The market in India is driven by the globalization of business operations, which has encouraged multinational companies to expand their business in the country.
SHERIDAN, WY, USA, February 14, 2023 /
EINPresswire.com/ -- The latest report published by IMARC Group, titled “India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The India business travel market size reached US$ 31.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 55.2 Billion by 2027, exhibiting a growth rate (CAGR) of 8.1% during 2022-2027. Business travel represents journeys that are undertaken for work and business purposes, usually paid for by the employer via in-house travel departments or external service providers. They can be categorized into managed and unmanaged types and include an extensive variety of components, such as sourcing and procurement, account management, planning and booking, measuring and reporting, etc. Business travel activities allow organizations to build their network and relationship with prospective and business expansion opportunities. Consequently, they find widespread applications in both government and corporate sectors across India.
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India Business Travel Market Trends:
The escalating economic growth and the inflating investments by public and private agencies to improve travel infrastructure are among the key factors driving the India business travel market. In addition to this, the launch of new airlines that is leading to a decrease in airfares is acting as another significant growth-inducing factor. Apart from this, the increasing tie-ups of numerous corporate organizations with leading business travel providers to facilitate customized collaborative spaces and team-building exercises are further stimulating the market across the country. Moreover, the rising globalization in business operations across multiple industries, including healthcare, manufacturing, and pharmaceuticals, which are the largest end customers for business travel, is also positively influencing the
market growth. Besides this, the emerging trend of Bleisure travel that incorporates business with pleasure elements to offer leisure to employees to relieve stress and enhance work efficiency, the development of meetings, incentives, conferences, and events (MICE) segment, and the introduction of various online travel agencies (OTAs) are expected to propel the India business travel market over the forecasted period.
Key Market Segmentation:
The report has segmented the India business travel market based on type, purpose type, expenditure, age group, service type, travel type, end user and region.
Breakup by Type:
• Managed Business Travel
• Unmanaged Business Travel
Breakup by Purpose Type:
• Marketing
• Internal Meetings
• Trade Shows
• Product Launch
• Others
Breakup by Expenditure:
• Travel Fare
• Lodging
• Dining
• Others
Breakup by Age Group:
• Travelers Below 40 Years
• Travelers Above 40 Years
Breakup by Service Type:
• Transportation
• Food and Lodging
• Recreational Activities
• Others
Breakup by Travel Type:
• Group Travel
• Solo Travel
Breakup by End User:
• Government
• Corporate
• Others
Breakup by Region:
• North India
• West and Central India
• South India
• East India
Competitive Landscape With Key Players:
The competitive landscape of the India business travel market has been studied in the report with the detailed profiles of the key players operating in the market.
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Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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