Stable economic growth and decreasing airfares, owing to the introduction of new airlines, are primarily driving the India business travel market.

SHERIDAN, WY, USA, November 15, 2022 /EINPresswire.com/ -- The latest report published by IMARC Group, titled "India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India business travel market size reached US$ 31.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 55.2 Billion by 2027, exhibiting a CAGR of 8.1% during 2022-2027.

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Business travel represents the journey that is undertaken for work and business purposes. It is generally paid for by the employer via the in-house travel departments or external service providers. In line with this, business travel usually includes a wide array of components, such as planning and booking, sourcing and procurement, account management, measuring and reporting, etc. In India, business travel facilitates cost tracking and control for organizations while helping employees adhere to corporate T&E policies and generating mass savings through negotiated discounts.

India Business Travel Market Trends:

Stable economic growth and decreasing airfares, owing to the introduction of new airlines, are primarily driving the India business travel market. Additionally, the growing penetration of high-speed internet connectivity, the introduction of various online travel agencies (OTAs), the emerging trend for leisure travel, continuous improvements in the hospitality, airline, and tourism industries, and the development of incentives, conferences, meetings, and events (MICE) segment are further catalyzing the market growth. Besides this, numerous tie-ups of corporate organizations with the leading business travel providers to offer customized collaborative spaces and team-building exercises are acting as significant growth-inducing factors. Moreover, the rising business activities in sectors, including healthcare, pharmaceuticals, manufacturing, etc., and the increasing partnership between businesses and airlines are also propelling the market growth across India. Apart from this, the elevating investments by public and private agencies for improving the travel infrastructures are augmenting the market growth. Furthermore, the inflating popularity of advanced technologies, such as robotics and virtual reality (VR), for offering personalized customer experiences is anticipated to fuel the India business travel market over the forecasted period.

Key Market Segmentation:

The report has segmented the India business travel market based on type, purpose type, expenditure, age group, service type, travel type, end user and region.

Breakup by Type:

• Managed Business Travel
• Unmanaged Business Travel

Breakup by Purpose Type:

• Marketing
• Internal Meetings
• Trade Shows
• Product Launch
• Others

Breakup by Expenditure:

• Travel Fare
• Lodging
• Dining
• Others

Breakup by Age Group:

• Travelers Below 40 Years
• Travelers Above 40 Years

Breakup by Service Type:

• Transportation
• Food and Lodging
• Recreational Activities
• Others

Breakup by Travel Type:

• Group Travel
• Solo Travel

Breakup by End User:

• Government
• Corporate
• Others

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Competitive Landscape With Key Players:

The competitive landscape of the India business travel market has been studied in the report with the detailed profiles of the key players operating in the market.

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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