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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Business Travel market. Market segmentation includes Service (Food & Lodging, Recreation, Transportation); Traveler (Group, Solo); End-Use (Corporate, Government).

Find Out More About Regions, Brands, Dominant, Active & Niche Companies Covered in the Report

5 November 6:30 p.m., California- According to the new market research report, the global market for Business Travel is projected to grow at a CAGR of 3% reach US$829.5 Billion by 2027, driven by factors such as globalization of business operations, rising adoption of advanced technologies such as artificial intelligence, Internet of Things (IoT), and rising Internet penetration for enabling easy travel and bookings. The global Business Travel market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Food & Lodging, one of the segments analyzed and sized in this study, is forecast to grow at over 3.7% and reach a market size of US$446 billion by the end of the analysis period. The United States is forecast to readjust to a 2.7% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$59 billion growing at a CAGR of 2.4% over the next couple of years. In addition, over US$6.9 billion worth of projected demand in the region will come from Rest of European markets. In Japan, the Food & Lodging segment will reach a market size of US$25 billion by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Food & Lodging segment in this country against this backdrop will grow at a CAGR of 5.7% over the next couple of years to create an addressable market opportunity worth US$33 billion by the year 2027.

Business travel can be described as the domestic or international travel undertaken by employees to attend various business-related activities including meetings, product launches, trade shows and marketing of companies to further improve business prospects. Comprising work, entertainment, accommodation and transportation, business travel is among the major contributors to the global economy. As a part of the overall tourism industry, busines travel has over the years exhibited strong growth led by rising trend of employees being required to travel to domestic or international destinations for various business-related tasks. Growth of the business travel industry is significantly influenced by the level of investments in public and private travel and tourism industry. This is because considerable investments are required to build the required infrastructure and facilities for expanding capacity, providing improved services and maintaining existing infrastructure. Global market for business travel, which is currently witnessing its worst phase due to the COVID-19 outbreak, has been over the years driven by initiatives to develop meetings, incentive, conferences and events (MICE) and small and medium sized enterprises (SME). The global business travel market is being significantly impacted by the advent of advanced technology solutions that help agents and their customers to book the most comfortable, economical and efficient option. Artificial intelligence (AI) in this regard has evolved as a latest technology for helping automate the process, and eliminating the need for physically attending various meetings or events, which is critical amidst the current pandemic. Though advanced technologies such as videoconferencing can prove a threat, increase in infrastructure investment and growth in travel retail market are expected to support the business traveler industry.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 1404. Among this pool, 253 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 56 unique participations, a total of 26 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
American Express Company
Expedia, Inc.
Fareportal, Inc., affiliate Dba Of Travelong Inc
Hogg Robinson Group Plc
Flight Centre Travel Group Ltd.
BCD Travel
Booking Holdings Inc.
Carlson Wagonlit Travel (CWT)
BCD Travel Services B.V.
Wexas Limited
Airbnb Inc.

Segments Covered in the Report -
Service (Food & Lodging, Recreation, Transportation)
Traveler (Group, Solo)
End-Use (Corporate, Government)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Spain
Russia
Rest of Europe
Asia-Pacific
Australia
India
South Korea
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East
Iran
Israel
Saudi Arabia
UAE
Rest of Middle East
Africa.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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Zak Ali
Director, Corporate Communications
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Phone: 1-408-528-9966
Email: sales@StrategyR.com