Business Travel Market size to grow by USD 1,535.23 billion between 2022 to 2027| Growing Technological Advances to boost the market growth - Technavio

NEW YORK, Oct. 12, 2023 /PRNewswire/ -- The Business Travel Market size is expected to grow by USD 1,535.23 billion, accelerating at a CAGR of 24.42% during the forecast period. The report is segmented into Application (Marketing, Internal meeting, Trade show, and Product launch), Type (Travel fare, Lodging, Dining, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). Growing technological advancements are fueling growth in the global business travel market. These advances enable easy access to travel data, comparison of reservation options, and efficient booking processes. AI-powered personal travel assistants are enhancing the experience for customers. The availability of advanced features saves time for companies, contributing to market growth. Find more insights by downloading the report now

Business Travel Market 2023 - 2027: Segment Overview

During the forecast period, the marketing segment is expected to experience substantial growth. Business travel is a crucial part of the marketing strategies of both small and large enterprises that operate on a global scale. Additionally, international marketing, also referred to as global marketing, encompasses a company's efforts to promote its products and services in overseas markets.

Business Travel Market 2023 - 2027: Geography Overview:

According to Technavio's estimates, the Asia-Pacific (APAC) region is projected to account for 42% of the global market's growth during the forecast period. APAC currently holds the highest revenue share in the global business travel market and is expected to maintain its leading position between 2022 - 2027. Furthermore, companies are actively striving to enhance the quality of business travel experiences for their employees.

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Key Factor driving the Business Travel Market growth: 

• Technological advancements drive growth in business travel.
• Technology aids travel agents and clients in accessing data, comparing reservations, and booking efficiently.
• Advanced solutions like AI-powered personal travel assistants enhance the booking experience.
• The availability of advanced features saves time for companies in travel arrangements.
• Growing technological advances are a key factor propelling global business travel market growth. 

Recent trends influencing the market- The growing preference of consumers to book through online travel agencies is a key trend in the business travel market.
Major challenges hindering the market growth- The improper management of travel plans is a major challenge in the business travel market.

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What are the key data covered in the Business Travel Market reports:

• Historic Market size
• Company landscape and analysis including 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., WexasA Ltd.
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Related Reports:

Travel Market: The travel market size is estimated to grow at a CAGR of 14.18% between 2022 and 2027. The market size is forecast to increase by USD 3,392.95 billion.

Online Travel Booking Platform Market: The Global Online Travel Booking Platform Market size is estimated to grow by USD 1,107.21 billion at a CAGR of 14.85% between 2022 and 2027.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by Type
8. Market Segmentation by Geography
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, and Trends
12. Company Landscape
13. Company Analysis
14. Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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SOURCE Technavio