Allied Analytics Says Business Travel to Grow by 2031

Thursday, April 4, 2024

Allied Analytics said that in 2021, the size of the business travel market was worth $689.70 billion. By 2031, it is projected to go up to $2.1 trillion, increasing at a CAGR of 9.5% during the period of 2022 to 2031.

Business travel or business tourism denotes the action of traveling or trip that is undertaken for numerous business reasons like conferences, discuss contracts, networking, trade exhibitions and shows. Business travel is done chiefly for creating associations, combined undertakings, meeting providers and customers, preserving relation between companies, and advertising of products or services.

The increasing attractiveness of leisure integrating business with entertaining or relaxation undertakings to release anxiety and increase work-efficiency is driving the worldwide business travel segment. The growth and advancement of numerous online travel agencies (OTA) like booking.com, KAYAK and Expedia, are aiding toward the development of the worldwide business travel segment. Furthermore, the evolution of the worldwide business travel segment is motivated by the growth of the travel and tourism sector, increase in government enterprises for the expansion of MICE division and SME sector, and gush in business globalization.

The trending influences driving the business travel segment comprise bleisure travel (business + leisure), IoT (internet of things), growth of smart hotels, use of virtual reality for hotel reservations and customization. All these expansions in hotels will bring about the progression of the food and lodging division along with the general business travel segment in the impending future. 

Furthermore, use of robotics technology is a modern-day aspect that entices clients to hotels. Robots are being utilized in a lot of hotels for welcoming visitors, delivering info, luggage management and purposes of cleaning. In restaurants, robots can be actually used in service of food and even in food preparing and these days, we get to see them in such roles.

« Back to Page

• Global Ecotourism Industry Booms: Market Value to Surge to $333.8 Billion by 2027: Report

• Allied Analytics says Luxury Travel to Reach $1650.5 Billion by 2031