Business Travel Market to Reach $1,657 Bn, Globally, by 2023 at 4.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 16, 2018 /PRNewswire/ --
Surge in travel & tourism activities, increase in infrastructural investment by regional governments, and rapid growth of travel retail market are expected to propel the growth of the global business travel market
Allied Market Research recently published a report, titled, "Business Travel Market by Service (Transportation, Food & Lodging, and Business Activity), Industry (Government and Corporate), and Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast, 2017-2023". The report offers in-depth analyses of the industry by closely monitoring the key industry trends, drivers & opportunities, top investment pockets, top growth strategies, key player positioning, and competitive landscape. According to the report, the global business travel market was worth $1,304 billion in 2017 and is estimated to reach $1,657 billion by 2023, registering a CAGR of 4.1% during 2017-2023.
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Increase in travel & tourism and rapid globalization of businesses coupled with growth in SMSs have boosted the growth of the global business travel market. However, increased adoption of technology hampers the market growth. On the contrary, surge in infrastructural investment by regional governments and boom in travel retail market are expected to create lucrative opportunities for the market players in future.
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Food & lodging segment to gain traction by 2023
Food & lodging segment dominated the market in 2017, contributing about half of the market share, owing to increasing involvement of hotel booking agents such as Airbnb, Inc., and Oravel Stays Private Limited. In addition, the region is expected to register the fastest CAGR of 4.7% through 2023. The other segments analyzed in the report include transportation and recreation.
Corporate industry segment to portray highest demand through 2023
The corporate industry segment garnered the largest market share in 2017, contributing about 64.61% of the total revenue. It is expected to register the fastest CAGR of 4.7% during the forecast period due to increase in corporate activities such as client meetings, brand & product promotions, which involve a lot of business travel. The government industry segment is expected to portray gradual demand during the forecast period.
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Group traveler segment to witness fastest CAGR by 2023
The group traveler segment is projected to witness the fastest growth during the study period, registering a CAGR of 4.8% through 2023. This is because service providers give discounted rates on accommodation and transportation for group travelers. In 2017, the group traveler segment held the largest share of the market, contributing more than half of the total revenue and is expected to continue its dominance throughout the study period. Moreover, the solo traveler segment would show gradual growth from 2017 to 2023.
Asia-Pacific to govern the market through 2023
In 2017, the Asia-Pacific region garnered the largest share, contributing about 42% of the total market revenue. In addition, the region is expected to manifest the fastest CAGR of 5.5% during the forecast period, owing to strong economic growth, which creates lucrative opportunities for investors. The other regions analyzed in the report include North America, Europe, and Latin America, Middle East and Africa.
Major market players
The leading companies analyzed in the report are Airbnb Inc., Expedia Inc., American Express Travel, Carlson Wagonlit Travel, Hogg Robinson Group, Fareportal, Inc. (travelong inc.), BCD Travel, Flight Centre Travel Group, The Priceline Group, and Wexas Travel.
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