Business Travel Lodging Market at 14.77% CAGR | Growth Opportunities and In-Depth Analysis
Business Travel Lodging Market at 14.77% CAGR | Growth Opportunities and In-Depth Analysis

Business travel lodging market

Business Travel Lodging Market size was valued at $257.40 billion in 2018, and is estimated to reach $450.80 billion by 2028, growing at a CAGR of 14.77%

DELAWARE, WILMINGTON, UNITED STATES, May 31, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Business Travel Lodging Market by Enterprise Size and Industry: Opportunity Analysis and Industry Forecast, 2021–2028,” the global business travel lodging market size was valued at $257.40 billion in 2018, and is estimated to reach $450.80 billion by 2028, growing at a CAGR of 14.77% from 2021 to 2028.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/16244

Business travel lodging refers to the activity of travelling for the purpose of business needs and staying in hotels, resorts, and other properties on a short-term basis. The purpose is for various business requirements such as meetings, negotiate deals, networking, trade shows, and exhibitions. Business travel is done mainly for building partnerships, joint ventures, meeting suppliers and customers, maintaining relation between companies, and promotion of product or service.

The growing popularity of incorporating business with recreational or leisure activities to relieve stress and enhance work-efficiency is encouraging the global business travel lodging providers to incorporate modern amenities and services in their properties. The development and growth of various online travel agencies (OTA) such as booking.com, KAYAK, and Expedia, are contributing toward the growth of the global business travel lodging market. Moreover, the growth of the business travel lodging industry is driven by expansion of the travel & tourism industry, surge in government initiatives for the development of MICE (meetings, incentives, conferences, and events) segment & SME sector, and increase in globalization of business. The business travel lodging market trends such as bleisure travel (business + leisure), IoT (internet of things), development of smart hotels, virtual reality for hotel bookings, and personalization are responsible for fueling the lodging market.

Business travel lodging market analysis asures that these developments in hotels are expected to lead to the growth of the food & lodging segment as well as the overall business travel lodging market in the future. Moreover, use of robotics technology is a trending factor that attracts customers to hotels. Robots are being used in hotels for greeting guests, providing information, luggage handling, and cleaning purposes. In restaurants, robots can be potentially used in food service and food preparation roles that may foster the growth of the business travel lodging market in the future.

𝐋𝐈𝐌𝐈𝐓𝐄𝐃-𝐓𝐈𝐌𝐄 𝐎𝐅𝐅𝐄𝐑 – 𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝟏𝟓 % 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/checkout-final/baad2a5360e80dd02d8e21bb46b7aca9

There are various technological advancements that have emerged in recent years and are being adopted by the accommodation and lodging stakeholders. The popular technologies such as virtual reality, augmented reality, artificial intelligence, chat bots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the business travel lodging market. Voice search, chat bots are used in the websites to provide customers the convenience and ease of booking hotels and tickets. With the help of virtual reality, customers can take a complete tour of the hotels, restaurants, and landscapes by sitting in the comfort of their home and decide whether to book a hotel or not. Moreover, robotics technology is also being used in hotels and restaurants.

Robots can be used in hotels for cleaning, luggage handling, and greeting guests that may help to attract customers. All these technologies are expected to drive the global business travel lodging market in the future. Business Travel Lodging Market Growth is expected to experience high demand in Asia-Pacific during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/16244

Key findings of the study
• The global business travel lodging market size was valued at $257.4 billion in 2018, and is estimated to reach $450.5 billion by 2028, registering a CAGR of 14.8% from 2021 to 2028.
• By enterprise size, the large enterprises segment is estimated to witness the fastest growth, registering a CAGR of 15.5% during the business travel lodging market forecast period.
• In 2020, depending on industry, the hospitality segment was valued at $9.3 billion in business travel lodging market share.
• In 2020, the U.S. was the most prominent market in North America, and is projected to reach $96.4 billion by 2028, growing at a CAGR of 13.8% during the forecast period.

Business Travel Lodging Market Report Highlights

By Enterprise Size
• Small Enterprises
• Medium Enterprises
• Large Enterprises

By Industry
• Construction And Engineering
• Pharmaceutical And Healthcare
• Agriculture Food And Beverage
• Hospitality
• Business Services And Consulting
• It Technology And Telecom
• Finance And Insurance
• Non Profit Organizations
• Transport And Logistics
• Retail And Consumer Goods
• Energy And Utilities
• Others

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:-
➢ Capsule Hotel Market
https://www.einpresswire.com/article/697055005/capsule-hotel-market-size-share-to-surpass-276-2-million-by-2028-exhibiting-a-cagr-of-8-2

➢ Hotel Toiletries Market
https://www.einpresswire.com/article/696754864/at-a-10-8-cagr-hotel-toiletries-market-expected-to-reach-50-5-billion-by-2031

➢ Disposable Cutlery Market
https://www.einpresswire.com/article/696742106/16-2-billion-of-disposable-cutlery-market-is-slated-to-increase-at-a-cagr-of-4-8-by-2031

David Correa
Allied Market Research
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Originally published at https://www.einpresswire.com/article/716107934/business-travel-lodging-market-at-14-77-cagr-growth-opportunities-and-in-depth-analysis