Business Travel Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2022-2027

Author: Elena Anderson

Marketing Manager

Report DescriptionAbout IMARC Group

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Global Business Travel Market Research Report 2022-2027:

The latest report by IMARC Group, titled “ Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 202 2-2027

,” finds that the global business travel market is expected to reach US$ 1.5 Trillion by 2027, exhibiting a CAGR of 7.88% during 2022-2027.

Business travel, or corporate travel, refers to domestic or international travel carried out for work or business purposes on behalf of a company or organization. It involves traveling for business conferences or events and to different locations or branches of a company to meet with buyers or suppliers. It also includes other activities, such as brand promotion, meeting clients, new market assessment, project site evaluation, and employee training programs. In recent years, business travel has gained immense popularity across the globe as it helps improve business prospects and aids in business expansion.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Business Travel Market Trends:

The rising digitization in the tourism and corporate sectors and rapid globalization represent the primary factors driving the market growth. Besides this, the emerging trend of Bleisure travel that incorporates business with pleasure elements, such as leisure or recreational activities, for relieving stress and improving work efficiency is another major growth-inducing factor. Additionally, the widespread adoption of advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR), to automate the process has facilitated smooth operations for both travelers and travel operators.

Along with this, the escalating demand for enhanced, efficient, and personalized customer experiences has propelled the market growth. Furthermore, several corporate organizations are entering into tieups with the leading travel companies to offer customized collaborative spaces and team-building exercises, thereby contributing to the market growth. Other factors, including the growing penetration of high-speed internet for easy travel and bookings, rising number of small and medium enterprises (SMEs), developments in the travel and tourism sector, increased business activities, and technological advancements, are also creating a favorable market outlook..

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Key Market Segmentation

The research report includes the following segments:

Breakup by Type:

• Managed Business Travel

• Unmanaged Business Travel

Breakup by Purpose Type:

• Marketing

• Internal Meetings

• Trade Shows

• Product Launch

• Others

Breakup by Expenditure:

• Travel Fare

• Lodging

• Dining

• Others

Report Description Report Description and Highlights

Breakup by Age Group:

• Travelers Below 40 Years

• Travelers Above 40 Years

Breakup by Service Type:

• Transportation

• Food and Lodging

• Recreational Activities

• Others

Breakup by Travel Type:

• Group Travel

• Solo Travel

Breakup by End-User:

• Government

• Corporate

• Others

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Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Competitive Landscape:

• Airbnb Inc.

• American Express Company

• BCD Travel

• Booking Holdings Inc.

• Carlson Wagonlit Travel Inc.

• Expedia Group Inc.

• Fareportal Inc.

• Flight Centre Travel Group

• Hogg Robinson Group

• Travel Leaders Group LLC

• Wexas Ltd. etc.

1. What is the expected growth rate of the global business travel market during 2022-2027?

2. What are the key factors driving the global business travel market?

3. What has been the impact of COVID-19 on the global business travel market?

4. What is the breakup of the global business travel market based on the type?

5. What is the breakup of the global business travel market based on the purpose type?

6. What is the breakup of the global business travel market based on the expenditure?

7. What is the breakup of the global business travel market based on the age group?

8. What is the breakup of the global business travel market based on the service type?

9. What is the breakup of the global business travel market based on the travel type?

10. What is the breakup of the global business travel market based on the end-user?

11. What are the key regions in the global business travel market?

12. Who are the key companies/players in the global business travel market?

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