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Business Travel Market Size is Expected to Reach USD 2,001.1 Billion By 2028, Growing at a CAGR of 13.2% | Valuates Reports

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09 May, 2023, 14:01 GMT

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BANGALORE, India, May 9, 2023 /PRNewswire/ -- Business Travel Market with COVID-19 Impact, Size, Trends, Growth, Share Analysis, Report by Service (Transportation, Food & Lodging, and Recreation), Industry (Government and Corporate), Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast 2021–2028.  It is published in Valuates Reports under the Travel Category.

The global business travel market size was valued at USD 695.9 billion in 2020 and is expected to reach USD 2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021-2028.

Major Factors Driving The Growth Of The Business Travel Market

The development of smart hotels, the use of virtual reality for hotel reservations, personalization, and leisure travel are some of the emerging trends that are driving the business travel sector.

The expansion of the travel and tourism sector, the rise in government initiatives to develop the meetings, incentives, conferences, and events (MICE) sector and small and medium-sized enterprises (SMEs) sector, and the acceleration of business globalization are the key factors driving the growth of the global business travel market.

Browse The Table of Contents And List of Figures At https://reports.valuates.com/reports/ALLI-Manu-1B51/business-travel

TRENDS INFLUENCING THE GROWTH OF THE BUSINESS TRAVEL MARKET

The worldwide business travel industry is being driven by the rising trend of leisure, which combines work with leisure activities to reduce stress and increase productivity. The expansion of several online travel companies is assisting in the expansion of the world business travel sector. Additionally, the rise in government initiatives to develop the MICE (meetings, incentives, conferences, and events) segment and SME sector, as well as an increase in business globalization, are what is driving the growth of the global business travel market.

It is predicted that rising infrastructure investment and brisk travel retail market growth would offer profitable chances for the expansion of the corporate travel sector. Corporate travel expenses are already back to pre-pandemic levels and will continue to rise, despite increased airfares and hotel costs. Since small businesses are driving the majority of demand, low-cost airlines may stand to gain more than their larger competitors. This in turn is expected to drive the growth of the business travel market.

Get Your Sample Today: https://reports.valuates.com/request/sample/ALLI-Manu-1B51/Business_Travel_Market

BUSINESS TRAVEL MARKET SHARE ANALYSIS

The food and lodging category is anticipated to increase at a CAGR of 14.2% during the forecast period, making it the fastest-growing area based on service in the business travel market.

According to the research on the business travel market by industry, the corporate sector dominated the market and is anticipated to develop at the quickest rate because of the expansion of business activities throughout the world. The corporate sector, which held 65.6% of the market in 2020, is anticipated to grow at the highest CAGR of 14.1% throughout the course of the forecast period.

Travelers were the largest and fastest-growing sector, accounting for 59.5% of the market in 2020 and projected to expand at a substantial CAGR of 14.3% in the years to come. The group market is thriving because group travel has cheaper costs. The service providers also provide group travel discounts on lodging and transportation.

As a result of its quickly expanding infrastructure, conducive business environment, and government initiatives to draw in foreign investment, the Asia-Pacific area is the world's largest and fastest-growing market for business travel.

Inquire For Customization : 

https://reports.valuates.com/request/customisation/ALLI-Manu-1B51/Business_Travel_Market

Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Inquire For Regional Report: https://reports.valuates.com/request/regional/ALLI-Manu-1B51/Business_Travel_Market

Key players

  • Airbnb Inc
  • American Express Company
  • Bcd Group (Bcd Travel)
  • Booking Holdings, Inc
  • Carlson Wagonlit Travel (Cwt)
  • Corporate Travel Management
  • Expedia, Inc
  • Fareportal, Inc
  • Flight Centre Travel Group Limited
  • Wexas Limited

Inquire For Chapter Cost : https://reports.valuates.com/request/chaptercost/ALLI-Manu-1B51/Business_Travel_Market

Buy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-1B51&lic=single-user

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SIMILAR REPORTS

-  Business Travel Insurance Market was valued at USD 5355.8 million in 2022 and is anticipated to reach USD 8834.8 million by 2029, witnessing a CAGR of 8.7% during the forecast period 2023-2029.

-  Travel Insurance Market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.

-  North America Travel Insurance Market is estimated to reach D8,165 million by 2022, growing at a CAGR of 8.8% from 2016 to 2022.

-  Business Travel Accident Insurance Market

-  Domestic Tourism Market

-  Geotourism Market

-  Travel Agencies Market

-  Online Travel Market  size is projected to reach USD 1012890 million by 2028, from USD 593480 million in 2021, at a CAGR of 7.5% during 2022-2028.

-  Travel Management Services Market

-  Baby Travel Bags Market  size is projected to reach USD 1012890 million by 2028, from USD 593480 million in 2021, at a CAGR of 7.5% during 2022-2028.

-  Travel Pillow Market  size is estimated to be worth USD 486.8 million in 2022 and is forecast to a readjusted size of USD 656.1 million by 2028 with a CAGR of 5.1% during the review period.

-  Leisure Travel Market size was valued at USD 1,006.5 billion in 2019, and is projected to reach USD 1,737.3 billion by 2027, registering a CAGR of 22.6% from 2021 to 2027.

-  Travel Arrangement Software Market

-  The luxury travel market was valued at USD 22200 million in 2021, and it is anticipated to reach USD 39300 million by 2028, registering a CAGR of about 8.4% during the forecast period (2022–2028).

-  Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Adventure Tourism market is projected to reach USD 5629.9 million by 2028 from an estimated USD 1750 million in 2022, at a CAGR of 21.5% during 2023 and 2028.

-  The global Sports Tourism market size is projected to reach USD 2204220 million by 2028, from USD 1564500 million in 2021, at a CAGR of 5.2% during 2022-2028.

-  Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Ecotourism market is projected to reach USD 1012240 million by 2028 from an estimated USD 461160 million in 2022, at a CAGR of 14.0% during 2023 and 2028.

-  Traveling Wave Fault Location Device for Transmission Line Market

-  Traveler Security Service Market

-  Online Travel Agency Market

-  The in-flight entertainment & connectivity market was valued at USD 4.13 Billion in 2020, and is projected to reach USD 11.65 Billion in 2030, registering a CAGR of 11.36%.

Similar Reports for Business Travel Market

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Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

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