Business Travel Market Trends and Analysis by Passenger Flows, Destinations, Challenges, Opportunities and Case Studies, 2023 Update

Business Travel Market Trends and Analysis by Passenger Flows, Destinations, Challenges, Opportunities and Case Studies, 2023 Update

Summary

Analysis of the business travel sector including insights in business travelers, market trends influenced by COVID-19, consumer trends, destinations, sector deals, challenges and opportunities.

Key Highlights

Due to the slow recovery of business trips in XX, it is unlikely that business travel is expected to reach its pre-pandemic level before XX, when they are projected to reach XX million trips. However, growth in business travel started in earnest in XX (XX million trips), with projections showing that international business trips will reach approximately XX million in XX.

As per GlobalData’s travel intermediaries database, it is expected that the global business travel market value will reach its pre-pandemic level in XX by reaching $XX billion with YoY growth rate of XX% compared with XX. It is also expected that the market value will reach $XX billion in XX with CAGR of XX% from XX to XX.

In 2022, the global outbound business travel for MICE purpose reached XX% (XX million trips) of overall business travel outbound. The increase in corporates’ interest in face-to-face interactions with potential customers will help making valuable connections, and generating leads. By XX, it is expected that the global outbound business travel for MICE purpose is to reach its pre-pandemic level and that it will reach XX million trips in XX.

According to GlobalData’s Q2 2023 consumer survey, XX% of overall global respondents stated that they ‘strongly agree’ that they are more loyal to brands that support green and environmental matters whereas XX% of global respondents stated they ‘somewhat agree’ that they are more loyal to brands that support green and environmental matters.

Scope

• This report provides an analysis of the business travel sector including insights in business travelers, market value, market trends influenced by COVID-19, consumer trends, product developments, challenges and opportunities.

Reasons to Buy

• Gain an insight into Business travel's leading players.
• Understand how they have adapted to the threat of COVID-19
• Understand the key business travelers that companies can look to attract
• Gain a detailed understanding of the key trends, issues and chellenges facing business travel companies (TMCs)