Business Travel Market Size, Share, Growth Analysis, By Service(Transport, Food, lodging, Recreation activity), By Industry(Government, Corporate), By Traveler Type(Group, Solo), By Region - Industry Forecast 2024-2031

Business Travel Market Driver

Online methods of business travel booking are easing the booking process followed by  integration of  business and leisure, Beleisure travelling is driving business travel market growth

• The business travel has changed since the pandemic as novel technologies are now focusing on enriching traveller experience as a value-addition. Besides, market condition favor 10% year-on-year growth in the online travel booking market. In developed countries like North America, and Europe the internet penetration is around 90% that is around 21% of the global market share. 
• Asian countries, India China and South-East Asian regions  are largely spending on travel and tourism, with internet penetration of more than 50% and is rapidly increasing. Mobile travel booking is also gaining increasing sales per year and offering opportunities for new and existing market players. Research says  that the mobile travel booking is often associated with consumer behavior involving last-minute booking, same-day booking, and next-day booking which makes way for personalized services for business travel booking.
• Some of the popular activities among business travelers include dining at restaurants, access to airport lounge, shopping, visiting theme parks, spas, concerts and entertainment and etc., Some popular destinations around the world also offer an open discount on dining, and accommodation for frequent travellers based on their location and duration of travel.

Business Travel Market Restraint

Shift from traditional travel agencies to SMART business travel management systems.

• Around 94% of travel managers use travel agencies for corporate travel requirements leading to unorganized insights in terms of ROI and development. The smartly designed software systems use technologies like AI and help make decisions based on data insights. It occurs that around 44% of corporate organization would require formalized systems to assess travel expenses and benefits. 
• Most of them around 68% rely on temporary travelling needs and intuitive decisions of business travelling. 70% of corporates are looking forward to adoption of technologies that could aid in business travel decisions that are result-oriented.