The global Business Tourism market size was valued at USD XX million in 2020, and is expected reach USD XX million by 2028, growing at a CAGR of +12% from 2021 to 2027.
Business tourism is defined as a business or professional trip rather than a variety of recreational or leisure purposes, daily commuting, leisure trips or vacations. One of the main reasons for needing a business trip is personal interaction. This helps support future or current relationships. These are usually done to meet customers, meet other companies, attend construction sites, form new partnerships, relationships between companies, or develop products.
The global business tourism market is currently experiencing moderate growth. A business trip, also known as a corporate trip, is an outdoor trip aimed at expanding your business or business operations. This includes moving to another branch or location of the company to meet with suppliers and buyers, and to attend meetings and business events. The rapidly globalizing world of recent years is accelerating travel trends such as customer meetings, brand and product promotions, business expansion, employee training and incentives.
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The Top Key Players include Business Tourism Market:
- TUI Group
- Thomas Cook Group
- Jet2 Holidays
- Cox & Kings Ltd
- Lindblad Expeditions
- Travcoa
- Scott Dunn
- Abercrombie & Kent Ltd
- Micato Safaris
- Tauck
- Al Tayyar
- Backroads
- Zicasso
- Exodus Travels
- Butterfield & Robinson
The global Business Tourism market is segmented by services, industries, travelers and regions. Based on service, it is divided into transportation, food and accommodation, and recreation. Depending on the industry, the travel market is divided into government and business. The traveler-based travel market is segmented into int groups and left-handers.
By type Business Tourism Market segmented to:
- Natural Scenery
- Humanistic Tourism
- Diet Shopping
- Other
By application Business Tourism Market segmented to:
- Application A
- Application B
- Application C
Region and country level analysis:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
- Asia-Pacific (China, India, Japan, Southeast Asia etc.)
- South America (Brazil, Argentina etc.)
- Middle East & Africa (Saudi Arabia, South Africa etc.)
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Trend factors related to the revitalization of the business tourism market include leisure travel (business + leisure), IoT (Internet of Things), smart hotel development, virtual reality, and personalization of hotel reservations. All these developments in hotels will lead to growth in the food and accommodation segment as well as the overall Business Tourism market in the near future. In addition, the use of robot technology is a trend factor that attracts customers to hotels. The hotel uses robots to greet guests, provide information, carry luggage, and clean up. In restaurants, robots can be used in the food service industry and food cooking roles.
As the demand for travel management grows, many companies operating in the global Business Tourism market seek to provide their customers with well-managed and cost-effective programs. The growth of the global Business Tourism market is driven by the expansion of the travel and tourism industry, conferences, incentives, conferences and events (MICE) segments, and the rise of government initiatives for small and medium-sized enterprises (SMEs). Industry and business are becoming more global. However, increasing adoption of advanced technologies such as video conferencing is hindering market growth because it is more cost-effective and less time consuming than travel
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We researched the 360-degree business tourism market. Both primary and secondary survey methodologies. This has helped us understand current market dynamics, output gaps, price trends, product preferences, consumer patterns and more. The findings were further confirmed by a primary survey of industry experts and opinion leaders around the world. Data is further regulated and validated through various market forecasting and data validation methodologies. There is also an in-house data forecasting model to forecast market growth up to 2027.
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