![]() Moreover, use of robotics technology is a trending factor that attracts customers to hotels. All these developments in hotels will lead to the growth of the food & lodging segment as well as the overall business travel market in the upcoming future. ![]() ![]() The trending factors responsible for fueling the business travel market include bleisure travel (business + leisure), IoT (internet of things), development of smart hotels, virtual reality for hotel bookings, and personalization. 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 business. The development and growth of various online travel agencies (OTA) such as, KAYAK, and Expedia, are contributing toward the growth of the global business travel market. 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. Business travel is done mainly for building partnerships, joint ventures, meeting suppliers and customers, maintaining relation between companies, and promotion of product or service. ![]() PORTLAND, OREGON, UNITED STATES, August 10, 2023/ / - According to a new report published by Allied Market Research, titled, “ Business Travel Market," The business travel market size was valued at $689.70 billion in 2021, and is estimated to reach $2095.4 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.īusiness 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. is the most prominent market in North America, and is projected to reach $374.5 billion by 2031, growing at a CAGR of 8.7% during the forecast period. ![]()
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