About Business Travel
Business travel refers to work or business related travel trips. The business travel market has high growth prospects owing to globalization businesses. Air travel is the easiest and fastest travel mode hence business professionals adopting air travel mode for business trips for visiting the project site, promoting products, building new partnerships, and others. Further. Travel and tourism companies are focusing on marketing strategies to gain a customer base. In addition, the online booking platform for flight tickets is growing which is expected to drive the demand for business travel over the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.2% |
Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Business Travel market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Airbnb Inc. (United States), American Express Travel (United States), Expedia Inc. (United States), BCD Travel (Netherlands), Carlson Wagonlit Travel (India), Flight Centre Travel Group (Australia), The Priceline Group (United States), Fareportal, Inc. (United States), Wexas Travel (United States) and Booking Holdings (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Omega World Travel (United States), Frosch International Travel (United States) and Ovation Travel Group (United States).
Segmentation Overview
AMA Research has segmented the market of Global Business Travel market by and Region.
On the basis of geography, the market of Business Travel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Industry, the sub-segment i.e. Government will boost the Business Travel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Transportation will boost the Business Travel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Traveler, the sub-segment i.e. Group will boost the Business Travel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Popularity of Flights as the Fastest and Easiest Mode of Travel and Emphasizing On Marketing Strategies in the Travel and Tourism Industry
Market Growth Drivers:
Growth in Travel and Tourism Industry and Rise in Globalization of Businesses
Challenges:
Low Adoption Rate in Low and Middle Income Group Countries
Restraints:
Fluctuating Flight Prices
Opportunities:
Growing Online Booking Platform for Business Travel and Rising Demand for Leisure Travel Facilities
“According to Association of British Travel Agents (ABTA) Travel Law in Autumn 2018 edition, The Package Travel and Linked Travel Arrangements Regulations 2018 (the Regulations) set out at Clause 3(2) that they do not apply to packages and linked travel arrangements purchased on the basis of a general agreement. A general agreement means an agreement which is concluded between a trader and another person acting for a trade, business, craft or profession, for the purpose of booking travel arrangements in connection with that trade, business, craft or profession. This means that business travel should not fall within the scope of the Regulations if the travel is booked by the corporate employer and a business travel specialist under such a framework contract.”
Key Target Audience
Business Travel Providers, Travel and Tourism Companies, Government and Other Regulatory Bodies, Research Institutes and Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.