SAN FRANCISCO, March 22, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Business Travel – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 9; Published: February 2022
Executive Pool: 1404
Companies: 70 – Players covered include ADTRAV Corporation; Airbnb, Inc.; American Express global business travel; BCD trip; Booking Holdings Inc.; CWT; Egencia LLC; Fareportal, Inc.; flight center travel group; FROSCH International Travel, Inc.; Ovation Travel Group; Travel Leaders Group, LLC; Wexas Travel and others.
Blanket: All major geographies and key segments
segments: Service (food and accommodation, recreation, transportation); Traveler (Group, Solo); End use (corporate, government)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global business travel market to reach $792 billion by 2026
Business travel can be described as domestic or international travel undertaken by employees to attend various business-related activities including meetings, product launches, trade shows and business marketing to improve further business prospects. Comprising work, leisure, accommodation and transportation, business travel is one of the biggest contributors to the global economy. Employees of multinational organizations often travel to destinations in various countries for business and marketing purposes. There are a variety of agencies and travel agencies in the market that cater to the needs of the business travel industry, which compete on the basis of security measures, service portfolios, government licenses and prices. The growth of business travel has given organizations the ability to manage their employees’ travel needs using travel programs, services and online self-booking tools offered by management companies. of travel. Amid the COVID-19 crisis, the global business travel market estimated at US$665.3 billion in 2022, is expected to reach a revised size of 792 billion US dollars by 2026, growing at a CAGR of 3% over the analysis period. Food and Hospitality, one of the segments analyzed in the report, is expected to register a CAGR of 3.7% and reach US$446.6 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Leisure segment is readjusted to a revised CAGR of 2.6% for the next 7-year period.
The US market is estimated at $238.4 billion in 2022, when China is expected to reach $48.8 billion by 2026
The business travel market in the United States is estimated at US$238.4 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$48.8 billion by 2026 with a CAGR of 5.1% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.2% and 3.1% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.4%.
The global business travel market is driven by factors such as globalization of business operations, increasing adoption of advanced technologies such as artificial intelligence, Internet of Things (IoT) and rising internet penetration to facilitate travel and reservations. The growth of the business travel industry is heavily influenced by the level of investment in the public and private travel and tourism industry. Indeed, considerable investment is required to build the infrastructure and facilities necessary to increase capacity, provide improved services and maintain existing infrastructure. The global business travel market, currently in its worst phase due to the COVID-19 outbreak, has over the years been boosted by initiatives to expand meetings, incentives, conferences and events (MICE) and small and medium-sized enterprises (SMEs) . The global business travel market is significantly impacted by the advent of advanced technological solutions that help agents and their customers book the most comfortable, economical and efficient option. Artificial Intelligence (AI) in this regard has evolved as a cutting-edge technology to help automate the process and eliminate the need to physically attend various meetings or events, which is critical amid the current pandemic. Although advanced technologies such as video conferencing may pose a threat, increasing infrastructure investment and growth in the travel retail market are expected to support the business travel industry.
Transport segment to reach $122.7 billion by 2026
In the Global Transportation segment, United States, Canada, Japan, China and Europe will drive the CAGR of 1.3% estimated for this segment. These regional markets representing a combined market size of US$93.2 billion will reach a projected size of US$101.9 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$15.1 billion by 2026, while Latin America will grow at a CAGR of 1.8% over the analysis period.
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SOURCE Global Industry Analysts, Inc.