Business Travel Market Is Expected To Reach $1,657 Billion by 2023,Growing At A CAGR Of 4.1%
TechNewsDaily | July 17, 2019
According to a new report published by Allied Market Research, titled, Business travel Market by Service, Industry, and Traveler: Global Opportunity Analysis and Industry Forecast, 2017-2023, the business travel market size was valued at $1,266 billion in 2016, and is projected to reach $1,657 billion by 2023, growing at a CAGR of 4.1% from 2017 to 2023. The food & lodging segment possesses a strong customer base. The hotel industry operations vary with respect to size, function, and cost. For the expansion of this sector in the business travel market, the hotels have come up with small- to medium-sized hotel establishments. These offer a limited number of amenities on the site to accommodate a specific demographic of travelers, such as business travelers. Some of the major players in this segment are Hyatt Place, Courtyard by Marriott, Hilton Garden Inn, and others.