- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to our digital archives and MarketGlass Research Platform
- Complimentary updates for one year
Edition: 9; Released: February 2022
Executive Pool: 1404
Companies: 70 – Players covered include ADTRAV Corporation; Airbnb, Inc.; American Express Global Business Travel; BCD Travel; Booking Holdings Inc.; CWT; Egencia LLC; Fareportal, Inc.; Flight Centre Travel Group; FROSCH International Travel, Inc.; Ovation Travel Group; Travel Leaders Group, LLC; Wexas Travel and Others.
Coverage: All major geographies and key segments
Segments: Service (Food & Lodging, Recreation, Transportation); Traveler (Group, Solo); End-Use (Corporate, Government)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Complimentary Project Preview – This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
ABSTRACT-
Global Business Travel Market to Reach $792 Billion by 2026
Business travel can be described as the domestic or international travel undertaken by employees to attend various business-related activities including meetings, product launches, trade shows and marketing of companies to further improve business prospects. Comprising work, entertainment, accommodation and transportation, business travel is among the major contributors to the global economy. Employees of multinational organizations often travel to destinations in various countries for business and marketing purposes. There are a variety of agencies and travel companies in the market addressing the needs of the business travel industry, which compete based on safety measures, service portfolios, government licensing and pricing. Growth in business travel has provided organizations the option of managing travel requirements of their employees using travel programs, services and online self-booking tools offered by travel management corporations. Amid the COVID-19 crisis, 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$792 Billion by 2026, growing at a CAGR of 3% over the analysis period. Food & Lodging, one of the segments analyzed in the report, is projected to record a 3.7% CAGR and reach US$446.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Recreation segment is readjusted to a revised 2.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $238.4 Billion in 2022, While China is Forecast to Reach $48.8 Billion by 2026
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$48.8 Billion by the year 2026 trailing a CAGR of 5.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 3.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR.
Business travel market worldwide is being fueled by factors such as globalization of business operations, rising adoption of advanced technologies such as artificial intelligence, Internet of Things (IoT), and rising Internet penetration for enabling easy travel and bookings. Growth of the business travel industry is significantly influenced by the level of investments in public and private travel and tourism industry. This is because considerable investments are required to build the required infrastructure and facilities for expanding capacity, providing improved services and maintaining existing infrastructure. Global market for business travel, which is currently witnessing its worst phase due to the COVID-19 outbreak, has been over the years driven by initiatives to develop meetings, incentive, conferences and events (MICE) and small and medium sized enterprises (SME). The global business travel market is being significantly impacted by the advent of advanced technology solutions that help agents and their customers to book the most comfortable, economical and efficient option. Artificial intelligence (AI) in this regard has evolved as a latest technology for helping automate the process, and eliminating the need for physically attending various meetings or events, which is critical amidst the current pandemic. Though advanced technologies such as videoconferencing can prove a threat, increase in infrastructure investment and growth in travel retail market are expected to support the business travel industry.
Transportation Segment to Reach $122.7 Billion by 2026
In the global Transportation segment, USA, Canada, Japan, China and Europe will drive the 1.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$93.2 Billion will reach a projected size of US$101.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$15.1 Billion by the year 2026, while Latin America will expand at a 1.8% CAGR through the analysis period.
More
MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include – enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp
Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./
Follow Us on Twitter
https://twitter.com/marketbytes
Journalists & Media
[email protected]
SOURCE Global Industry Analysts, Inc.
Leave a Reply