At 14.77% CAGR Business Travel Lodging Market Size Is To Reach $450.8 Bn
Allied Market Research published a report, titled, “Business Travel Lodging Market by Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), by Industry (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, Construction And Engineering, Others), : Global Opportunity Analysis and Industry Forecast, 2018-2028″. According to the report, the global business travel lodging market was valued at $257.40 billion in 2018, and is projected to reach $450.80 billion by 2028, growing at a CAGR of 14.77% from 2021 to 2028.
Prime determinants of growth
Continuous development in the travel & tourism industry, rise in tourism promotion, increase in accessibility of transport facilities, and surge in infrastructure development drive the growth of the global business travel lodging market. However, factors such as rise in adoption of ICT technology and high investment hinder the market growth. On the other hand, surge in industrialization and increasing visits of investors regarding business expansion worldwide present new opportunities in the coming years.
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.
- The outbreak of the COVID-19 pandemic has hampered the growth of the global business travel lodging market, owing to implementation of lockdown coupled with travel restrictions, especially during the initial period.
- Also, in order to maintain the social distancing norms, very less people have travelled during the pandemic.
- However, the market is going to recover soon in 2022.
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The large enterprises segment to maintain its leadership status throughout the forecast period
Based on enterprise size, the large enterprises segment held the highest market share in 2020, accounting for more than two-fifths of the global business travel lodging market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 15.4% from 2021 to 2028, owing to the rising consumer preferences towards lodging comforts, amenities, and recreational services on the premises.
The retail & consumer goods segment to maintain its lead position during the forecast period
Based on industry, the retail & consumer goods segment accounted for the largest share in 2020, contributing to nearly one-fifth of the global business travel lodging market, and is projected to maintain its lead position during the forecast period. This is owing to rapid development in the sector’s growth, increasing consumers spending over the retail products, and offerings of tremendous business opportunities for the manufacturers in the sector. However, the hospitality segment is expected to portray the largest CAGR of 16.5% from 2021 to 2028.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global business travel lodging market. Moreover, the same region is expected to witness the fastest CAGR of 15.7% during the forecast period. This is attributed to increasing industrialization and rapidly growing sectors such as food, pharmaceuticals, and others.
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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.
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