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Corporate Travel Market Global Size, Global Demand & Global Share to Surpass USD 2,997.2 Billion by 2030, Exhibit a CAGR of 13.3% | Industry Trends, Growth, Value, Segment Analysis & Forecast Report by ZMR
Corporate travel is a kind of tourism in which people travel for purpose of doing business in other regions. Furthermore, it includes business work, transportation, accommodation, and entertainment activities. Thriving tourism & travel sector will contribute lucratively towards the expansion of the corporate travel industry. According to World Travel & Tourism Council, nearly 75% of travelers are seeing traveling as more sustainable in the near future. Moreover, about 60% of travelers have selected more sustainable travel alternatives in the next couple of years. Furthermore, Emburse, a key industry player in spend optimization, revealed that there was an increase in corporate travel activities in spite of winter storms & economic uncertainty.
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Massive use of robotic technology in minimizing human-to-human interaction along with its use in the travel & tourism sector can bolster the expansion of the global corporate travel market across the globe. Apart from this, a large number of players in the corporate travel industry are trying to offer well-managed and cost-efficient programs to customers. This, in turn, will boost global market trends. Establishing smart hotels & restaurants and the use of new technologies such as virtual reality & machine learning algorithms as well as AI for hotel booking will expand the scope of growth of the global corporate travel industry. With the rapid penetration of connected things in various sectors including travel sector, the market for corporate travel is predicted to gain traction in the years ahead.
A prominent rise in acceptance of advanced technologies will put brakes on the expansion of the global corporate travel industry. Moreover, the easy availability of cost-effective and less time-consuming technologies such as videoconferencing will hinder the growth of the global corporate travel market.
Swift growth of the travel retail sector will generate new avenues of growth for the global corporate travel industry. Rise in the allocation of funds for infrastructural growth will open new dimensions of growth for the global market.
Massive use of digital technologies has posed a huge challenge to the growth of the global corporate travel industry. Furthermore, the rise in penetration of the internet and VR & AR tools as well as AI will pose a humungous challenge to the expansion of the global market.
In terms of service, the global corporate travel industry is segmented into food & lodging, transportation, and recreation segments. Moreover, the food & lodging segment, which contributed majorly towards the global industry share in 2021, is slated to register massive growth over the forecast timeframe. The growth of this segment over 2022-2030 can be attributed to the escalating demand for hotel booking agents such as Oravel Stays and Airbnb in the food & lodging sector.
On the basis of end-user industry, the global corporate travel market is divided into government and corporate segments. Moreover, the corporate segment, which dominated the global corporate travel industry share in 2021, will continue its domination status even during the foreseeable future. In addition, this segment is set to record the fastest CAGR of 14.2% over 2022-2030. The segmental surge can be attributed to rising demand for business leisure travel in the corporate sector.
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In terms of region, the global corporate travel market is sectored into Europe , the Middle East & Africa , Asia-Pacific , Latin America , and North America . The Asia-Pacific corporate travel market is anticipated to retain its domination during the forecast timespan owing to the presence of strong infrastructure in countries such as Japan , India , and China . Moreover, the Asia-Pacific region accounted for about 44% of the global market share in 2021 due to governments in the region providing impetus and soaps to the travel & tourism industry.
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