Business Tourism Market Is Driven By Increased Globalization |...

Business Tourism Market Is Driven By Increased Globalization

Posted 2024-05-20 10:54:11

751

The Business Tourism market involves travel for the purpose of business, professional development or commercial incentive travel. It includes travel for conferences, meetings, tradeshows, product launches or corporate trainings. Business travel allows companies to build relationships with clients and other businesses, network, educate employees and customers or launch new products and campaigns. The globalization of trade has increased the need for companies to build international clientele and partnerships resulting in higher Business Tourism Market Share. Many destinations also offer incentives like conference infrastructure, accommodation packages and discounts to attract business events and conferences.

The Global Business Tourism Market is estimated to be valued at US$ 900.58 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Business Tourism market are Adelman Travel Group, Wexas Travel, American Express Global Business Travel, BCD Travel, Carlson Wagonlit Travel (CWT), Expedia Group, Flight Centre Travel Group, Hogg Robinson Group (HRG), HRG North America, Corporate Travel Management (CTM), Egencia, FCM Travel Solutions, HRG Nordic, Omega World Travel, Sabre Corporation, Thomas Cook Group, Travel Leaders Group, Travel and Transport, TUI Group, World Travel, Inc. Global business travel spending is expected to rise strongly in the coming years as globalization increases the need for businesses to travel abroad for trade. Asia Pacific is anticipated to be the fastest growing business travel market owing to increasing international presence of companies from China, India, Japan and other developing economies. Many countries like Malaysia, Thailand, UAE etc. have made huge investments in their MICE tourism infrastructure to attract global conferences and events.

Get more insights on Business Tourism Market