The global business travel market, worth an estimated $1.304 billion in 2017, will rise in value to $1.657 billion by 2023 if current trends continue, according to a forecast by Allied Market Research.
The report cited increases in travel and tourism, increased globalisation of business, and infrastructure investments by regional governments in creating “lucrative opportunities for the market players in [the] future.”
The report found that food and lodging accounted for about half of the total business travel market in 2017. Corporate business travel represented more than 64 per cent of business travel activity, with increases in client meetings and brand and product promotions.
More gradual growth is predicted in government and solo travel, but group travel is expected to have the fastest growth of any segment, according to the report.
Travel in the Asia-Pacific market represented 42 per cent of total business travel revenue and is also expected to grow the most between now and 2023, according
Companies analysed in the report included Airbnb, Expedia, American Express Travel, Carlson Wagonlit Travel, Hogg Robinson Group, Fareportal, Inc., BCD Travel, Flight Centre Travel Group, the Priceline Group, and Wexas Travel.