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Sep 15, 2020 (SUPER MARKET RESEARCH via COMTEX) —
The global business travel market grew at a CAGR of around 5% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Business travel is a journey that is conducted by an organization for work purposes or expanding the business. It generally includes client meetings, brand or product promotions, and employee training. It helps an organization in exploring opportunities, improving brand reputation, building partnerships and strengthening business relations. Nowadays, companies are organizing international trips to search for cheap labor, inexpensive modes of advertising and stringent tax laws.
Business Travel Market Trends:
The thriving travel industry, coupled with increasing corporate tourism, is one of the key factors driving the market growth. However, the market is being currently influenced by the ongoing pandemic of coronavirus disease (COVID-19), owing to which governments of various countries are imposing complete lockdown, along with domestic as well as international travel restrictions. This has severely impacted the tourism and travel industry, which, however, is expected to witness a rejuvenated revival with significant improvements in services, once the global situation resumes its usual operations. Furthermore, the bourgeoning corporate sector is acting as another major growth-inducing factor. In line with this, proliferating organizations with affordable and customized corporate travel policies, coupled with the emerging trend of bleisure, which combines business travel with leisure, is contributing to the market growth. Also, there is an increasing number of hotels with corporate-friendly features, including free Wi-Fi, conference and meeting rooms, teleconferencing and video conferencing. This, along with attractive group traveling discounts and online or self-booking facilities offered by travel management companies, is expected to drive the market further in the coming years.
Get a PDF Sample for more detailed market insights:https://www.imarcgroup.com/business-travel-market/requestsample
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts, are being done after considering the impact of this pandemic.
Business Travel Market Segmentation:
Breakup by Type:
Managed Business Travel
Unmanaged Business Travel
Breakup by Purpose Type:
Marketing
Internal Meetings
Trade Shows
Product Launch
Others
Breakup by Expenditure:
Travel Fare
Lodging
Dining
Others
Breakup by Age Group:
Travelers Below 40 Years
Travelers Above 40 Years
Breakup by Service Type:
Transportation
Food and Lodging
Recreational Activities
Others
Breakup by Travel Type:
Group Travel
Solo Travel
Breakup by End-User:
Government
Corporate
Others
Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
View Report TOC, Figures and Tables:https://www.imarcgroup.com/business-travel-market
Competitive Landscape:
Some of the major players operating in the industry worldwide include Airbnb Inc., American Express Company (NYSE: AXP), BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc. (NASDAQ: EXPE), Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, Wexas Travel, etc.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Contact US: IMARC Group
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Sheridan, WY 82801, USA
Website: https://www.imarcgroup.com/
Email: [email protected]
USA: +1-631-791-1145
Follow us on twitter: @imarcglobal
Linkedin: https://www.linkedin.com/company/imarc-group
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The post Business Travel Market 2020: Industry Trends, Size, Share, Growth and Opportunities appeared first on Super Market Research.
COMTEX_371321781/2607/2020-09-15T09:42:09
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The MarketWatch News Department was not involved in the creation of this content.