With a CAGR of 14.77%, Business Travel Accommodation Market Size is Expected to Reach $450.80 Billion |

PORTLAND, OREGON, USA, August 16, 2022 /EINPresswire.com/ — The growing penetration of IoT has resulted from an increase in digitalization in the corporate and tourism sectors across the world, enabling travelers and tour operators to quickly achieve their goals. The Global business travel accommodation market has been significantly impacted by VR technology in multiple ways, providing consumers with dramatically more enriched, efficient and personalized experiences.

Moreover, the trend of leisure travel, which combines business with a number of pleasure-related activities and provides time off to relieve stress and improve overall work efficiency, has risen sharply in recent years.

According to a new report published by Allied Market Research, titled “Business Travel Accommodation Market by Company Size and Industry: Opportunity Analysis and Industry Forecast, 2021-2028”, the global market size of business travel accommodation was valued at $257.40 billion in 2018, and is expected to reach $450.80 billion by 2028, growing at a CAGR of 14.77% from 2021 to 2028.

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The huge developments in the travel industry and the increase in the number of SMEs have given way to the increase in business travelers traveling from one place to another. Several corporate establishments are also linking up with major corporate travel organizations to provide personalized collaboration rooms and team building moves, which again has proven to be another key factor in the growth in the global business travel accommodation market.

Takeaway key:

Large enterprises would show the highest CAGR of 15.48% during the period 2021-2028
Hospitality would show the Highest CAGR of 16.59% during 2021-2028
Asia-Pacific would show the highest CAGR of 15.71% during the period 2021-2028
The United States was the largest market in North America and is expected to reach $96.4 billion by 2028, growing at a CAGR of 13.8%

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The large enterprise segment will maintain its leading status throughout the forecast period

Based on enterprise size, the large enterprise segment held the highest market share in 2020, accounting for more than two-fifths of the global business travel accommodation market, and is expected to maintain its leader status throughout the forecast period. Moreover, the same segment is expected to show the highest CAGR of 15.4% from 2021 to 2028, owing to growing consumer preferences for accommodation comfort, amenities and on-site leisure services.

The retail and consumer goods segment will maintain its leading position during the forecast period

Based on industry, the retail and consumer goods segment accounted for the largest share in 2020, contributing nearly one-fifth of the global business travel accommodation market, and is expected to maintain its leading position during the forecast period. This is due to the rapidly developing growth of the industry, increasing consumer spending on retail products, and offering considerable business opportunities for manufacturers in the industry. However, the hospitality segment is expected to show the largest CAGR of 16.5% from 2021 to 2028.

Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in terms of 2020 revenue, accounting for almost two-fifths of the global market for accommodation for business trips. 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 fast growing sectors such as food, pharmaceuticals and others.

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Related report

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

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