Global Business Travel Industry is further estimated to grow at a CAGR of 4.2% from 2019 to reach USD 17.97 Billion by the year 2025. In the global business travel Industry by region, Asia Pacific region holds the highest Industry share in 2017 and is considered as the fastest growing Industry in the forecasted period due to strong economic growth. At a country level, Japan and China are projected to grow strongly in the coming years due to tremendous industrial growth.
Major market players in Business Travel Industry are Expedia Inc., American Express Company, Cwt Global B.V., Airbnb Inc., BCD Group, Fareportal Inc., Hogg Robinson Group Plc., The Priceline Group Inc., Flight Centre Travel Group LTD, Wexas LTD, and other 10 more companies Overview is provided in the report. Better global reach at an operational level is the main reason the key players are holding substantial Industry share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
SWOT Analysis of Business Travel Industry:
Growing travel & tourism industry
Increasing disposable income.
High incurred costs
Adoption of technology
Increase in the globalization of businesses
Growing technological advancement
The segmentation are done on the basis services, by Industry Type, by Traveler and by region. On the basis of services, the Global Business Travel Industry is sub segmented as transportation, food & lodging and recreational activities of which the food & lodging segment is expected to hold the highest CAGR during the forecast period.
Business Travel Industry Segmentation:
By Industry Type
• Group Travel
• Solo Travel
• Food & Lodging
• Recreational Activities
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa