25-Jan-2023 | Zion Market Research
The global corporate travel industry size was nearly $711.1 Billion in 2021 and is set to increase to about $2,997.2 Billion by 2030 with a CAGR of nearly 13.3% between 2022 and 2030.
Corporate travel is a part of the tourism industry that focuses on people traveling for business purposes. It encompasses trade fairs, conferences, business congresses, trade & business events, and exhibitions. Moreover, corporate travel is also referred to as business travel undertaken by the staff of a firm for attending a large number of meetings, trade shows, and new product launches.
The expansion of the global corporate travel industry is impacted by a slew of factors. This includes infrastructural investments made by various governments, smart hotel development, and the use of virtual reality for booking hotel rooms. Apart from this, large-scale use of robotics in travel as well as tourism industries will boost the global market trends.
The global corporate travel market is divided into service, end-user industry, traveler, and region.
On the basis of service, the global corporate travel industry is sectored into food & lodging, transportation, and recreation segments. Furthermore, the food & lodging segment, which contributed a larger part of the global market share in 2021, is projected to record a remarkable surge over the forecast timeline. The segmental expansion during 2022-2030 can be due to increase in the frequency of hotel booking in the food & lodging segment.
Based on the end-user industry, the global corporate travel market is segmented into government and corporate. Moreover, the corporate segment is predicted to dominate the segmental surge in the forecast timeline. The segmental growth can be credited to rising digitization in the corporate sector. Apart from this, the rise in penetration of connected things in the travel sector will further boost the expansion of the segment in the years ahead.
The Asia-Pacific region, which contributed for a major share of the global corporate travel industry in 2021, is slated to continue its domination over the projected timespan. The regional market expansion can be attributed to supportive government measures pertaining to corporate travel and the presence of strong infrastructure facilities in countries of the Asia-Pacific zone. Rise in hotel booking during G20 meet to be held in India will augment the expansion of the corporate travel industry in the Asia-Pacific sub-continent.
Apart from this, Latin America and the Middle East & African regions are expected to make remarkable contributions towards the global market size in the coming years. Rise in business activities, favorable government travel & tourism policies, huge foreign direct investments, and constant infrastructural growth are a few of the growth drivers for the corporate travel market in Latin America and the Middle East & African regions.
This review is based on a report by Zion Market Research, titled “Corporate Travel Market By Service (Transportation, Food & Lodging, and Recreation), By End-User Industry (Government and Corporate), By Traveler (Group and Solo), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/corporate-travel-market
Key participants profiled in the global corporate travel industry include:
The global Corporate Travel market is segmented as follows:
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