Business Travel Market

Business Travel Market Set to Reach $1.7 Trillion by 2023 - Buying Business Travel

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Business Travel Market Set to Reach $1.7 Trillion by 2023

Excerpt from Buying Business Travel

A new report featuring in-depth analysis predicts that the global business travel industry will be worth nearly US$1.7 trillion (about £1.3 trillion) by 2023, registering growth of 4.1 per cent.

The report, titled Business Travel Market by Service (Transportation, Food & Lodging, and Business Activity), Industry (Government and Corporate), and Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast, 2017-2023 by Allied Market Research, monitors the key industry trends, drivers and opportunities within the business travel industry.

According to the report, the global business travel market was worth more than $1.3 trillion (£1.01 trillion) in 2017. With the estimated increase in worth expected through 2023, the industry will register a growth rate of 4.1 per cent during 2017-2023.

The report’s findings reflect a similar prediction by the Global Business Travel Association (GBTA), which said the market will reach $1.7 trillion a year earlier in 2022.

Allied Market Research says an increase in travel and tourism and “rapid globalisation of businesses” have boosted this growth.

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