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Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9000 billion.
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Business Travel Market According to a new report published by Allied Market Research, titled, “Business Travel Market by Service, Industry, and Traveler: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global business travel market size is expected to reach $2,001.1 billion by 2028 at a CAGR of13.2% from 2021 to 2028. Business travel or business tourism refers to the activity of travelling or journey that is done for various business purposes such as meetings, negotiate deals, networking, trade shows, and exhibitions. Business travel is done mainly for building partnerships, joint ventures, meeting suppliers and customers, maintaining relation between companies, and promotion of productor service. Download Report Sample
Business Travel Market Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/1605 Frontrunners in the industry- • Airbnb, Inc. • American Express • BCD Group • Booking Holdings, Inc. • Carlson Wagonlit Travel • Corporate Travel Management • Expedia, Inc. • Fareportal • Flight Centre Travel Group Limited • WexasLimited. Download Report Sample
Business Travel Market The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation According to the business travel market forecast, based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 14.2% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.3% market share in 2020. The growingpenetration ofhotel booking agentssuch asAirbnb and Oravel Stays, are fostering the growth of the food & lodgingsegment. As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and isalso forecasted to be the fastest-growing segment due to growth of business activities across the globe. The corporate segment accounted for around 65.6% market share in 2020 and is expected to witness growth at the highest CAGR of 14.1% during the forecast period. Download Report Sample
Business Travel Market Purchase this Report : https://www.alliedmarketresearch.com/checkout- final/6ae2072aa64518fcbed4f8001638a670 Keyfindings of the study • The business travel market was valued at $695.9 billion in 2020, and is estimated to reach $2,001.1 billionby 2028, growing at a CAGR of 13.2% duringthe forecast period. • By industry, the food & lodging segment is estimated to witness the fastest growth, registering a CAGR of 14.2% duringthe forecast period. • In 2020, depending on industry, the corporate segment was valued at $457.1 billion, accountingfor 65.6% ofthe globalbusinesstravelmarket share. • In 2020, the U.S. was the most prominent market in North America, and is projected to reach $23.5 billionby 2028, growing at a CAGR of12.5% duringthe forecast period. Download Report Sample
Business Travel Market Covid-19 scenario- The outbreak ofCOVID-19 disease resulted in the global shutdown economic activities causing a severe damage to the tourism industry. According to the Global Business Travel Association (GBTA), the global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. The business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacificby 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses to the players operating in the businesstravelmarket. Do You Have Any Query Or Specific Requirement? Ask to Our Industry Expert: https://www.alliedmarketresearch.com/purchase-enquiry/1605 Download Report Sample
Business Travel Market About Allied Market Research: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Download Report Sample
Business Travel Market Contact Us: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States USA/Canada (Toll Free):1-800-792-5285, 1-503-894-6022, 1-503-446-1141 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune):+91-20-66346060 Fax:+1(855)550-5975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research Download Report Sample
