In the year 2021, the magnitude of business travel market was worth $689.70 billion. It is projected to go up to $2.1 trillion by 2031, increasing at a CAGR of 9.5% from 2022 to 2031.
Business travel or business tourism denotes traveling or voyage that is undertaken for several business reasons like conferences, exchanging agreements, networking, trade demonstrations and exhibitions.
Business travel is undertaken primarily for creating collaborations, mutual projects, meeting providers and clienteles, preserving relation between businesses and advancement of products or services.
The increasing attractiveness of vacation integrating business with entertaining or relaxation undertakings to alleviate tension and increase work-efficiency is driving the worldwide business travel segment. The expansion and evolution of several online travel agencies (OTA) like booking.com, KAYAK and Expedia, are aiding toward the development of the worldwide business travel sector.
Furthermore, the development of the worldwide business travel market is propelled by the growth of the travel and tourism sector, flow in government enterprises for the growth of MICE (meetings, incentives, conferences and events) division and SME segment, and surge in business globalization.
The trending features that are accountable for pushing the business travel segment comprise bleisure travel (business + leisure), IoT (internet of things), growth of smart hotels, virtual reality for hotel reservations and customization.
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The post Global Business Travel Industry Set To Hit USD 2.1 Trillion By 2031 With A 9.5% Surge appeared first on Travel And Tour World.
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