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Business Travel Market
Business Travel Market
Dublin, July 03, 2024 (GLOBE NEWSWIRE) — The “Business Travel Market Report: By Type, Purpose Type, Spend, Age Group, Service Type, Trip Type, End User, Region 2024-2032” report has been added to ResearchAndMarkets.com.
The global business travel market size reached US$1.1 trillion in 2023. Looking ahead, the publisher expects the market to reach US$1.9 trillion by 2032, exhibiting a CAGR of 6.3% between 2023 and 2032.
In recent years, a rapidly globalizing world has seen an accelerating trend in business travel, including client meetings, brand and product promotion, business expansion, employee training and incentives, and more.
The global market is being influenced by increasing digitalization primarily in the tourism and corporate sectors. This has led to the increasing adoption of Internet of Things (IoT) to make things faster and easier for both travelers and travel agents. In addition to this, Virtual Reality (VR) technology is also providing better, efficient and personalized customer experience, thus boosting the market growth.
Apart from this, the growing trend of “bleisure travel”, which blends business and entertainment elements and offers leisure and recreational activities aimed at relieving stress and improving work efficiency, is also having a positive impact on the market. The large scale development of the travel and tourism sector, the rise in small and medium-sized enterprises, and rapid globalization have led to an increase in the number of business travelers. In addition to this, several corporate organizations have partnered with leading business travel companies to offer customized collaborative spaces and team-building exercises, which is another major factor driving the growth.
Key questions answered in this report
What was the size of the global business travel market in 2023?
What is the expected growth rate of the global business travel market from 2024-2032?
What are the key factors driving the global business travel market?
How has COVID-19 affected the global business travel market?
How is the global business travel market segmented by type?
How is the global business travel market segmented by purpose?
What is the breakdown of the global business travel market based on spending?
How is the global business travel market divided by age group?
What is the breakdown of the global business travel market by service type?
What is the breakdown of the global business travel market by trip type?
What is the breakdown of the global business travel market based on end-user?
What are the major regions of the global business travel market?
Who are the key companies/players in the global business travel market?
The story continues
Key attributes:
Report Attributes
detail
number of pages
149
Forecast Period
2023 – 2032
Estimated market value in 2023 (USD)
$1.1 trillion
Market value forecast to 2032 (USD)
$1.9 trillion
Compound Annual Growth Rate
6.3%
Target area
global
Competitive Landscape:
Key Market Segmentations:
Breakdown by type:
Breakdown by purpose:
marketing
Internal meetings
exhibition
Product Launch
others
Breakdown of expenses by type:
Travel fees
stay
dining
others
Age breakdown:
Travelers under 40
Travelers over 40 years old
Breakdown by service type:
Transportation facilities
Meals and accommodation
Recreational Activities
others
Breakdown by trip type:
Breakdown by end user:
government
Enterprise
others
Regional breakdown:
North America
America
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
others
Europe
Germany
France
England
Italy
Spain
Russia
others
latin america
Brazil
Mexico
others
Middle East and Africa
For more information on this report, please visit: https://www.researchandmarkets.com/r/jlg2vl
About ResearchAndMarkets.com
ResearchAndMarkets.com is a leading global source of international market research reports and market data providing the latest information on international markets, regional markets, key industries, top companies, new products and latest trends.
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