A new report reveals that it could reach a value of US $ 1.5 trillion by 2027.
According to a new report from ResearchAndMarkets.com, the global business travel market is expected to reach a value of US$1.5 trillion by 2027, exhibiting a CAGR of 8.49% during 2021-2027.
In recent years, the rapidly globalizing world has accelerated the trend of business travel, which collectively includes client meetings, brand and product promotion, business expansion, and employee training and incentives.
The global market is being influenced mainly by the increasing digitization in the tourism and corporate sectors. In keeping with this, the growing penetration of the Internet of Things (IoT) has enabled both travelers and travel operators to get things done quickly and easily. Along with this, virtual reality (VR) technology also provides better, efficient and personalized customer experiences, thus driving the growth of the market.
Apart from this, the upward trend of Bleisure travel, which incorporates elements of business with pleasure and offers recreational or leisure activities to relieve stress and improve work efficiency, has provided a positive boost to the market. Large-scale developments in the travel and tourism sector, the rise of small and medium-sized enterprises (SMEs), and rapid globalization have led to an increase in the number of business travelers.
This, coupled with the links of various corporate organizations with major business travel companies to provide personalized collaboration spaces and team-building exercises, is acting as another important growth-inducing factor.