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Business travel market – An upward trend to follow
Business travel market – An upward trend to follow
Saturday, January 20, 2024
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As per IMARC Group, in 2023, the market size of world business travel reached US$ 1.1 Trillion. IMARC Group while looking forward anticipates that the market by 2032 to reach US$ 1.9 Trillion, showing a growth rate of 6.6% during 2024-2032.
The market has been segmented by the report in terms of type, purpose type, expenditure, service type, age group, travel type, end-user and region.
Factors Impacting the Development of the Business Travel Industry:
Advancements in Technology: The amalgamation of technology into travel has meaningfully impacted business travel. Mobile applications, online booking platforms, and digital wallets have made the process of placing and handling travel easy, making it well-organized and available. But the expediency and speed offered by these technologies carry on facilitating business travel by decreasing difficulties and improving the traveler’s experience.
Globalization of Business Procedures: The growth of companies into global markets has been a driving force in the evolution of business travel. Besides, as businesses start and preserve operations across borders, there is an augmented necessity for front-to-front meetings, site visits, and on-the-ground supervision, requiring recurrent travel by employees. Also changes in workforce demographics is also an important factor that influences growth of business travel sector.
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