Dublin, Nov. 29, 2023 (GLOBE NEWSWIRE) — The “Business Travel – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Business Travel Market to Reach $928.4 Billion by 2030
The global market for Business Travel estimated at US$665.3 Billion in the year 2022, is projected to reach a revised size of US$928.4 Billion by 2030, growing at a CAGR of 4.3% over the analysis period 2022-2030.
The report covers various aspects of business travel, such as food & lodging, recreation, transportation, group travel, solo travel, corporate travel, and government travel.
Historical data for the years 2014 through 2021 are included, along with a 16-year perspective highlighting the percentage breakdown of sales values for the years 2014, 2023, and 2030, as well as percentage CAGR figures. This analysis aims to provide insights into the trends and dynamics within the global business travel market across different segments and regions.
Food & Lodging, one of the segments analyzed in the report, is projected to record 5% CAGR and reach US$509.8 Billion by the end of the analysis period. Growth in the Recreation segment is estimated at 3.8% CAGR for the next 8-year period.
The U.S. Market is Estimated at $238.4 Billion, While China is Forecast to Grow at 6.2% CAGR
This extensive analysis focuses on the global business travel market and its annual sales in US$ million for the years 2014 through 2030. The report includes recent, current, and future assessments of business travel sales, categorized by geographic region, encompassing the USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
The Business Travel market in the U.S. is estimated at US$238.4 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$59.2 Billion by the year 2030 trailing a CAGR of 6.2% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 4.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 464 |
| Forecast Period | 2022 – 2030 |
| Estimated Market Value (USD) in 2022 | $665.3 Billion |
| Forecasted Market Value (USD) by 2030 | $928.4 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
MARKET OVERVIEW
- Impact of COVID-19 Outbreak and Looming Global Recession
- COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
- Digitalization Augurs Well for the Tourism Industry
- Impact of COVID-19 on Business Travel in Life Sciences Sector
- Pandemic to Transform Future Trends in the Business Travel Industry
- Business Travel Evolves into Multi-Faceted Endeavor
- Global Market Prospects & Outlook
- Major Purposes of Business Trips
- Competition
- Startups Disrupt the Business Travel Market
- World Brands
- Recent Market Activity
- Business Travel – Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
MARKET TRENDS & DRIVERS
- Trends in Travel & Tourism: An Indication of Dynamics in Business Travel Market
- COVID-19 Impact on Tourism Industry: % Change in International Tourist Arrivals by Region for 2019 and Q1 2020
- Preference for Communications Technologies & Video Conferencing Amidst COVID-19 Outbreak Over Travel Affects Business Travel
- Global Downloads (Million) of Select Video Chat Apps for iOS and Android for Jan-2020 to Mar-2020
- Average Growth (in %) in Video Meetings by Meeting Size for Feb 2020 Vs May 2020
- Web Conferencing Emerges as an Apt Alternative to Business Travel
- Mixing Recreation with Business: The New Mantra in Business Travel
- Bleisure as % of Total Business Trips by Select Countries: 2019
- Average Number of Bleisure Trips Per Year by Select Countries for 2019
- Original Purpose of Bleisure Travel: % of Trips Converted to Bleisure Trips by Purpose of Original Trip for 2019
- Industries with Most Bleisure Travelers: % of Bleisure Travelers by Industry
- Major Reasons for Choosing a Bleisure Destination: % of Bleisure Travelers Citing a Factor as a Reason for Preferring a Destination among US Bleisure Travelers
- Pandemic Accelerates Event Planning Industry’s Transition towards Virtual Platforms, Affects Business Travels
- Major Events Cancelled or Deferred or Conducted Virtually due to COVID-19
- COVID-19 Effect on Global Event Activities: Estimated Percentage Change in Event Revenues for 1H 2020 over 1H 2019
- Trade Volumes and Trade Wars Closely Correlated to Spending on Business Travel
- Month-on-Month Growth in Global Trade: Jan 2019-April2020
- Notable Trends in the Business Travel Industry
- New Services Emerge as Competitors to Travel Management Companies
- Using Business Travel to Enhance Employee Satisfaction
- Bleisure Emerges as a Popular Business Travel Trend
- Focus on Enhancing Customer Service
- Rising Importance of Personalized Travel
- Sustainability Emerges as a Notable Trend in Business Travel
- Technological Advancements Augur Well for the Market
- Rising Importance of Artificial and Machine Learning in Business Travel
- Mobile Devices Become Integral to Business Travel Industry
- Smartphone Penetration Rate as Share of Total Population: 2016-2021E
- Downturn in Business Travel Dents Airline Revenues
- COVID-19 Pandemic Dents Airline Revenues: Commercial Airline Revenue Growth (in %) for 2010-2020E
- Air Travel a Significant Component of Business Travel Spending: Percentage Breakdown of Average Corporate Trip Budget by Segment for 2019
- Major Concerns of Business Travelers: % of Business Travelers Citing the Concern Impeding Corporate Travel
- Growth of SMEs Bodes Well for the Business Travel Industry
- Airport Retailers Target Business Travelers
- Global Airport Retail Market Size (in US$ Billion) for 2019, 2022 & 2024
- Digitalization of Travel Payments & Guest Data Supports Business Travel Market
- Challenges Facing Business Travel Market
- Data Breaches and Fraud Impact Business Travel
FOCUS ON SELECT PLAYERS(Total 70 Featured)
- Amadeus IT Group SA
- Akcine bendrove Lietuvos pastas
- ATITECH S.p.A.
- 1byone, Inc.
- ASCO Group Limited
- Airbnb Inc.
- Amber Gold Sp. z o.o.
- Affinity Group Limited
- Amira Enterprises Inc.
- Aurora Media Worldwide UK Ltd.
- APT Asia Pacific
- A.bergs DataSystem AB
- Ad Magic, Inc.
- Apricot Technologies Limited
- Aqualogy Services Company, S.A.
For more information about this report visit https://www.researchandmarkets.com/r/d74mmx
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