The business travel segment could reach $792 billion in 2026

Global Industry Analysts Inc., (GIA) today published its report entitled "Business Travel - Global Market Trajectory and Analysis". The report presents new perspectives on opportunities and challenges in a significantly transformed post-COVID-19 market.

Business travel can be described as domestic or international travel by employees to attend various business-related activities, including meetings, product launches, trade shows, and company marketing to further enhance business prospects. Business travel, which includes work, entertainment, accommodation and transportation, is among the largest contributors to the global economy. Employees of multinational organizations often travel to destinations in multiple countries for business and marketing purposes. There are a variety of travel agencies and companies in the market that address the needs of the business travel industry, competing on the basis of security measures, service portfolios, government licenses and prices. The growth of business travel has given organizations the option of managing their employees' travel requirements through travel programs, services, and online self-booking tools offered by travel management corporations. Amid the COVID-19 crisis, the global business travel market was estimated at US$665.3 billion in 2022 projected to reach a revised size of US$792 billion by 2026, growing at a CAGR of 3 % during the analysis period. Food and lodging, one of the segments analyzed in the report, is projected to register a CAGR of 3.7% and reach US$446.6 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis,

The US market is estimated at $238.4 billion in 2022, while China is forecast to reach $48.8 billion by 2026.
The US business travel market is estimated at $238.4 billion in 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$48.8 billion by 2026 with a CAGR of 5.1 % during the analysis period. Other notable geographic markets include Japan and Canada, each forecasting growth of 2.2% and 3.1%, respectively, over the review period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR.

The business travel market worldwide is being driven by factors such as the globalization of business operations, the increasing adoption of advanced technologies such as artificial intelligence, the Internet of Things (IoT), and the increasing penetration of the Internet to facilitate travel. travel and reservations. The growth of the business travel industry is significantly influenced by the level of investment in the public and private travel and tourism industry. This is because significant investments are required to build the necessary infrastructure and facilities to expand capacity, provide improved services, and maintain existing infrastructure. The global business travel market, which is currently experiencing its worst phase due to the COVID-19 outbreak, has been driven over the years by initiatives to develop meetings, incentives, conferences and events (MICE) and small and medium-sized enterprises (SMEs). The global business travel market is being significantly impacted by the arrival of advanced technology solutions that help agents and their clients book the most comfortable, economical and efficient option. Artificial intelligence (AI) in this regard has evolved as a next-generation technology to help automate the process and eliminate the need to physically attend multiple meetings or events, which is critical amid the current pandemic. While advanced technologies such as video conferencing can be a threat, Increased infrastructure investment and growth in the travel retail market are expected to support the business travel industry. The global business travel market is being significantly impacted by the arrival of advanced technology solutions that help agents and their clients book the most comfortable, economical and efficient option. Artificial intelligence (AI) in this regard has evolved as a next-generation technology to help automate the process and eliminate the need to physically attend multiple meetings or events, which is critical amid the current pandemic. While advanced technologies such as video conferencing can be a threat, Increased infrastructure investment and growth in the travel retail market are expected to support the business travel industry. The global business travel market is being significantly impacted by the arrival of advanced technology solutions that help agents and their clients book the most comfortable, economical and efficient option. Artificial intelligence (AI) in this regard has evolved as a next-generation technology to help automate the process and eliminate the need to physically attend multiple meetings or events, which is critical amid the current pandemic. While advanced technologies such as video conferencing can be a threat, Increased infrastructure investment and growth in the travel retail market are expected to support the business travel industry. Artificial intelligence (AI) in this regard has evolved as a next-generation technology to help automate the process and eliminate the need to physically attend multiple meetings or events, which is critical amid the current pandemic. While advanced technologies such as video conferencing may pose a threat, increased investment in infrastructure and growth in the travel retail market are expected to support the business travel industry. Artificial intelligence (AI) in this regard has evolved as a next-generation technology to help automate the process and eliminate the need to physically attend multiple meetings or events, which is critical amid the current pandemic. While advanced technologies such as video conferencing may pose a threat, increased investment in infrastructure and growth in the travel retail market are expected to support the business travel industry.

The transportation segment will reach 122.7 billion dollars by 2026
In the global transportation segment, the US . The US, Canada, Japan, China and Europe will drive the estimated CAGR of 1.3% for this segment. These regional markets representing a combined market size of US$93.2 billion will reach a projected size of US$101.9 billion by the end of the analysis period. China will remain among the fastest growing in this group of regional markets. Led by countries such as Australia, India, and South Korea, the Asia-Pacific market is forecast to reach US$15.1 billion by 2026, while Latin America will expand at a CAGR of 1.8% during the year. Analysis period. 
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