The global business travel lodging market size was valued at $257.4 billion in 2018, and is estimated to reach $450.8 billion by 2028, registering a CAGR of 14.8% from 2021 to 2028.
Business travel lodging refers to the accommodation rented by business travelers for the purpose of stay on a short-term basis. Travelers can choose from among the various types of lodging available, including hotels, hostels, resorts, vacation rentals, and others. The ideal choice of stay can be determined depending upon multiple factors such as purpose & duration of their business needs, availability of the property, and mode of booking. Lodging can be booked through various sources, which include online travel agencies, hotel websites, booking through agents, and direct bookings. The liberalization of visa regulations in the countries of developing regions such as Africa, India, and China have eased travel for business and professional visitors, which is a key factor expected to have a positive impact on the growth of the travel & tourism industry. This has influenced the market in a parallel way for business travel lodging and accommodation by arrivals, since it has made travel convenient. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, lodging, business work, entertainment, and other activities. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9,000 billion. According to the World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019.
Business travel lodging refers to the activity of travelling for the purpose of business needs and staying in hotels, resorts, and other properties on a short-term basis. The purpose is for various business requirements such as meetings, negotiate deals, networking, trade shows, and exhibitions. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work. Thus, the scope for business travel lodging providers is also increasing across the world and is expected to grow over the coming years. The outbreak of COVID-19 emerged as a major threat to the global business travel industry that severely deteriorated the business travel lodging industry. The pandemic led to cancellation of almost all the major business travel activities and MICE events across the globe. Moreover, the wide spread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions has reduced the business trips worldwide for the next couple of years. However, the travel industry is expected to normalize after a couple of years and is expected to increase revenue of the business travel lodging market.
Business travel lodging refers to the accommodation rented by business travelers for the purpose of stay on a short-term basis. Travelers can choose from among the various types of lodging available, including hotels, hostels, resorts, vacation rentals, and others. The ideal choice of stay can be determined depending upon multiple factors such as purpose & duration of their business needs, availability of the property, and mode of booking. Lodging can be booked through various sources, which include online travel agencies, hotel websites, booking through agents, and direct bookings. The liberalization of visa regulations in the countries of developing regions such as Africa, India, and China have eased travel for business and professional visitors, which is a key factor expected to have a positive impact on the growth of the travel & tourism industry. This has influenced the market in a parallel way for business travel lodging and accommodation by arrivals, since it has made travel convenient. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, lodging, business work, entertainment, and other activities. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9,000 billion. According to the World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $9.2 trillion to the global GDP (Gross Domestic Product) in 2019.
Business travel lodging refers to the activity of travelling for the purpose of business needs and staying in hotels, resorts, and other properties on a short-term basis. The purpose is for various business requirements such as meetings, negotiate deals, networking, trade shows, and exhibitions. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work. Thus, the scope for business travel lodging providers is also increasing across the world and is expected to grow over the coming years. The outbreak of COVID-19 emerged as a major threat to the global business travel industry that severely deteriorated the business travel lodging industry. The pandemic led to cancellation of almost all the major business travel activities and MICE events across the globe. Moreover, the wide spread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions has reduced the business trips worldwide for the next couple of years. However, the travel industry is expected to normalize after a couple of years and is expected to increase revenue of the business travel lodging market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the business travel lodging market analysis from 2018 to 2028 to identify the prevailing business travel lodging market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the business travel lodging market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global business travel lodging market trends, key players, market segments, application areas, and business travel lodging market growth strategies.
Key Market Segments
By Enterprise Size
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By Industry
- Construction And Engineering
- Pharmaceutical And Healthcare
- Agriculture Food And Beverage
- Hospitality
- Business Services And Consulting
- It Technology And Telecom
- Finance And Insurance
- Non Profit Organizations
- Transport And Logistics
- Retail And Consumer Goods
- Energy And Utilities
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- France
- United Kingdom
- Netherlands
- Germany
- Rest of Europe
- Asia-Pacific
- China
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Rest of LAMEA
Key Market Players
- Travels Group
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BUSINESS TRAVEL LODGING MARKET, BY ENTERPRISE SIZE
CHAPTER 5: BUSINESS TRAVEL LODGING MARKET, BY INDUSTRY
CHAPTER 6: BUSINESS TRAVEL LODGING MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Business Travel Lodging Market by Enterprise Size and Industry: Opportunity Analysis and Industry Forecast, 2021-2028,' the global business travel lodging market size was valued at $257.40 billion in 2018, and is estimated to reach $450.80 billion by 2028, growing at a CAGR of 14.77% from 2021 to 2028.Business travel lodging refers to the activity of travelling for the purpose of business needs and staying in hotels, resorts, and other properties on a short-term basis. The purpose is for various business requirements such as meetings, negotiate deals, networking, trade shows, and exhibitions. Business travel is done mainly for building partnerships, joint ventures, meeting suppliers and customers, maintaining relation between companies, and promotion of product or service. The growing popularity of incorporating business with recreational or leisure activities to relieve stress and enhance work-efficiency is encouraging the global business travel lodging providers to incorporate modern amenities and services in their properties. The development and growth of various online travel agencies (OTA) such as booking.com, KAYAK, and Expedia, are contributing toward the growth of the global business travel lodging market. Moreover, the growth of the business travel lodging industry is driven by expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, and increase in globalization of business. The business travel lodging market trends such as bleisure travel (business + leisure), IoT (internet of things), development of smart hotels, virtual reality for hotel bookings, and personalization are responsible for fueling the lodging market. Business travel lodging market analysis asures that these developments in hotels are expected to lead to the growth of the food & lodging segment as well as the overall business travel lodging market in the future. Moreover, use of robotics technology is a trending factor that attracts customers to hotels. Robots are being used in hotels for greeting guests, providing information, luggage handling, and cleaning purposes. In restaurants, robots can be potentially used in food service and food preparation roles that may foster the growth of the business travel lodging market in the future.
There are various technological advancements that have emerged in recent years and are being adopted by the accommodation and lodging stakeholders. The popular technologies such as virtual reality, augmented reality, artificial intelligence, chat bots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the business travel lodging market. Voice search, chat bots are used in the websites to provide customers the convenience and ease of booking hotels and tickets. With the help of virtual reality, customers can take a complete tour of the hotels, restaurants, and landscapes by sitting in the comfort of their home and decide whether to book a hotel or not. Moreover, robotics technology is also being used in hotels and restaurants. Robots can be used in hotels for cleaning, luggage handling, and greeting guests that may help to attract customers. All these technologies are expected to drive the global business travel lodging market in the future. Business Travel Lodging Market Growth is expected to experience high demand in Asia-Pacific during the forecast period.
Key findings of the Study
- The global business travel lodging market size was valued at $257.4 billion in 2018, and is estimated to reach $450.5 billion by 2028, registering a CAGR of 14.8% from 2021 to 2028.
- By enterprise size, the large enterprises segment is estimated to witness the fastest growth, registering a CAGR of 15.5% during the business travel lodging market forecast period.
- In 2020, depending on industry, the hospitality segment was valued at $9.3 billion in business travel lodging market share.
- In 2020, the U.S. was the most prominent market in North America, and is projected to reach $96.4 billion by 2028, growing at a CAGR of 13.8% during the forecast period.
Companies Mentioned
- Travels Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 109 |
| Published | March 2022 |
| Forecast Period | 2018 - 2028 |
| Estimated Market Value ( USD | $ 113.39 billion |
| Forecasted Market Value ( USD | $ 450.8 billion |
| Regions Covered | Global |
