PORTLAND, Ore. — Allied Market Research recently published a report with an in-depth analysis of the global travel industry by closely monitoring trends, drivers and opportunities, top investment pockets, top growth strategies, key player positioning, and competitive landscape. According to the report, the global business travel market was worth $1.304 trillion in 2017 and is estimated to reach $1.657 trillion by 2023, registering a CAGR of 4.1 percent from 2017 to 2023.
Increase in travel and tourism and rapid globalization of businesses coupled with growth in SMSs have boosted the growth of the global business travel market. However, increased adoption of technology hampers the market growth. A surge in infrastructural investment by regional governments and a boom in travel retail market are expected to create lucrative opportunities for market players in future.
Food and Lodging Segment To Gain Traction by 2023
The food and lodging segment dominated the market in 2017, contributing about half of the market share. In addition, the region is expected to register the fastest CAGR of 4.7 percent through 2023. The other segments analyzed in the report include transportation and recreation.
Corporate Industry Segment Demand Through 2023
The corporate industry segment garnered the largest market share in 2017, contributing about 64.61 percent of the total revenue. It is expected to register the fastest CAGR of 4.7 percent during the forecast period due to increases in corporate activities such as client meetings as well as brand and product promotions, which typically involve a significant amount of business travel. The government industry segment is expected to show gradual demand during the forecast period.