According to the new research report published by The Insight Partners, titled “Business Travel Market - Global Analysis and Forecasts to 2027”, the global Business Travel market is expected to reach US$ 2.09 Tr by 2027 from US$ 1.37 Tr in 2018, registering a CAGR of 4.9% during the forecast period of 2019-2027.
The global trade and investment scenario have been growing at a stable pace, which has resulted in a positive business environment and high consumer confidence. The GDP growth in developing countries such as China and India is expected to offer ample opportunities for the business travel market in the coming years. With positive global economic outlook, investments in travel infrastructure, growth in SMEs, huge cross border trade volumes, and stabilizing political conditions, it is expected that the spending on business travel will accelerate over the next few years around the globe.
The global business travel is anticipated to exhibit an impressive growth rate during the forecast period of 2019 to 2027. Some of the major driving factors contributing to this market growth include rising cross border trades, positive economic outlook, and growing digitalization of payment and travel booking eco-system. However, factors such as data safety & cybersecurity concerns, and uncertain international privacy regulations scenario may hinder the market growth in the coming years. In spite of these restraining factors, increased spending on Business Travel by small and medium enterprises (SMEs) in both developed and developing countries is expected to fuel the future growth of Business Travel market.
The spending on Business Travel solutions is quite high in both developed and developing regions such as North America, Europe, and the Asia Pacific and the demand for business travel is expected to grow further during the forecast period of 2019 to 2027. Rising globalization, increasing trade volumes, and positive economic outlook are some of the major macroeconomic factors driving the growth of Business Travel market. Growing digitalization of payments and travel bookings is another important reason for the increasing demand of business travel solutions worldwide. Increased budget allocation of Business Travel by Small and Medium Enterprises (SMEs), and fast growing trend of bleisure are some of the crucial trends that are expected to fuel the future growth of Business Travel market. Presently on a global scale, industry verticals such as food processing, utilities, real estate, social & personal services, and professional & business services are the major contributors in business travel spending.
The global market for Business Travel is segmented into five major regions, including North America, Europe, Asia Pacific, Middle East, and Africa and South America. In 2018, Asia Pacific held the leadership position in the business travel market with more than 40% share of the overall Business Travel market. Europe and North America held the second and third position in terms of Business Travel spending. In the Asia Pacific region, more than half of the spending is coming from China alone followed by Japan, South Korea, and India. The development and improvement of travel infrastructure, as well as a large number of SMEs are two of the major factors driving the growth of Business Travel market, especially in the developing countries of the Asia-Pacific. China and India are anticipated to be the two fastest-growing Business Travel markets in this region. Industry sectors such as food processing, utilities, non-metallic mineral products, rubber & plastic manufacturing, construction, transportation, agriculture, forestry & fishing, government, and social & personal services sectors are poised to drive the market of Business Travel in this region during the forecast period of 2019 to 2027. Rest of the developing regions such as South America and Middle East & Africa are also expected to grow significantly throughout the forecast period.
The major players operating in the global Business Travel market include American Express Global Business Travel, BCD Group, Booking Holdings, Inc., Corporate Travel Management, CWT, Direct Travel, Inc., Expedia Group, Fareportal, Flight Centre Travel Group, and Travel Leaders Group among others.
Business Travel Market - Geographic Breakdown, 2018
The report segments the global Business Travel market as follows:
Global Business Travel Market – By Industry
Global Business Travel Market – By Service
Global Business Travel Market – By Traveler
Global Business Travel Market – By Geography
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