, 2023-01-15 21:03:00,
According to a new report published by Allied Market Research, titled, “Business Travel Market by Service, Industry, and Traveler: Global Opportunity Analysis and Industry Forecast, 2021-2028,” the global business travel market size is expected to reach $2,001.1 billion by 2028 at a CAGR of 13.2% from 2021 to 2028.
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Business travel or business tourism refers to the activity of travelling or journey that is done for various business purposes such as meetings, negotiate deals, networking, trade shows, and exhibitions. Business travel is done mainly for building partnerships, joint ventures, meeting suppliers and customers, maintaining relation between companies, and promotion of product or service.
The growing popularity of leisure incorporating business with recreational or leisure activities to relieve stress and enhance work-efficiency is propelling the global business travel market. The development and growth of various online travel agencies (OTA) such as booking.com, KAYAK, and Expedia, are contributing toward the growth of the global business travel market. Moreover, the growth of the global business travel market is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, and increase in globalization of…
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