IMARC Group has recently released a new research study titled “India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Market Overview:

The India business travel market size reached US$ 35.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 59.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.71% during 2023-2028. Business travel refers to journeys undertaken for work-related purposes, such as visiting work sites, meeting with clients, developing partnerships, promoting products, and strengthening business relationships.

It involves several components, including planning and booking, account management, sourcing and procurement, and measuring and reporting. The cost of business travel is usually covered by the employer through external service providers or in-house travel departments. In India, business travel is rapidly gaining popularity due to its ability to help employees adhere to corporate travel and expense policies while generating savings through negotiated discounts.

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What are the growth prospects and trends in the industry?

The business travel market in India is primarily accelerated by the rapid globalization and digitization in the tourism industry and the increasing adoption of advanced technology in travel management processes. This is further supported by the declining airfares due to the introduction of new airlines. Additionally, stable economic growth in the country has created several opportunities for corporates to establish offices in the country, which is creating a positive outlook for the market.

Besides this, the rapidly expanding travel and tourism sector and surging business activities in the healthcare, pharmaceuticals, and manufacturing industries are providing a significant boost to the market growth. Furthermore, leading business travel providers are offering customized collaborative spaces and team-building exercises to increase their consumer base, which is bolstering the market growth.

Key Market Segmentation:

The report has segmented the India business travel market based on type, purpose type, expenditure, age group, service type, travel type, end user and region.

Breakup by Type:

• Managed Business Travel
• Unmanaged Business Travel

Breakup by Purpose Type:

• Marketing
• Internal Meetings
• Trade Shows
• Product Launch
• Others

Breakup by Expenditure:

• Travel Fare
• Lodging
• Dining
• Others

Breakup by Age Group:

• Travelers Below 40 Years
• Travelers Above 40 Years

Breakup by Service Type:

• Transportation
• Food and Lodging
• Recreational Activities
• Others

Breakup by Travel Type:

Breakup by End User:

• Government
• Corporate
• Others

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Competitive Landscape With Key Players:

The competitive landscape of the India business travel market has been studied in the report with the detailed profiles of the key players operating in the market.

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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