Growing Demand for Leisure Travel aids Business Travel Market to grow at a CAGR of 3% by 2024 – A Technavio Exclusive Report

NEW YORKMarch 5, 2021 /PRNewswire/ — A latest market research report titled “Business Travel Market by Expenditure (Travel Fare, Lodging, Dining, and Other Expenditure), Age (Above 40 Years and Below 40 Years), Application (Marketing, Internal Meeting, Trade Show, and Product Launch), and Geography (APAC, Europe, MEA, North America, and South America) – Forecast and Analysis 2020-2024″, published by Technavio forecasts the market to grow by USD 268.83 billion, at a CAGR of 3% during the forecast period.

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Rising availability of business services in hotels and growing demand for leisure travel catalyze market growth

  • Various hotels are attracting business segment customers by offering free business services such as free Wi-Fi, conference rooms, video conferencing and other facilities.
  • These services enable the guests to stay connected and up to date with their workload and offices, in turn, becoming one of the key drivers for the business travel market.
  • Growing demand for leisure travel is also expected to offer immense growth opportunities for the business travel market.
  • Leisure travel is enabling the employees and business travelers to hold meetings in the hotel premises while integrating leisure time into business trips, in turn, contributing to the business travel market growth.

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Travel fare accounted for the largest expenditure share in the business travel market in 2019.

  • Based on expenditure, the business travel market is segmented into travel fare, lodging, dining, and other expenditure.
  • In 2019, the travel fare expenditure segment accounted for the largest share of the global market due to the steady airfares for flights.
  • Flights have gained popularity among business segments as they offer faster and time-bound travel time for the business travelers.

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Europe is expected to show the highest growth during forecast period.

  • Based on geography, the business travel market is segmented into APAC, Europe, MEA, North America, and South America.
  • By 2024, APAC will account for the 53% of the market growth due to the growing popularity of leisure travel in prominent markets of the region including China and Japan.

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Prominent Player Analysis

  • The business travel market is fragmented with players categorized as pure-play and dominant players in this report.
  • Vendors in the market are focusing on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
  • This market forecast provides information on the competencies and capacities of these companies such as ADTRAV Corp., Airbnb Inc., and BCD Group.
  • In addition, the business travel market report by Technavio provides information on the production, sustainability, and prospects of several leading companies, including Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC.

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