Business Travel Lodging Market By Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), By Industry (Pharmaceutical And Healthcare, Agriculture Food And Beverage, Hospitality, Business Services And Consulting, It Technology And Telecom, Finance And Insurance, Non Profit Organizations, Transport And Logistics, Retail And Consumer Goods, Energy And Utilities, Construction And Engineering, Others), : Global Opportunity Analysis and Industry Forecast, 2018-2028
The global business travel lodging market size was valued at $257.4 billion in 2018, and is estimated to reach $450.8 billion by 2028, registering a CAGR of 14.8% from 2021 to 2028.
Business travel lodging refers to the accommodation rented by business travelers for the purpose of stay on a short-term basis. Travelers can choose from among the various types of lodging available, including hotels, hostels, resorts, vacation rentals, and others. The ideal choice of stay can be determined depending upon multiple factors such as purpose & duration of their business needs, availability of the property, and mode of booking. Lodging can be booked through various sources, which include online travel agencies, hotel websites, booking through agents, and direct bookings. The liberalization of visa regulations in the countries of developing regions such as Africa, India, and China have eased travel for business and professional visitors, which is a key factor expected to have a positive impact on the growth of the travel & tourism industry. This has influenced the market in a parallel way for business travel lodging and accommodation by arrivals, since it has made travel convenient. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, lodging, business work, entertainment, and other activities. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9,000 billion. According to the World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019.
Business travel lodging refers to the activity of travelling for the purpose of business needs and staying in hotels, resorts, and other properties on a short-term basis. The purpose is for various business requirements such as meetings, negotiate deals, networking, trade shows, and exhibitions. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work. Thus, the scope for business travel lodging providers is also increasing across the world and is expected to grow over the coming years. The outbreak of COVID-19 emerged as a major threat to the global business travel industry that severely deteriorated the business travel lodging industry. The pandemic led to cancellation of almost all the major business travel activities and MICE events across the globe. Moreover, the wide spread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions has reduced the business trips worldwide for the next couple of years. However, the travel industry is expected to normalize after a couple of years and is expected to increase revenue of the business travel lodging market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the business travel lodging market analysis from 2018 to 2028 to identify the prevailing business travel lodging market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the business travel lodging market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global business travel lodging market trends, key players, market segments, application areas, and business travel lodging market growth strategies.
Key Market Segments
By Enterprise Size
Small Enterprises
Medium Enterprises
Large Enterprises
By Industry
Construction And Engineering
Pharmaceutical And Healthcare
Agriculture Food And Beverage
Hospitality
Business Services And Consulting
It Technology And Telecom
Finance And Insurance
Non Profit Organizations
Transport And Logistics
Retail And Consumer Goods
Energy And Utilities
Others
By Region
North America
U.S.
Canada
Europe
France
United Kingdom
Netherlands
Germany
Rest of Europe
Asia-Pacific
China
Rest Of Asia Pacific
LAMEA
Brazil
Rest of LAMEA
Key Market Players
Travels Group
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