Global Business Travel Market Size to Reach $1964.1 Billion at a CAGR of 14.9% by 2030
Vantage Market Research expects the Business Travel Market to reach USD 1964.1 Billion by 2030, exhibiting a growth rate (CAGR) of 14.9% during 2023-2030.
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The Global Business Travel Market size reached USD 742.9 Billion in 2022. Looking forward, Vantage Market Research expects the market to reach USD 1964.1 Billion by 2030, exhibiting a growth rate (CAGR) of 14.9% during 2023-2030.
Market Overview:
The Business Travel industry is making a strong comeback worldwide, and India is no exception. After nearly three years of austerity measures imposed by businesses, both in India and abroad, the travel industry was hit hard for a considerable amount of time. However, things are beginning to turn around as we enter 2023, and there seems to be hope for the future of Business Travel in India.
Various trends have emerged in corporate travel, particularly in prominent cities like Bengaluru and Mumbai. One of the most significant factors that have led to an increase in Average Daily Rates (ADR) is the uptick in the number of Business Travelers. According to some hoteliers, capacities have been boosted by leisure travelers, MICE events, and wedding segments. However, it is the resurgence of inbound foreign travel and medium-to-large industry events that hold the most promise. Additionally, alternative accommodations, like Airbnb, are gaining in popularity due to long-term stays becoming more popular, especially in Asia Pacific regions.
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Sustainability is also vital in the corporate travel industry, and there is a growing trend towards alternative accommodations that focus on initiatives to conserve the environment. Corporate travelers are increasingly using online platforms and travel management company portals for quick access to rates and inventories for bookings, according to hoteliers. Ayesha Bhalla, Director of Sales and Marketing at the JW Marriott Mumbai Sahar Hotel, states that the hotel observed a rise in last-minute travel requirements in 2022 that was not observed in 2021, and guests prefer hotels focusing more on initiatives to conserve the environment.
Digitalization is also on the rise in the Business Travel industry, with more customers looking for highly flexible MICE options that allow for the spontaneity of MICE requirements and greater flexibility in terms of association. The implementation of hybrid conferencing is an important step for hotels to gain on meetings revenue, which leads to shorter stays and lower physical attendance.
The market is ever-evolving, and as such, one should expect changes and new trends to emerge. One such trend emerging in 2023 is that of destination business retreats, where the focus will be on strengthening relationships and corporate recreation rather than work. This trend is expected to appeal to nearly 68% of the Indian corporate workforce, which is eagerly waiting for employers to plan real-life work trips to bring people together. Moreover, 69% would like to see their employers spend money saved from hybrid working models on corporate travel or retreats.
In conclusion, it is apparent that the Business Travel industry is staging a significant comeback in India as we move through 2023. Successful trends are beginning to emerge, including increased Average Daily Rates, sustainable travel, alternative accommodations, and highly flexible MICE options. Going forward, it behooves the industry to keep up with new trends and technologies to better serve corporate travel needs.
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