A recent report published by Infinium Global Research on business travel market provides in-depth analysis of segments and sub-segments in the global as well as regional business travel market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional business travel market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global business travel market. According to the report, the global business travel market is projected to grow at a CAGR of 4.2% over the forecast period of 2019-2025.
The leading players in the business travel market are adopting strategies such as mergers and acquisitions that expand their market share. In 2019, Flight Centre Travel Group has acquired a 25% stake in corporate travel startup upside. As per the strategic investment, Flight Centre is the largest individual shareholder in the upside. In addition, in 2019, American Express has signed an agreement to acquire Resy which is a digital restaurant reservation booking and management platform.
The growing travel and tourism industry drives the growth of the business travel market. Nowadays the world has become closer and the business does not have any regional limit. Globalization of businesses contributes to the growth of the business travel market. Business travel includes client meetings, brand & product promotions, business expansion, and employee training. The rising travel retail market boosts the growth of the business travel market. The rising penetration of IoT helps the traveler in managing different operations related to business travel such as planning, booking, and travel program that contribute to the growth of the business travel market. On the other hand, the rising adoption of technology hinders the growth of the business travel market. The advanced technology helps the businessman to complete their work without traveling. Moreover, the rising infrastructural investments by regional governments create novel opportunities for the growth of the business travel market.
On the basis of geography, the global business travel market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific region is anticipated to be dominant in the global business travel market. The significant economic growth in the Asia-Pacific region is stimulating the growth of the business travel market in the Asia-Pacific region. North America is expected to grow in the global business travel market with a healthy CAGR over the forecast period. Europe is projected to grow in the global business travel market.
The report on global business travel market covers segments such as service, industry, and traveler. On the basis of service, the sub-markets include transportation, food & lodging, and recreation activities. On the basis of industry, the sub-markets include government, and corporate. On the basis of traveler, the sub-markets include group, and solo.
The report provides profiles of the companies in the market such as Airbnb Inc., Expedia Inc., American Express Travel, Carlson Wagonlit Travel, Fareportal, Inc., BCD Travel, Flight Centre Travel Group, Booking Holdings Inc., Wexas Travel, American Express Global Business Travel, and other companies.
The report provides deep insights into the
demand forecasts, market trends, and micro and macro indicators. In addition,
this report provides insights into the factors that are driving and restraining
the growth in this market. Moreover, The IGR-Growth Matrix analysis given in
the report brings an insight into the investment areas that existing or new
market players can consider. The report provides insights into the market using
analytical tools such as Porter's five forces analysis and DRO analysis of the business travel market. Moreover, the study highlights current market trends
and provides forecast from 2019-2025. We also have highlighted future trends in
the market that will affect the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings an insight into
the market share of the leading players.
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