Business Travel Market size to grow by USD 1,535.23 billion between 2022 to 2027| Growing Technological Advances to boost the market growth – Technavio

NEW YORK, Oct. 12, 2023 /PRNewswire/ — The Business Travel Market size is expected to grow by USD 1,535.23 billion, accelerating at a CAGR of 24.42% during the forecast period. The report is segmented into Application (Marketing, Internal meeting, Trade show, and Product launch), Type (Travel fare, Lodging, Dining, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). Growing technological advancements are fueling growth in the global business travel market. These advances enable easy access to travel data, comparison of reservation options, and efficient booking processes. AI-powered personal travel assistants are enhancing the experience for customers. The availability of advanced features saves time for companies, contributing to market growth. Find more insights by downloading the report now

Business Travel Market 2023 – 2027: Segment Overview

During the forecast period, the marketing segment is expected to experience substantial growth. Business travel is a crucial part of the marketing strategies of both small and large enterprises that operate on a global scale. Additionally, international marketing, also referred to as global marketing, encompasses a company’s efforts to promote its products and services in overseas markets.

Business Travel Market 2023 – 2027: Geography Overview:

According to Technavio’s estimates, the Asia-Pacific (APAC) region is projected to account for 42% of the global market’s growth during the forecast period. APAC currently holds the highest revenue share in the global business travel market and is expected to maintain its leading position between 2022 – 2027. Furthermore, companies are actively striving to enhance the quality of business travel experiences for their employees.

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Key Factor driving the Business Travel Market growth: 

  • Technological advancements drive growth in business travel.
  • Technology aids travel agents and clients in accessing data, comparing reservations, and booking efficiently.
  • Advanced solutions like AI-powered personal travel assistants enhance the booking experience.
  • The availability of advanced features saves time for companies in travel arrangements.
  • Growing technological advances are a key factor propelling global business travel market growth. 

Recent trends influencing the market- The growing preference of consumers to book through online travel agencies is a key trend in the business travel market.
Major challenges hindering the market growth- The improper management of travel plans is a major challenge in the business travel market.

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What are the key data covered in the Business Travel Market reports:

  • Historic Market size
  • Company landscape and analysis including ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart Inc., WexasA Ltd.
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Related Reports:

Travel Market: The travel market size is estimated to grow at a CAGR of 14.18% between 2022 and 2027. The market size is forecast to increase by USD 3,392.95 billion.

Online Travel Booking Platform Market: The Global Online Travel Booking Platform Market size is estimated to grow by USD 1,107.21 billion at a CAGR of 14.85% between 2022 and 2027.

Business Travel Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 24.42%

Market growth 2023-2027

USD 1,535.23 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

23.34

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 42%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart Inc., and WexasA Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

TOC

  1. Executive Summary
  2. Market Landscape
  3. Market Sizing
  4. Historic Market Size
  5. Five Forces Analysis
  6. Market Segmentation by Application
  7. Market Segmentation by Type
  8. Market Segmentation by Geography
  9. Customer Landscape
  10. Geographic Landscape
  11. Drivers, Challenges, and Trends
  12. Company Landscape
  13. Company Analysis
  14. Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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