Global Business Travel Strategic Market Report 2023: Market to Reach $928.4 Billion by 2030 from $665 Billion in 2022 – Digitalization of Travel Payments & Guest Data Supports Business Travel Market

Global Market for Business Travel

Dublin, April 24, 2023 (GLOBE NEWSWIRE) — The “Business Travel: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

Global Business Travel Market to Reach $928.4 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Business Travel estimated at US$665.3 Billion in the year 2022, is projected to reach a revised size of US$928.4 Billion by 2030, growing at a CAGR of 4.3% over the analysis period 2022-2030.

Food & Lodging, one of the segments analyzed in the report, is projected to record a 5% CAGR and reach US$509.8 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Recreation segment is readjusted to a revised 3.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $238.4 Billion, While China is Forecast to Grow at 6.2% CAGR

The Business Travel market in the U.S. is estimated at US$238.4 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$59.2 Billion by the year 2030 trailing a CAGR of 6.2% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 4.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$133.9 Billion by the year 2030.

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet.

Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.

Story continues

With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.

Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers.

Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New for 2023?

• Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.

• Global competitiveness and key competitor percentage market shares

• Market presence across multiple geographies – Strong/Active/Niche/Trivial

• Online interactive peer-to-peer collaborative bespoke updates

• Access to digital archives and Research Platform

• Complimentary updates for one year

Key Attributes:

MARKET OVERVIEW

• Impact of COVID-19 Outbreak and Looming Global Recession

• Digitalization Augurs Well for the Tourism Industry

• Impact of COVID-19 on Business Travel in Life Sciences Sector

• Pandemic to Transform Future Trends in the Business Travel Industry

• Business Travel Evolves into Multi-Faceted Endeavor

• Global Market Prospects & Outlook

• Major Purposes of Business Trips

• Competition

• Startups Disrupt the Business Travel Market

• World Brands

• Recent Market Activity

• Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

MARKET TRENDS & DRIVERS

• Trends in Travel & Tourism: An Indication of Dynamics in Business Travel Market

• Preference for Communications Technologies & Video Conferencing Amidst COVID-19 Outbreak Over Travel Affects Business Travel

• Web Conferencing Emerges as an Apt Alternative to Business Travel

• Mixing Recreation with Business: The New Mantra in Business Travel

• Major Reasons for Choosing a Bleisure Destination

• Pandemic Accelerates Event Planning Industry’s Transition towards Virtual Platforms, Affects Business Travels

• Major Events Cancelled or Deferred or Conducted Virtually due to COVID-19

• Trade Volumes and Trade Wars Closely Correlated to Spending on Business Travel

• Notable Trends in the Business Travel Industry

• New Services Emerge as Competitors to Travel Management Companies

• Using Business Travel to Enhance Employee Satisfaction

• Bleisure Emerges as a Popular Business Travel Trend

• Focus on Enhancing Customer Service

• Rising Importance of Personalized Travel

• Sustainability Emerges as a Notable Trend in Business Travel

• Technological Advancements Augur Well for the Market

• Rising Importance of Artificial and Machine Learning in Business Travel

• Mobile Devices Become Integral to Business Travel Industry

• Downturn in Business Travel Dents Airline Revenues

• Air Travel a Significant Component of Business Travel Spending

• Growth of SMEs Bodes Well for the Business Travel Industry

• Airport Retailers Target Business Travelers

• Digitalization of Travel Payments & Guest Data Supports Business Travel Market

• Challenges Facing Business Travel Market

• Data Breaches and Fraud Impact Business Travel

FOCUS ON SELECT PLAYERS (Total 70 Featured)

• ADTRAV Corporation

• Airbnb, Inc.

• American Express Global Business Travel

• BCD Travel

• Booking Holdings Inc.

• CWT

• Egencia LLC

• Fareportal, Inc.

• Flight Centre Travel Group

• FROSCH International Travel, Inc.

• Ovation Travel Group

• Travel Leaders Group, LLC

• Wexas Travel

For more information about this report visit https://www.researchandmarkets.com/r/o6rtj7

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