The business travel market relies on technologically advanced solutions that aid travel agents and their clients access the travel data; compare reservation options; and book the most efficient, economical, and comfortable option.
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The analysts forecast global business travel market to grow at a CAGR of 5.11% during the period 2017-2021. This report covers the present scenario and the growth prospects of the global business travel market for 2017-2021.
To calculate the market size, the report considers the revenue generated from the business travel market by purpose, expenditure, and age.
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The latest trend gaining momentum in the business travel market is Personalization of guest data. Hotels are coming up with innovative ideas and strategies to retain their market shares and provide guests with innovative services.
For example, several hotels link their software with the social media profiles of the guests so that the rooms can be set as per the expectations of the guests.
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Key players in the global business travel market: American Express Global Business Travel, BCD Travel, Carlson Wagonlit Travel, Expedia, Hogg Robinson Group, and Travel Leaders Group. Other Prominent Vendors in the market are: Adelman Travel, ADTRAV Travel Management, ATG, Frosch International Travel, JTB Americas, Omega World Travel, Ovation Travel Group, Priceline Group, and UNIGLOBE Travel International.
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Business travel refers to domestic or international trips made by an employee for several business-related purposes, including the organization of trade shows, marketing of the company, product launches, and internal meetings. Tourism is one of the major sources of revenue for a number of countries and has a positive impact on the economy of both the source and host countries.
The tourism industry has experienced a high growth in the last six decades, especially in regions like Europe that host a large number of international travelers on short breaks. Tourists usually have high budgets and a preference for good food and luxury accommodations.
However, these preferences may differ from one tourist to another. For instance, some tourists prefer simple beach vacations, while others want family-oriented holidays at quieter resorts, uncommercialized places, or niche market-targeted destination hotels.
Further, the business travel market report states that one of the major factors hindering the growth of this market is Rising terrorist activities. An increase in the terrorist activities globally, especially since 2016, is hindering the growth of the global business travel market.
In 2016 and early 2017, a number of popular business hubs like France and the UK were a target for terrorist attacks. In 2015, there were a series of coordinated terrorist attacks that took place in France.
In January 2016, a police station was attacked in Paris, France. In June 2017, Islamic State of Iraq and Syria (ISIS) carried out a series of attacks in London, UK.
Industries that directly get affected the most are hotels, airlines, and restaurants. Terrorism further leads to the rise in border clearance formalities, with delays and tighter inspections, making the travel for the employees tiresome.