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business travel market Research
U.S. is the most prominent market in North America, and is projected to reach $374.5 billion by 2031, growing at a CAGR of 8.7% during the forecast period.
PORTLAND, OREGON, UNITED STATES, October 4, 2023 /EINPresswire.com/ — The global business travel market size was valued at $689.7 billion in 2021, and is projected to reach $2.1 trillion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.
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This report provides a thorough analysis of the Business Travel market at a micro-level, focusing on various services, industries, travelers, and regions. The aim is to find out the attractiveness of each region and country, enabling stakeholders to make well-informed investment decisions. Quantitative analysis from 2022 to 2031 is included, with the Compound Annual Growth Rate (CAGR) calculated for 2022 to 2031, considering macro- and microeconomic factors impacting market growth.
Regional Analysis
The Business Travel market is evaluated across four key regions: North America, Europe, Asia-Pacific, and LAMEA. In North America, the market trends in the U.S., Canada, and Mexico are explored. Europe analysis includes Germany, France, Spain, Italy, Sweden, Greece, and the Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, Australia, and the rest of the region. LAMEA analysis includes Brazil, Saudi Arabia, South Africa, and the rest of the region.
Research Methodology
To provide accurate insights, this report utilizes comprehensive research and analysis based on various inputs, including interviews with industry participants, reliable statistics, and regional intelligence. This report is also based on a comprehensive analysis of drivers, restraints, and opportunities extracted from a SWOT analysis of the global business travel market. Furthermore, the report also includes the financial performance of the key players, the product portfolio, and the latest strategic developments.
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Drivers, Restraints, and Opportunities:
The significant growth of the Business Travel market is driven by several factors, such as the emergence of several small and medium enterprises (SMEs), the increasing infrastructural investment, and the increasing government initiatives for the development of meetings, events, and conferences. Furthermore, the growing technological advancements and the incorporation of modern technologies such as virtual reality, chatbots, artificial intelligence, augmented reality, and the Internet of Things (IoT) have brought huge investment opportunities for the market. However, the growing adoption of online video conferencing platforms such as Zoom and Google Meet may hamper the market’s growth in the upcoming years.
The Global Business Travel Market Definition:
The business travel market describes a section of regular tourism in which individuals mainly travel to attend business-related meetings or conferences. Starting from transportation and accommodation to business work and entertainment, business travel includes everything. The global business travel market is highly driven due to the rising prevalence of conducting many business-related meetings, events, conferences, and other activities by several multinational companies. Additionally, the easy accessibility of transport facilities and technological advancements in booking hotels have fueled the frequency of business travel among individuals across the globe.
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Leading Players:
The Business travel market is highly competitive and comprises both global and regional players. Major players in the market are as follows:
Navan, Inc.
Flight Centre Travel Group Limited
American Express Global Business Travel
Citibank
Corporate Travel Management Limited
N.A., American Express Company
Chase
TravelPerk S.L.U
CWT Global B.V.
BCD Group
Key Question Discussed in the Report:
What is the forecast value of the business travel market?
Which are the prominent market players in the business travel market?
Which region is going to dominate the market by the end of 2031?
What is the impact of the COVID-19 pandemic on the market?
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