportation infrastructure, including roads, airports, rail
networks, and air routes, undergoes advancements to improve
connectivity and profit maximization. The economy, unemployment,
and SME financing impact business travel expenditure. Udayami
Helpline and travel retail cater to unique needs, while artificial
intelligence, chat bots, and cost-cutting strategies optimize
online travel and hotel booking. Infrastructural investments in
hospitality and infrastructure boost corporate profitability.
Medical tourism, lifestyle changes, and tourism promotion foster
new opportunities. Priceline and other platforms facilitate
business-oriented travel for conferences and congresses.
Infrastructure development in transportation and accommodation
sectors remains crucial for continued growth.
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Market Challenges
- Online video conferencing platforms, such as Zoom and Google
Meet, are increasingly competing with traditional players in the
business travel market. The widespread adoption of these tools by
corporations during the pandemic has made them an effective
alternative for meetings and conferences. Companies are now
leveraging these cost-effective communication technologies to
reduce business travel expenses. Advancements in online banking,
phone calls, emails, and video conferencing provide efficient and
affordable communication and transaction solutions. The growing
availability of real-time communication opportunities is driving
companies to adopt various communication technologies like Skype,
FaceTime, Google Meet, and Zoom. The significant cost savings and
high effectiveness of these platforms are major factors hindering
the growth of the global business travel market. Consequently, the
increasing penetration of online video conferencing platforms is
expected to negatively impact the business travel industry during
the forecast period.
- Business travel is a significant segment of the tourism
industry, contributing substantially to corporate profitability.
However, it faces various challenges. Hospitality and
infrastructure are crucial concerns, with the need for improved
roads, airports, rail networks, and air routes. The economy's state
impacts business travel expenditure, leading to cost-cutting
strategies. Unemployment and SME financing are also
challenges for small businesses. Udayami
Helpline, Priceline, and online travel platforms
offer solutions for affordable business travel. Augmented reality
and artificial intelligence enhance travel retail experiences.
Chat bots streamline booking processes. High-speed
rail and hotels cater to profit maximization. Work-related trips,
conferences, and congresses remain business-oriented events,
necessitating efficient transport solutions. Infrastructural
investments in transport and hospitality sectors are
essential for sustainable business travel growth.
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challenges - Download a Sample Report
Segment Overview
This business travel market report extensively covers market
segmentation by
- Application
- 1.1 Marketing
- 1.2 Internal meeting
- 1.3 Trade show
- 1.4 Product launch
- Type
- 2.1 Travel fare
- 2.2 Lodging
- 2.3 Dining
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Marketing- Business travel plays a vital role
in the international marketing strategies of both small and large
enterprises. Global marketing, or advertising products and services
in foreign markets, allows companies to expand their customer base
and enhance brand reputation. Employees' business trips provide
valuable insights into sales strategies and target markets. Two
primary advantages of business travel include improving brand
reputation and enabling global networking. Companies explore
opportunities in various markets, such as seeking out cheaper
labor, cost-effective advertising, and lenient tax laws, which
enhances their global networking. These factors will fuel the
growth of the marketing segment within the global business travel
market throughout the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global travel and business bags market is witnessing steady
growth, driven by rising business travel and increasing consumer
demand for stylish, functional luggage. Technological innovations,
such as lightweight materials and smart luggage features, are
further propelling market expansion. North America and Europe remain key regions, while Asia-Pacific shows rapid growth potential due
to the growing middle class and increasing disposable incomes.
Leading players are focusing on product differentiation and
sustainable materials to capture market share in this competitive
landscape.
Research Analysis
Business travel, also known as business tourism or work-related
trips, refers to travel taken for professional purposes. It
includes attending conferences, congresses, and business meetings,
as well as work-related training and site visits. In recent years,
the business travel market has seen significant changes with the
rise of digital technologies. Virtual and augmented reality are
transforming the way business travelers experience destinations and
events. Smart hotels offer contactless check-in and personalized
services using artificial intelligence and chatbots. Digitization
has made online travel booking and hotel reservations more
convenient than ever. Transportation, including roads and airports,
is a crucial aspect of business travel. Global travel expenditure
for business purposes is expected to continue growing, driven by
the increasing number of business-oriented trips and the trend
towards bleisure travel, where business travelers extend their
stays for leisure activities. Medical tourism is another growing
segment of the business travel market, with companies sending
employees abroad for affordable and specialized medical treatments.
The transportation and accommodation sectors are adapting to meet
the evolving needs of business travelers, with an emphasis on
efficiency, convenience, and personalization.
Market Research Overview
Business travel, a subset of the larger tourism industry, refers
to trips taken for professional purposes. It includes work-related
trips for conferences, congresses, and other business-oriented
events. In recent years, business travel has seen significant
changes with the rise of bleisure travel, where business trips are
extended for leisure activities. The digital transformation of the
industry is evident in the use of virtual reality for tourism
promotion, smart hotels, and digitization of transportation and
accommodation booking. The economy plays a crucial role in business
travel, with unemployment and SME financing impacting the sector.
Infrastructural investments in roads, airports, rail networks, and
air routes are essential for efficient business travel. Profit
maximization and cost-cutting strategies are key considerations for
businesses in this sector. Augmented reality and artificial
intelligence are revolutionizing business travel with chatbots for
booking and personalized recommendations. Online travel platforms
like Priceline and hotel booking apps have made it easier for
business travelers to plan and manage their trips. The industry
also caters to medical tourism and lifestyle changes, offering
unique experiences for travelers. Travel retail is another
significant aspect of business travel, with corporations investing
in infrastructure to maximize profits. Corporate profitability and
tourism expenditure are closely linked, making business travel an
essential contributor to the global economy.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Marketing
- Internal Meeting
- Trade Show
- Product Launch
- Type
-
- Travel Fare
- Lodging
- Dining
- Others
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
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Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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