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Business Travel Market to Witness Huge Growth from 2017-2023 and Key Players – Airbnb , American Express Travel, Expedia

Business travel market generated revenue of $1,266 billion in 2016, and is expected to grow at a CAGR of 4.1% to reach $1,657 billion by 2023.
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 $7000 billion. The business travel segment shows the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work.
Major Key Players of the Business Travel Market are:
Airbnb , American Express Travel, Expedia , BCD Travel, Carlson Wagonlit Travel, Flight Centre Travel Group, Hogg Robinson Group, The Priceline Group, Fareportal, Inc. (travelong inc.), and Wexas Travel.

Numerous companies in this field are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management. The growth of the global business travel market is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, and increase in globalization of business. However, surge in adoption of advanced technology such as video conferencing hampers the market growth, as it is cost-effective and less time-consuming as compared to travelling. Conversely, increase in infrastructural investment and rapid growth in travel retail market are anticipated to provide lucrative opportunities for the business travel market.
By Service:
Transportation
Food & lodging
Recreation activity
By Traveler:
Group
Solo
Research objectives:-– To study and analyze the global Business Travel consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Business Travel market by identifying its various sub-segments.
– Focuses on the key global Business Travel manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Business Travel with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

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