Washington, United States –
Business Travel Market size is predicted to reach USD 2.46 billion by 2029 and exhibit a CAGR of 6.73 % during the forecast period. Data Bridge Market Research has presented this information in its report titled, “Business Travel Market, 2022-2029”
Living in an era, in which technology has taken us to advance levels of communication, then some people question for their need for business travel at all. Skype and Video conferencing are the fantastic source to communicate when the people working remotely, but when it comes to business crunching nobody quite beats the real life human interaction due to this increase the importance of business travel. Business travel is a partition of regular tourism in which people travel for a business related purpose. In this includes business work, entertainment, transportation, accommodation, and other activities. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
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Market Definition
Business or corporate travel is the tourism segment which focuses on the people who travel for professional purposes or work and the related tourism purposes. In this branch also includes the meeting sector, which refers to business congresses, trade fairs, events, conferences and exhibitions
Business Travel Market Dynamics
Drivers
- Rising demand of bleisure
Bleisure travel is the form of business + leisure. The growing trend of Bleisure travel in which incorporates business offers leisure or recreational activities with pleasure elements to improve work efficiency and relieve stress. It has provided a positive growth to the market. The development of virtual reality for hotel bookings, smart hotels and personalization are all the aspects which are boosting the business travel market.
- Increasing digitization and penetration towards internet of things
The growing digitization is initially influencing the global business travel market in the corporate and tourism sectors. Also, rising penetration of the Internet of Things (IoT) has allowed both the travel operators and the travellers to get things done swiftly and in easy way.
Opportunities
- Usage of robotic technology
The use of robotic technology can help to reduce human-to-human touch and could help the business travel market to flourish in the upcoming future. Robotics technology is a popular trend which attract customers to hotels. In hotels, robots are used to handle luggage, clean the rooms, greet guests and provide information. Robots could be used in food preparation and foodservice positions in restaurants.
- Increased government initiative and infrastructure investment
Increased government initiatives are driving the business travel market due to the expansion of the events (MICE), meetings, incentives and conferences, and the small and medium-sized companies (SMEs) sector. Also, increased infrastructure investment and quick expansion in the travel retail industry will act as market drivers and further increase valuable opportunities for the market’s growth rate.
Recent Development
- In April 2021, Flight Centre Travel Group company, which is famous as an Australian travel agency, and an Israeli travel technology developer of Gimmonix’s cutting-edge hotel management and distribution solutions, declared that their present partnership will continue to continue renovating the Flight Centre’s digital connectivity infrastructure. This new infrastructure will use Gimmonix’s cutting-edge technology is package-based agency models and to power FCTG’s tour operator, as well as stake in the consumer facing space and strengthen the company’s competitiveness and stake in the consumer facing space.
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The business travel market is segmented on the basis of type, purpose, expenditure, age group, traveller, service and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Managed Business Travel
- Unmanaged Business Travel
Purpose
- Marketing
- Internal Meetings
- Trade Shows
- Product Launch
- Others
Expenditure
- Travel Fare
- Lodging
- Dining
- Others
Age Group
- Travelers Below 40 Years
- Travelers Above 40 Years
Traveller
- Group Travel
- Solo Travel
Service
- Transportation
- Food and Lodging
- Recreation Activity
Industry
- Government
- Corporate
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