NEW YORK, Aug. 14, 2024 /PRNewswire/ -- The global business travel market size is estimated to grow by USD 3.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 34.28%  during the forecast period.  Growing technological advances is driving market growth, with a trend towards growing preference of consumers to book through online travel agencies. However, rising penetration of online video conferencing platforms poses a challenge. Key market players include ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart Inc., and WexasA Ltd.

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Key Market Trends Fueling Growth

Online travel portals have become a preferred choice for businesses due to their convenience and organization. Upside, for instance, caters specifically to business travelers with exclusive deals and VIP programs. Their offerings include a free USD150 card for each purchased package, attracting over 5,000 companies. Booking.com is another prominent portal, offering customized hotel options based on business trip types and amenities. These innovative strategies contribute significantly to the expansion of the global business travel market during the forecast period. 

Business travel, a significant segment of the tourism industry, continues to evolve with various trends shaping its landscape. Regular tourism merges with bleisure travel, allowing professionals to combine business and leisure. Virtual reality and augmented reality technologies enhance travel experiences, while smart hotels and digitization streamline accommodation and work-related needs. Transportation infrastructure, including roads, airports, rail networks, and air routes, undergoes advancements to improve connectivity and profit maximization. The economy, unemployment, and SME financing impact business travel expenditure. Udayami Helpline and travel retail cater to unique needs, while artificial intelligence, chat bots, and cost-cutting strategies optimize online travel and hotel booking. Infrastructural investments in hospitality and infrastructure boost corporate profitability. Medical tourism, lifestyle changes, and tourism promotion foster new opportunities. Priceline and other platforms facilitate business-oriented travel for conferences and congresses. Infrastructure development in transportation and accommodation sectors remains crucial for continued growth. 

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Market Challenges

• Online video conferencing platforms, such as Zoom and Google Meet, are increasingly competing with traditional players in the business travel market. The widespread adoption of these tools by corporations during the pandemic has made them an effective alternative for meetings and conferences. Companies are now leveraging these cost-effective communication technologies to reduce business travel expenses. Advancements in online banking, phone calls, emails, and video conferencing provide efficient and affordable communication and transaction solutions. The growing availability of real-time communication opportunities is driving companies to adopt various communication technologies like Skype, FaceTime, Google Meet, and Zoom. The significant cost savings and high effectiveness of these platforms are major factors hindering the growth of the global business travel market. Consequently, the increasing penetration of online video conferencing platforms is expected to negatively impact the business travel industry during the forecast period.
• Business travel is a significant segment of the tourism industry, contributing substantially to corporate profitability. However, it faces various challenges. Hospitality and infrastructure are crucial concerns, with the need for improved roads, airports, rail networks, and air routes. The economy's state impacts business travel expenditure, leading to cost-cutting strategies. Unemployment and SME financing are also

challenges for small businesses. Udayami Helpline, Priceline, and online travel platforms offer solutions for affordable business travel. Augmented reality and artificial intelligence enhance travel retail experiences. Chat bots streamline booking processes. High-speed rail and hotels cater to profit maximization. Work-related trips, conferences, and congresses remain business-oriented events, necessitating efficient transport solutions. Infrastructural investments in transport and hospitality sectors are essential for sustainable business travel growth.

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Segment Overview 

This business travel market report extensively covers market segmentation by

1. Application 
   • 1.1 Marketing
   • 1.2 Internal meeting
   • 1.3 Trade show
   • 1.4 Product launch
2. Type 
   • 2.1 Travel fare
   • 2.2 Lodging
   • 2.3 Dining
   • 2.4 Others
3. Geography 
   • 3.1 APAC
   • 3.2 Europe
   • 3.3 North America
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 Marketing-  Business travel plays a vital role in the international marketing strategies of both small and large enterprises. Global marketing, or advertising products and services in foreign markets, allows companies to expand their customer base and enhance brand reputation. Employees' business trips provide valuable insights into sales strategies and target markets. Two primary advantages of business travel include improving brand reputation and enabling global networking. Companies explore opportunities in various markets, such as seeking out cheaper labor, cost-effective advertising, and lenient tax laws, which enhances their global networking. These factors will fuel the growth of the marketing segment within the global business travel market throughout the forecast period.

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The global travel and business bags market is witnessing steady growth, driven by rising business travel and increasing consumer demand for stylish, functional luggage. Technological innovations, such as lightweight materials and smart luggage features, are further propelling market expansion. North America and Europe remain key regions, while Asia-Pacific shows rapid growth potential due to the growing middle class and increasing disposable incomes. Leading players are focusing on product differentiation and sustainable materials to capture market share in this competitive landscape.

Research Analysis

Business travel, also known as business tourism or work-related trips, refers to travel taken for professional purposes. It includes attending conferences, congresses, and business meetings, as well as work-related training and site visits. In recent years, the business travel market has seen significant changes with the rise of digital technologies. Virtual and augmented reality are transforming the way business travelers experience destinations and events. Smart hotels offer contactless check-in and personalized services using artificial intelligence and chatbots. Digitization has made online travel booking and hotel reservations more convenient than ever. Transportation, including roads and airports, is a crucial aspect of business travel. Global travel expenditure for business purposes is expected to continue growing, driven by the increasing number of business-oriented trips and the trend towards bleisure travel, where business travelers extend their stays for leisure activities. Medical tourism is another growing segment of the business travel market, with companies sending employees abroad for affordable and specialized medical treatments. The transportation and accommodation sectors are adapting to meet the evolving needs of business travelers, with an emphasis on efficiency, convenience, and personalization.

Market Research Overview

Business travel, a subset of the larger tourism industry, refers to trips taken for professional purposes. It includes work-related trips for conferences, congresses, and other business-oriented events. In recent years, business travel has seen significant changes with the rise of bleisure travel, where business trips are extended for leisure activities. The digital transformation of the industry is evident in the use of virtual reality for tourism promotion, smart hotels, and digitization of transportation and accommodation booking. The economy plays a crucial role in business travel, with unemployment and SME financing impacting the sector. Infrastructural investments in roads, airports, rail networks, and air routes are essential for efficient business travel. Profit maximization and cost-cutting strategies are key considerations for businesses in this sector. Augmented reality and artificial intelligence are revolutionizing business travel with chatbots for booking and personalized recommendations. Online travel platforms like Priceline and hotel booking apps have made it easier for business travelers to plan and manage their trips. The industry also caters to medical tourism and lifestyle changes, offering unique experiences for travelers. Travel retail is another significant aspect of business travel, with corporations investing in infrastructure to maximize profits. Corporate profitability and tourism expenditure are closely linked, making business travel an essential contributor to the global economy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• • Marketing
  • Internal Meeting
  • Trade Show
  • Product Launch
• Type
• • Travel Fare
  • Lodging
  • Dining
  • Others
• Geography
• • APAC
  • Europe
  • North America
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com/

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SOURCE Technavio