Growing digitalization in tourism and corporate sector drives expansion

Business Travel Market

Dublin, July 03, 2024 (GLOBE NEWSWIRE) — The report “Business Travel Market by Type, Purpose, Spend, Age Group, Service Type, Trip Type, End User and Region 2024-2032” has been added to Research & Marketing.com offering.

The global business travel market was valued at US$1.1 trillion in 2023. The publisher predicts that the market will reach US$1.9 trillion by 2032, which means a growth rate (CAGR) of 6.3% between 2023 and 2032.

In recent years, rapidly developing globalization has contributed to the growing popularity of business travel, which includes meetings with clients, brand and product promotion, company expansion, and employee training and motivation.

The global market is primarily driven by the increasing digitalization in the travel and corporate sectors. In this regard, the increasing penetration of the Internet of Things (IoT) has enabled both travelers and tour operators to handle matters quickly and easily. Apart from this, Virtual Reality (VR) technology is also providing better, more efficient, and personalized customer experiences, thereby boosting the market growth.

In addition to this, the growing trend of bleisure travel, which combines business with pleasure elements and offers recreational or leisure activities to relieve stress and improve work efficiency, has provided a positive impetus to the market. Large-scale development in the travel and tourism sector, growth in the number of small and medium-sized enterprises (SMEs) and rapid globalization have led to an increase in the number of business travelers. This, along with the tie-up of several corporate organizations with leading business travel companies to provide customized spaces for collaboration and team building exercises, is acting as another important factor in the growth.

Key questions answered in this report

• What was the size of the global business travel market in 2023?

• What growth rate do we expect for the global business travel market between 2024 and 2032?

• What are the key factors driving the global business travel market?

• What impact has COVID-19 had on the global business travel market?

• How is the global business travel market divided by type?

• How is the global business travel market divided by purpose?

• How is the global business travel market divided by expenses?

• How is the global business travel market divided by age groups?

• How is the global business travel market divided by type of service?

• How is the global business travel market divided by travel type?

• How is the global business travel market divided by end user?

• What are the key regions in the global business travel market?

• Which companies/players play a key role in the global business travel market?

The story continues

Key Features:

Competitive environment:

Key market segmentation:

Separation by type:

Separation by purpose:

• Marketing

• Internal meetings

• Trade shows

• Product Introduction

• Others

Breakdown by expenses:

• Travel price

• Lodging

• Dining room

• Others

Division by age groups:

• Travelers under 40

• Travelers over 40 years old

Breakdown by type of service:

• Transport

• Food and lodging

• Recreational activities

• Others

Division by type of travel:

Breakdown by end user:

• Government

• Collective

• Others

Breakdown by region:

• North America

• United States

• Canada

• Asia and Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

• Others

• Europe

• Germany

• France

• United Kingdom

• 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

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