LONDON–(BUSINESS WIRE)–Technavio has been monitoring the business travel market and it is poised to grow by $ 268.83 bn during 2020-2024, progressing at a CAGR of over 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the business travel market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
Frequently Asked Questions:
What are the major trends in the market?
Digitalization of travel payments is a major trend driving the growth of the market.
At what rate is the market projected to grow?
The market will accelerate at a CAGR of over 3% and the incremental growth of the market is anticipated to be $ 268.83 bn.
Who are the top players in the market?
ADTRAV Corp., Airbnb Inc., BCD Group, 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, are some of the major market participants.
What is the key market driver?
The growing technological advances is one of the major factors driving the market.
How big is the APAC market?
The APAC region will contribute to 53% of the market share
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ADTRAV Corp., Airbnb Inc., BCD Group, 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 are some of the major market participants. The growing technological advances will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this business travel market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Business Travel Market 2020-2024: Segmentation
Business Travel Market is segmented as below:
- Travel Fare
- Other Expenditure
- Above 40 years
- Below 40 years
- Internal meeting
- Trade show
- Product launch
- North America
- South America
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Business Travel Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The business travel market report covers the following areas:
- Business Travel Market Size
- Business Travel Market Trends
- Business Travel Market Industry Analysis
This study identifies the digitalization of travel payments as one of the prime reasons driving the business travel market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Business Travel Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist business travel market growth during the next five years
- Estimation of the business travel market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the business travel market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of business travel market vendors
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Marketing – Market size and forecast 2019-2024
- Internal meeting – Market size and forecast 2019-2024
- Trade show – Market size and forecast 2019-2024
- Product launch – Market size and forecast 2019-2024
- Market opportunity by Application
Market Segmentation by Expenditure
- Market segments
- Comparison by Expenditure
- Travel fare – Market size and forecast 2019-2024
- Lodging – Market size and forecast 2019-2024
- Dining – Market size and forecast 2019-2024
- Other expenditure – Market size and forecast 2019-2024
- Market opportunity by Expenditure
Market Segmentation by Age
- Market segments
- Comparison by Age
- Above 40 years – Market size and forecast 2019-2024
- Below 40 years – Market size and forecast 2019-2024
- Market opportunity by Age
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Competitive scenario
- Vendors covered
- Market positioning of vendors
- ADTRAV Corp.
- Airbnb Inc.
- BCD Group
- 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
- Travel Leaders Group LLC
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.