Allied Market Research in its new report titled Business Travel Market by Service, Industry, and Traveler: Global Opportunity Analysis and Industry Forecast, 2021-2028 has predicted that the global business travel market size will reach US$2,001.1 billion by 2028 at a CAGR of 13.2 per cent from 2021 to 2028.
Based on the region, the Asia-Pacific is the largest and fastest-growing market for business travel due to rapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.5 per cent market in 2020 followed by North America and Europe which constituted 26.3 per cent and 24.3 per cent market share, respectively in 2020. LAMEA is expected to show considerable growth due to growing business activities, growing government initiatives to attract foreign direct investments and continuous infrastructural development in the region.
