NEW YORK, March 5, 2021 /PRNewswire/ -- A latest market research report titled "Business Travel Market by Expenditure (Travel Fare, Lodging, Dining, and Other Expenditure), Age (Above 40 Years and Below 40 Years), Application (Marketing, Internal Meeting, Trade Show, and Product Launch), and Geography (APAC, Europe, MEA, North America, and South America) - Forecast and Analysis 2020-2024", published by Technavio forecasts the market to grow by USD 268.83 billion, at a CAGR of 3% during the forecast period.
Rising availability of business services in hotels and growing demand for leisure travel catalyze market growth
Various hotels are attracting business segment customers by offering free business services such as free Wi-Fi, conference rooms, video conferencing and other facilities.
These services enable the guests to stay connected and up to date with their workload and offices, in turn, becoming one of the key drivers for the business travel market.
Growing demand for leisure travel is also expected to offer immense growth opportunities for the business travel market.
Leisure travel is enabling the employees and business travelers to hold meetings in the hotel premises while integrating leisure time into business trips, in turn, contributing to the business travel market growth.
The business travel market is fragmented with players categorized as pure-play and dominant players in this report.
Vendors in the market are focusing on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
This market forecast provides information on the competencies and capacities of these companies such as ADTRAV Corp., Airbnb Inc., and BCD Group.
In addition, the business travel market report by Technavio provides information on the production, sustainability, and prospects of several leading companies, including Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC.
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