Market Overview:
The global Business Travel market accounted for US$ 1.37 Bn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019–2027, to account for US$ 2.09 Bn by 2027. With the increasing digitalization of travel bookings and payments, the business travel market is expected to grow at an impressive rate during the forecast period. The digitalization of payments and bookings has made it easier for both enterprises and individual travelers to organize their travel needs. A wide variety of online and cashless payment options allow travelers to pay for services such as hotel accommodation, airfare, dining, ground transport, souvenirs, recreational activities without using credit/debit cards or net banking.
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The global economic outlook has suffered from events such as BREXIT, fluctuating oil prices, and economic slowdown in some developing countries over the past few years. However, it is now strengthening due to factors such as increasing global trade, improvements in the manufacturing sector, political stabilization in European Union, and economic improvements in developing countries such as Brazil, Argentina, and Venezuela. As per the International Monetary Fund (IMF) World Economic Outlook (April, 2019), the global GDP annual percent change is expected to increase from 3.6% in 2018 to 3.7% in 2024. Trade and investments have been growing at a stable pace, which has resulted in strong business environment and high consumer confidence. The economic growth in developing countries such as China and India is quite impressive, and these countries are expected to offer ample growth opportunities for the Business Travel market players during the forecast period of 2019 to 2027.
The overall Business Travel market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the business travel market. It also provides the overview and forecast for the global Business Travel market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the business travel industry.
Key findings of the study:
In 2018, Asia Pacific dominated the global Business Travel market with more than 40% share of the overall share, and it is projected to grow with an impressive CAGR of 6.5% from 2019 to 2027.
In the Asia Pacific region, more than half of the spending is coming from China alone followed by Japan, South Korea, and India. The development and improvement of travel infrastructure, as well as a large number of Small and Medium Enterprises, are two of the major factors driving the growth of Business Travel market, especially in the developing countries of the Asia-Pacific. China and India are anticipated to be the two fastest growing Business Travel markets in this region.
Europe and North America held the second and third position in terms of Business Travel spending, and together these regions contributed to more than 50% of total spending.
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The global Business Travel market is highly competitive and fragmented in nature. There are some very well–established market players, along with a large number of small players operating in the global Business Travel market. The top five market leaders in this market include Expedia Group, Booking Holdings, Inc., American Express Global Business Travel, BCD Group, and CWT Some of the other notable players in the business travel market include Corporate Travel Management, Direct Travel, Inc., Fareportal, Flight Centre Travel Group Limited, Travel Leaders Group, AAA Travel, Travel and Transport, Frosch, Omega World Travel, JTB Americas Group, World Travel Holdings, Ovation Travel Group, ATG, International Cruise & Excursions, Adelman Travel, Christopherson Andavo Travel, Travel Edge, and Fox World Travel among others.
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