Business Travel Market Scope
Business travel refers to work or business related travel trips. The business travel market has high growth prospects owing to globalization businesses. Air travel is the easiest and fastest travel mode hence business professionals adopting air travel mode for business trips for visiting the project site, promoting products, building new partnerships, and others. Further. Travel and tourism companies are focusing on marketing strategies to gain a customer base. In addition, the online booking platform for flight tickets is growing which is expected to drive the demand for business travel over the forecasted period.
According to AMA, the Global Business Travel market is expected to see growth rate of 4.2% Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Business Travel market throughout the predicted period.
Airbnb Inc. (United States), American Express Travel (United States), Expedia Inc. (United States), BCD Travel (Netherlands), Carlson Wagonlit Travel (India), Flight Centre Travel Group (Australia), The Priceline Group (United States), Fareportal, Inc. (United States), Wexas Travel (United States) and Booking Holdings (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Omega World Travel (United States), Frosch International Travel (United States) and Ovation Travel Group (United States).
Segmentation Overview
The study have segmented the market of Global Business Travel market and Region with country level break-up.
On the basis of geography, the market of Business Travel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Growing Popularity of Flights as the Fastest and Easiest Mode of Travel and Emphasizing On Marketing Strategies in the Travel and Tourism Industry
Market Growth Drivers:
Growth in Travel and Tourism Industry and Rise in Globalization of Businesses
Challenges:
Low Adoption Rate in Low and Middle Income Group Countries
Restraints:
Fluctuating Flight Prices
Opportunities:
Growing Online Booking Platform for Business Travel and Rising Demand for Leisure Travel Facilities
“According to Association of British Travel Agents (ABTA) Travel Law in Autumn 2018 edition, The Package Travel and Linked Travel Arrangements Regulations 2018 (the Regulations) set out at Clause 3(2) that they do not apply to packages and linked travel arrangements purchased on the basis of a general agreement. A general agreement means an agreement which is concluded between a trader and another person acting for a trade, business, craft or profession, for the purpose of booking travel arrangements in connection with that trade, business, craft or profession. This means that business travel should not fall within the scope of the Regulations if the travel is booked by the corporate employer and a business travel specialist under such a framework contract.”
Key Target Audience
Business Travel Providers, Travel and Tourism Companies, Government and Other Regulatory Bodies, Research Institutes and Organizations and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.