Business travel likely to triple to $93 billion by 2030 says Report

Business travel likely to triple to $93 billion by 2030 says Report

In 2015 India ranks as the 10th largest business travel market in the world spending a total of $29.6 billion.
With business travel rapidly evolving, India is poised to lead this growth and spending in this category is expected to treble to $93 billion by 2030 from the present levels.
“India is now a $30 billion business travel market and is expected to more than triple to $93 billion by 2030,” a white paper on ‘Business Travel in India Emerging Trends and Opportunities’ by FCM Travel Solutions and KPMG released.KPMG India Partner and Head, Transport, Leisure and Sports, Jaideep Ghosh said, despite some recent economic speed bumps, the business travel market remains incredibly robust and dynamic with a number of countries, such as India, China, Germany and Canada, growing at a remarkable rate. “The report predicts that India will emerge as a leader in business travel spending over the next decade or so.

In fact, when one looks at India, one sees one of the highest growth rates in business travel in the world. If India continues on that trend, in 15-20 years, it will surpass the US as well and be second only to China. In fact, India is where China was close to 15 years back. It is clearly a story that no one is talking about yet, but it bears watching,” he added.The report is based on business travel booking and expense reporting data from its database of more than 100 corporates and small businesses and 20 users, representing nearly 5 per cent of business travel spend in India. The report revealed that 13 years from now (by 2030), India will likely to be among the top five in business travel spending.

Business travel spending in Asia Pacific totalled $458 billion in 2015, and is expected to grow at 7.8 per cent annually over the next five years, 6.5 per cent of this total spend came from India, while China, Japan and South Korea accounted for nearly 90 per cent of the remaining spends, it said. The report further said, Indian travellers are most likely to be transacting on their smart phones as this region has consistently led the charge with smart phone usage growing at 12 per cent from 2014 to 2015.

The report also opined that with nearly 25 per cent of mobile phone users in India owning a smart phone or tablet, the use of these devices to manage travel needs ‘on the move’, including destination research and booking management is expected to increase. The mix of sectors that are contributing to this growth is truly diverse with IT, pharmaceuticals, which top the list as two of the fastest-growing sectors followed by natural resources, auto and construction sectors, it added. Flight Centre Travel Group – India – Managing Director Rakshit Desai said, “For corporates, managing business travel is becoming increasingly complex, with changing traveller preferences, integration with mobile technology and strategies adopted by travel suppliers.”

According to the paper, he said, in 2015 India ranks as the 10th largest business travel market in the world spending a total of $29.6 billion. “Moreover, it is projected to be the most robust business travel market in APAC over the next five years and is estimated to grow at 12 per cent annually over that period. With its improving economy and rising consumption, it is no surprise then that India will emerge as the next fastest growing market between 2017 and 2020,” he pointed out. The APAC region continues to be the largest business travel region in the world, comprising 37 per cent of global business travel.

Currently, Asia Pacific owns the largest share of the business travel spend market with 37 per cent followed by North America, with 25 per cent and Western Europe with 18 per cent.

News Source: PTI

 

About author

TnH Global
TnH Global 4073 posts

Our platform is the most comprehensive, current and accurate content destination for tourism that also offers the opportunity to connect and network with quality buyers and sellers.

Name: TnH Global              Email: admin@tnhglobal.com

You might also like

Slider

Unweekend your getaways this March with The Serai Benefits starting from Rs. 27000/- onwards

Are you looking for a quiet getaway and an exclusive holiday, why not “Unweekend”? The Serai Resorts have introduced a first-of-its-kind campaign called Unweekend Getaways. With the world busy at work on

Trending

A luxurious seaside getaway awaits you at JW Marriott Mumbai Juhu

Offering exclusive long weekend packages, JW Marriott Mumbai Juhu invites patrons to celebrate Independence Day amidst ultimate luxury and breathtaking views. Overlooking the picturesque Arabian Sea, our guests will be

9.3% growth in foreign tourist arrivals in November 2016 over the same period in 2015

USA accounts for highest share of tourist arrivals followed by UK and Bangladesh in November 2016 Rs. 14,474 crore Foreign Exchange earned through tourism in November 2016 9.3% growth in

On India’s 67th Republic Day, TripXOXO introduces ‘Republic Day Plan’

Extends flat 26% cashback offer on all bookings done till 29th January, 2017! TripXOXO, an online go-to destination for travellers looking for ‘activities and things-to-do’ across the world is celebrating India’s

Latest

India to become 3rd largest Aviation market in world by 2020

India is among the fastest growing and currently the ninth largest civil aviation market in the world. India is likely to become the third largest aviation market in the world

Destinations

Six special trains for Sankranthi

With Sankranthi barely a week away, South Central Railway has planned to run six special trains between Hyderabad and Kakinada Town, Secunderabad and Kakinada Town, and Narsapur and Secunderabad to clear the rush of passengers. Train

Trending

UNICEO announces a new partnership with Marriott International

UNICEO – United Networks of International Corporate Event Organizers is the international association bringing together senior decision-makers in charge of corporate events representing major companies and associations internationally. Marriott International is a leading global

Latest

Shangri-La’s Hambantota Resort & Spa To Open On 1 June

Stunning resort will be the first Shangri-La in Sri Lanka, the “Pearl of the Indian Ocean”   Opening on Sri Lanka’s stunning southern coastline on 1 June 2016, Shangri-La’s Hambantota

Slider

The Fern Hotels and Resorts organize Khao Galli Food Fest in 17 cities across India

“In a unique experiment in the food and beverages industry, The Fern Hotels and Resorts is organizing a street food fest in as many as 17 cities across the country”,

Latest

India ranks 52nd on the Travel & Tourism Competitiveness Index 2015

Spain has ranked first among the countries in World Economic Forum’s Travel and Tourism Competitiveness Index 2015 rankings, followed by France and Germany. According to World Economic Forum’s Travel and

Slider

Indian Accent at The Manor, New Delhi will open at The Lodhi end October

Indian Accent, the award-winning restaurant at The Manor, New Delhi, will open at The Lodhi end October in the space previously occupied by the restaurant On the Waterfront. Indian Accent,

Trending

Sky Angkor Airlines selects Sabre to support its growth objectives

Sabre Corporation announced a new content distribution agreement with Sky Angkor Airlines as the preferred global distribution system (GDS) partner to reach travel agents globally. Cambodia’s ministry of tourism predicted a

0 Comments

No Comments Yet!

You can be first to comment this post!