Travel

A Look at the Global Business Travel Market to 2027 – By Type, Purpose Type, Cost, Age Group, Service Type, Trip Type, End User, and Region – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE) — Report “Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” added to ResearchAndMarkets.com sentence.

The global business travel market is expected to reach $1.5 trillion by 2027, with a CAGR of 8.49% between 2021 and 2027.

Companies mentioned

  • Airbnb Inc.

  • American Express Company

  • BKD Travel

  • Booking Holdings Inc.

  • Carlson Wagonlit Travel Inc.

  • Expedia Group Inc.

  • Fareportal Inc.

  • Flight Center Travel Group

  • Hogg Robinson Group

  • Travel Leaders Group LLC

  • LLC “Veksas” etc.

Keeping in mind the uncertainty associated with COVID-19, we are constantly monitoring and assessing the direct and indirect impact of the pandemic on various end-use sectors. These ideas are included in the report as a major contribution to the market.

Business travel, also known as corporate travel, is travel made specifically for the purpose of work or business expansion. This includes travel to another company branch or location to meet with suppliers and customers or attend conferences and business events. In recent years, a rapidly globalizing world has accelerated the trend towards business travel, which together includes meeting with clients, promoting brand and products, expanding business, and training and incentivizing employees.

The global market is primarily affected by the growing digitalization in the tourism and corporate sectors. In line with this, the growing penetration of the Internet of Things (IoT) has enabled both travelers and tour operators to complete tasks quickly and easily. Along with this, virtual reality (VR) technology also provides a better, efficient and personalized customer experience, thus contributing to the growth of the market.

In addition, the market has received positive momentum from the growing trend towards leisure travel, which combines elements of business and pleasure and offers leisure or leisure activities to relieve stress and increase work efficiency. Large-scale development in the travel and tourism sector, an increase in the number of small and medium-sized enterprises (SMEs) and rapidly developing globalization have led to an increase in the number of business travelers.

This, along with several corporate organizations linking with leading business travel companies to provide personalized collaboration spaces and team building exercises, acts as another important growth driver.

Key questions answered in this report

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

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

3. How has COVID-19 affected the global business travel market?

4. What is the structure of the global business travel market by type?

5. What is the structure of the global business travel market by purpose?

6. What is the collapse of the world …

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