The Business Travel Market is expected to witness market growth at a rate of approximately 4.6% in the forecast 2028

Worldwide Business Travel Industry to 2028 - Large-Scale Developments in of Travel and Tourism Sector Presents Opportunities

PUNE, MAHARASHTRA, INDIA, June 16, 2022 /EINPresswire.com/ -- Databridgemarketresearch.com announces the release of the report "Global Business Travel Market"

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The business travel market is expected to witness market growth at a rate of approximately 4.6% in the forecast period of 2021 to 2028 and is expected to reach USD 2,096.14 billion by 2028. Data Bridge Market Research report on business travel market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increasing digitization in the tourism and corporate sectors is escalating the growth of business travel market.

Business travel refers to the journey which is done for the business or work purposes only. These travels are generally done to meet the customers to visit any worksite, building new partnership and meeting at other company, strengthening relations between companies or for the promotion of any product. Conference rooms and meeting rooms are there in the hotel itself so that meeting can be held there.

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Business Travel Market Scope and Market Size

The business travel market is segmented on the basis of type, purpose, expenditure, age group, service, industry and traveler. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.

• On the basis of type, the business travel market is segmented into managed business travel and unmanaged business travel.
• On the basis of purpose, the business travel market is segmented into marketing, internal meetings, trade shows, product launch and others.
• On the basis of expenditure, the business travel market is segmented into travel fare, lodging, dining and others.
• On the basis of age group, the business travel market is segmented into travelers below 40 years and travelers above 40 years.
• On the basis of service, the business travel market is segmented into transportation, food and lodging and recreation activity.
• On the basis of industry, the business travel market is segmented into government and corporate.
• On the basis of traveler, the business travel market is segmented into group travel and solo travel.
Company Profiles

CWT, Flight Centre Travel Group Limited, Hogg Robinson Ltd, Booking Holdings, Fareportal, WEXAS TRAVEL, Travel Leaders Group, Airbnb, Inc., American Express Company, Expedia, Inc., BCD Travel among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Countries Studied

America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)

Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
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Business Travel Market, By Service

• Transportation
• Food & Lodging
• Business Activity

Based on Service, the market is bifurcated into Transportation, Food & Lodging, and Business Activity. The food and lodging segment is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to the growth of the segment are associated with the huge presence of affordable hotels and rise in online booking trend that have lowered the cost of stay. The business activity segment is also expected to grow at significant rate during the forecast period.

Business Travel Market, By Traveller

• Group
• Solo

Based on Traveller, the market is bifurcated into Group and Solo. The solo segment is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to the growth of the segment are associated with channel leakage, privacy, and security risks. Owing to the above-mentioned concern people use to prefer solo business travel. Global Business Travel Market by Geography

Browse summary of the report and Complete Table of Contents (ToC): https://www.databridgemarketresearch.com/toc/?dbmr=global-business-travel-market

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Frequently Asked Questions

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