The market for business travel worldwide, worth around $1.304 billion in 2017, is growing and will reach $1.657 billion by 2023.
The estimate comes from a forecast by Allied Market Research, which cited increases in travel and tourism overall, plus increases in the globalization of business and infrastructure investments by local governments that create “lucrative opportunities for the market players in [the] future.”
The report showed food and lodging made up half of the business travel market in 2017.
Corporate business travel represented more than 64 percent of business travel activity.
Growth is expected to be more gradual for government and solo travel, but group travel is also expected to grow — in fact, it will be the fastest growing of all segments, the report showed.
Travel in the Asia-Pacific area is expected to grow the most before 2023; it currently accounts for around 42 percent of all business travel.
The report looked at companies like Airbnb, Expedia, American Express Travel, Carlson Wagonlit Travel, Hogg Robinson Group, Fareportal, Inc., BCD Travel, Flight Centre Travel Group, the Priceline Group and Wexas Travel.
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