Business Travel Market Set To Reach $1.7 Trillion By 2023

A new report featuring in-depth analysis predicts that the global business travel industry will be worth nearly US$1.7 trillion (about £1.3 trillion) by 2023, registering growth of 4.1 per cent.

The report, titled Business Travel Market by Service (Transportation, Food & Lodging, and Business Activity), Industry (Government and Corporate), and Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast, 2017-2023 by Allied Market Research, monitors the key industry trends, drivers and opportunities within the business travel industry.

According to the report, the global business travel market was worth more than $1.3 trillion (£1.01 trillion) in 2017. With the estimated increase in worth expected through 2023, the industry will register a growth rate of 4.1 per cent during 2017-2023.