Business Travel Market Size to Reach US$ 1.5 Trillion by 2028, At Growth Rate (CAGR) of 7.6%

 According to IMARC Group’s latest report, titled “Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global business travel market size reached US$ 1.0 Trillion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.

Business travel refers to the practice of traveling to another location for business purposes. It is a crucial aspect of many industries, especially those that require face-to-face interaction with clients, partners, and suppliers. Business travel can include attending conferences, trade shows, client meetings, and training sessions. One of the key features of business travel includes the need for efficient planning, cost management, and seamless execution. Business travel finds its application in various industries, including finance, technology, healthcare, and consulting.

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Business Travel Market Trends:

The rise of the global economy represents one of the key factors influencing business travel market growth. Moreover, as more businesses are expanding their operations, the need for business travel is increasing, which, in turn, is favoring the market growth. In addition to this, the integration with Internet of Things (IoT) and the widescale digitization are enabling both the travelers and the organizations to execute travel plans more swiftly and in a more effectively functional manner. This, in turn, is acting as a major growth-inducing factor. The extensive demand for efficient travel management solutions and the emergence of the sharing economy are contributing to the market growth. Other factors such as the rising trend of Leisure and business tourism, encompassing both professional engagements and recreational activities, along with the growth of the Meetings, Incentives, Conferences, and Exhibitions (MICE), are creating a positive outlook for the market across the globe.

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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.

Competitive Landscape with Key Players:

• Airbnb Inc.
• American Express Company
• BCD Travel
• Booking Holdings Inc.
• Carlson Wagonlit Travel Inc.
• Expedia Group Inc.
• Fareportal Inc.
• Flight Centre Travel Group
• Hogg Robinson Group
• Travel Leaders Group LLC
• Wexas Travel

Key Market Segmentation:

The report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type, end-user and region.

Breakup by Type:

• Managed Business Travel
• Unmanaged Business Travel

Breakup by Purpose Type:

• Marketing
• Internal Meetings
• Trade Shows
• Product Launch
• Others

Breakup by Expenditure:

• Travel Fare
• Lodging
• Dining
• Others

Breakup by Age Group:

• Travelers Below 40 Years
• Travelers Above 40 Years

Breakup by Service Type:

• Transportation
• Food and Lodging
• Recreational Activities
• Others

Breakup by Travel Type:

• Group Travel
• Solo Travel

Breakup by End-User:

• Government
• Corporate
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

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Key Highlights of The Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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