Business travel to grow $2095.4 billion by 2031

Wednesday, December 13, 2023

The size of business travel segment was worth $689.70 billion in 2021. It is projected to reach $2095.4 billion by 2031, 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 excursion that is done for several business reasons like meetings, exchanging contracts, networking, trade displays and demonstrations.

Business travel is undertaken chiefly for creating collaborations, cooperative undertakings, conference providers and customers, preserving link between companies and advancement of product or service.

The increasing admiration of relaxation integrating business with entertainment or leisure undertakings to release pressure and increase work-efficiency is boosting the worldwide business travel segment. The expansion and progress of numerous online travel agencies (OTA) like booking.com, KAYAK and Expedia, are backing the development of the international business travel sector. Furthermore, the development of the international business travel segment is motivated by the development of the travel & tourism sector, rush in government enterprises for the growth of MICE division & SME segment, and upsurge in globalization of business.

The trending features accountable for driving the business travel segment comprise bleisure travel (business + leisure), IoT (internet of things), growth of smart hotels, usage of virtual reality for hotel reservations and customization.

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