According to the report published by Allied Market Research, the global business travel market generated $695.9 billion in 2020, and is estimated to generate $2,001 billion by 2028, witnessing a CAGR of 13.2% from 2021 to 2028. The report offers a detailed analysis of changing market dynamics, key investment pockets, top segments, value chain, regional scenario, and competitive landscape.
Globalization, growth of SMEs, and development of global tourism industry drive the growth of the global business travel market. However, growing adoption of ICT technology hinder the market growth. On the other hand, adoption of different technological advancements and growing infrastructure present new opportunities in the coming years.
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Leading players of the global business travel market analyzed in the research include Corporate Travel Management, Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, and Wexas Limited.
• The outbreak of COVID-19 pandemic resulted in the global shutdown economic activities causing a severe damage to the tourism industry.
• According the Global Business Travel Association (GBTA), the global business travel spending experienced a decline of 52% in 2020 and the losses were 10 times larger than the Great Recession of 2008.
• The overall global business travel spending fell by around 52% resulting in huge revenue losses the players operating in the business travel market.
The report offers detailed segmentation of the global business travel market based on service, industry, traveler, and region.
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Based on service, the food and lodging segment accounted for the largest share in 2020, holding around half of the total share, and is projected to continue its lead position during the forecast period. In addition, the same segment is expected to witness the fastest CAGR of 14.2% from 2021 to 2028. Other two segments studied include recreation and transportation.
Based on industry, the corporate segment held the highest share in 2020, accounting for nearly two-thirds of the global business travel market, and is expected to maintain its dominant share during the forecast period. Furthermore, the same segment is estimated to manifest the highest CAGR of 14.1% from 2021 to 2028.
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Based on region, Asia-Pacific contributed to the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to continue its leadership status in terms of revenue by 2028. The market across this region is also projected to portray the largest CAGR of 14.4% during the forecast period. Other provinces studied in the report include Europe, LAMEA, and North America.
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