November 19, 2018 – The global business tourism market is anticipated to grow at substantial CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for work efficient yet relaxing destinations among commuters travelling majorly for work can fuel demand for business tourism. These services are likely to offer well-planned business trips to corporates and entrepreneurs according to their requirement.
Growing inclination of individuals towards entrepreneurship and manage their business independently can fuel growth of market. Increasing number of face-to-face business meetings attributed to outsourcing of work and business tie-ups can augment market growth. Growing adoption of incentive trips among corporates as employee motivation tool is anticipated to propel growth of market over next few years. Rising number of international trade fairs and summits inviting entrepreneurs and corporates from worldwide can augment market growth during the forecast period (2018 to 2025).
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To cater to rising demand for business tourism, most companies are likely to adopt various business strategies to gain traction among corporates and entrepreneurs. For instance, Thomas Cook (India) recently announced regarding its corporate restructuring subject to regulatory approvals. The change is expected to be aimed at streamlining of company businesses into four verticals. These verticals can include travel, (domestic, outbound, business travel, and MICE), destination management services, foreign exchange, and portfolio investments.
The business tourism market can be segregated on the basis of type, application, and region.Based on type, the market can be categorized into natural scenery, humanistic tourism, diet shopping, and others.Based on application, the market can be classified into generation X, millennial, baby boomers, and others.
Regional segmentation of business tourism market includes Europe, United States, Japan, China, Southeast Asia, India, and Central & South America. In United States, the market is expected to witness significant growth attributed to increasing number of business travelers in the region owing to business related trips to other countries including India and China. In addition, customized accommodation services being offered by majority of hotels in the region to gain traction among commuters such as early check-in and later check-out times can fuel market growth in the region. Moreover, prevalence of major market players including Abercrombie & Kent Ltd, Tauck, and Zicasso offering lucrative deals to business travelers can fuel growth of market in the region.
Europe is expected to dominate the market attributed to high prevalence of major market players in the region including TUI Group, Thomas Cook Group, and Scott Dunn is predicted to fuel growth of market in the region.
In India, the business tourism market is expected to grow fast over the forecast period attributed to increasing number of business travelers owing to growing number of corporates in the region.Growing number of corporate tie-ups at international level is anticipated to increase possibilities of business related trips. This, in turn can fuel market growth in the region over next few years.
Similarly in China and Japan, the business tourism market is predicted to grow well during the forecast period owing to high prevalence of lucrative business opportunities in these regions. Factors such as availability of cheap labor and use of advanced technology in manufacturing are likely to attract corporates and entrepreneurs to visit these regions for business prospects and deals. This, in turn can augment growth of market in the region.
Some of the leading companies offering business tourism are TUI Group, Thomas Cook Group, Jet2 Holidays, Cox & Kings Limited, and Butterfield & Robinson.
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