A Latest Market Research Report titled “Business Travel Market By Expense (Travel Fee, Accommodation, Meals And Other Expenses), Age (Over 40 Years Old And Under 40 Years Old), Application (Marketing, Internal Meeting, Fair Commercial and Product Launch) and Geography (APAC, Europe, MEA, North America and South America): Forecast and Analysis 2020-2024 “, published by Technavio forecasts that the market will grow by 268.83 billion dollars. , at a CAGR of 3% during the forecast period.
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The increasing availability of business services in hotels and the growing demand for leisure travel catalyzes the growth of the market
Several 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 allow guests to stay connected and up-to-date with their workload and offices, in turn becoming one of the key drivers of the business travel market.
The growing demand for leisure travel is also expected to offer immense growth opportunities for the business travel market.
Leisure travel allows employees and business travelers to hold meetings on hotel premises while integrating leisure time into business travel, which in turn contributes to the growth of the business travel market.
Travel fare accounted for the largest share of spending in the business travel market in 2019.
Based on spending, the business travel market is segmented into fares for travel, accommodation, meals, and other expenses.
In 2019, the travel fare expense segment accounted for the majority of the world market due to stable airfares for flights.
Flights have gained popularity among commercial segments, offering faster and time-bound travel times for business travelers.