The global business travel market generated revenue of $1,266 billion in 2016, and is expected to grow at a CAGR of 4.1% to reach $1,657 billion by 2023.
Portland, OR -- (SBWIRE) -- 02/02/2018 -- The global business travel market generated revenue of $1,266 billion in 2016, and is expected to grow at a CAGR of 4.1% to reach $1,657 billion by 2023.
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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 $7000 billion. The business travel segment shows 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 in this field are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management. The growth of the global business travel market is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, and increase in globalization of business. 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 travel retail market are anticipated to provide lucrative opportunities for the business travel market.
The market is segmented on the basis of service, industry, traveler, and geography. Based on service, the market is classified into transportation, food & lodging, and recreation. By industry, it is bifurcated into government and corporate. Depending on traveler, it is categorized into solo traveler and group traveler.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major companies profiled in the business travel market 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.
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KEY BENEFITS FOR STAKEHOLDERS
This report provides an in-depth analysis of the global business travel market to identify the potential investment pockets.
It outlines the current trends and future scenarios to determine the business travel market potential and gain stronger market foothold.
Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
Quantitative analysis of the business travel industry from 2016 to 2023 is highlighted to recognize the financial competency of the market.
Porter's Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
KEY MARKET SEGMENTS
Food & lodging