People, Travel

International Business Travel Set to Grow 3.7% p.a.

International Business Travel Set to Grow 3.7% p.a.
International Business Travel Set to Grow 3.7% p.a.

Global business travel sector to annually grow by 3.7% over the next decade, according to a new report by Travelport and the World Travel & Tourism Council.

Released at the WTTC Global Summit in Bangkok, the report shows that the fastest growth for the business travel sector is expected in the emerging markets, with Asia-Pacific predicted to lead the way at a rate of 6.2% each year to 2027.

In the past five years, business travel spending has advanced rapidly in many emerging markets with the DR Congo rising by 32% between 2011 and 2016, Qatar at 25%, Azerbaijan at 21% and Mozambique at 19% over the same period, Travel Daily News reported.

The report highlights data that show eight of the top 20 fastest growing business travel destinations have introduced visa improvements that help the sector and economy grow.

The largest Business Travel markets are the USA, China, the United Kingdom, Germany and Japan.

The report identifies a number of factors influencing such growth. Business travel is often the driving force contributing to national GDP, as companies continue to find ways of developing new markets and maximizing their revenues.

Countries emerging from conflict such as Sudan, Sri Lanka, Angola and Rwanda also feature on this list, highlighting the link between peace and economic development.

The report further explores the increasing use of technology supporting travelers and travel companies.

Travelport's research highlights how business travelers want mobile phone alerts and information about disruptions, flight updates and upgrades. It also draws attention to the need to serve digitally-connected millennials and for the industry to deploy data-driven insights to engage customers more effectively.  


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