According to a recent report by the Global Business Travel Association, global spending on business travel is forecasted to reach $1.87 trillion by 2028. This growth is being driven by rising corporate profits and expanding international trade, which are increasing opportunities for businesses to travel. The study forecasts that domestic business travel spending will grow at a slightly faster rate than international spending, due to strong economic growth in developing markets such as India and China.
However, the growth of business travel market spending is not evenly distributed across regions. North America is expected to see the strongest growth, with CAGR of 11.6 per cent, followed by Europe (9.5 per cent), Asia Pacific (14 per cent), Latin America (12.9 per cent) and the Middle East and Africa (8.3 per cent). There are several reasons for this regional variation. Firstly, economic conditions vary widely across regions, with some economies still recovering from the global financial crisis caused by COVID while others are experiencing strong growth.
