Global business travel market to reach $792 B by 2026
Travel Biz News —
The global market for business travel estimated at US$674.5 billion in the year 2020 amid the COVID-19 crisis, is projected to reach a revised size of US$791.9 billion by 2026.
Business travel can be described as the domestic or international travel undertaken by employees to attend various business-related activities including meetings, product launches, trade shows and marketing of companies to further improve business prospects.
Comprising work, entertainment, accommodation and transportation, business travel is among the major contributors to the global economy. Employees of multinational organizations often travel to destinations in various countries for business and marketing purposes.
There are a variety of agencies and travel companies in the market addressing the needs of the business travel industry, which compete based on safety measures, service portfolios, government licensing and pricing.
The business travel market in the U.S. is estimated at US$231.4 billion in the year 2021.
China, the world`s second largest economy, is forecast to reach a projected market size of US$48.8 Billion by the year 2026. China will remain among the fastest growing in this cluster of regional markets.
Among the other noteworthy markets are Japan, Canada and Germany, according to a report released by Reportlinker.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$15.1 billion by the year 2026.
July 19 , 2021
Photo : Arabian Travel Mart
