India Business Travel Market Size To Hit US$ 59.5 Billion By 2028

According to IMARC Group’s latest report, titled “India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the India business travel market size reached US$ 35.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 59.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.71% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Business travel represents a journey taken explicitly for work or to expand company operations. Also referred to as a corporate journey, it includes various components, such as client meetings, trade shows, promoting brands and products, and employee training and incentives. Business travel is getting immense precedence among organizations across India, owing to the rapid globalization levels and increased company activities. As a result, this journey is taken up by the government and corporate officials across the country.

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India Business Travel Market Trends:

The rising middle class and stable economic growth across the country are among the primary factors driving the India business travel market. Besides this, the elevating requirement for innovative technology in journey management processes is further augmenting the market growth. Moreover, the emerging trend of B-leisure travel, which incorporates business with pleasure while offering recreational activities for relieving stress and enhancing work efficiency, is also catalyzing the market across India. Apart from this, the development of virtual reality (VR) platforms that provide improved, efficient, and personalized customer experiences is acting as another significant growth-inducing factor. Additionally, the increasing digitization in the tourism and corporate sectors, coupled with the penetration of the Internet of Things (IoT), has assisted travelers and journey operators in working swiftly and efficiently, which is also stimulating the market growth. Apart from this, the escalating number of small and medium enterprises (SMEs) and the fast-paced globalization are positively impacting the market in the country. Furthermore, the growing tie-ups of several corporate organizations with the leading enterprise expedition companies to provide customized collaborative spaces and team-building exercises are expected to bolster the India business travel market in the coming years.

Key Market Segmentation:

The report has segmented the India business travel 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 India
• West and Central India
• South India
• East India

Competitive Landscape With Key Players:

The competitive landscape of the India business travel market has been studied in the report with the detailed profiles of the key players operating in the market.

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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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