DataHorizzon Research, a leading market research and advisory company, has released a report on the booming business travel market. According to the report, the market size was valued at USD 721.2 Billion in 2022 and is expected to reach USD 1,560.9 Billion by 2032, growing at a CAGR of 8.1%.
The surge in demand for business travel can be attributed to the emergence of startup culture worldwide and the need for a qualified workforce. The report highlights that the demand for business travel has seen a notable uptick as the world recovers from the pandemic, with a growing trend towards “bleisure” trips. These trips allow employees to combine work commitments with leisure activities, promoting a harmonious balance between work and relaxation.
Furthermore, the report notes a resurgence in company retreats and team off-sites, particularly in the post-pandemic landscape characterized by remote or hybrid work models. These immersive experiences aim to foster team cohesion, collaboration, and creativity, ultimately enhancing productivity and innovation within organizations.
The business travel market has been segmented into service, industry, traveler, and region, with corporates accounting for a significant market share in 2023. The food and lodging segments are projected to retain a leading position in the forecast period, with Airbnb rentals and apartments gaining popularity among younger generations.
Some prominent players in the business travel market include BCD Travel, Egencia, American Express Travel, and Corporate Travel Management. DataHorizzon Research’s comprehensive research methodology aims to assist organizations in formulating growth strategies for changing business dynamics.
For more information and to request a sample report, interested parties can visit the DataHorizzon Research website or contact them via email or phone. Follow DataHorizzon Research on LinkedIn for the latest updates on market trends and insights.