Corporate events, conferences, and trade shows drive business travel growth, expected to reach $928.45 billion by 2030. Photo Credit: The Meetings Show Asia Pacific
The growing importance of corporate events, conferences, and trade shows is a significant driver for the business travel market, according to a new report.
These events provide opportunities for networking, knowledge sharing and showcasing products or services on a global scale. The Global Business Travel report, produced by Verified Market Reports, says businesses prioritise attending these events to stay competitive and maintain visibility.
Additionally, team-building activities and training sessions conducted at remote locations also contribute to market growth. These events underscore the essential role of business travel in achieving organizational goals.
The report says the global business travel market is expected to reach US$928.45 billion by 2030, up from US$742.97 billion in 2023.
Emerging trends like sustainable travel, digital booking tools, and personalised experiences are also reshaping the industry.
The report also identified a number of challenges, including rising costs and budget constraints, environmental concerns and sustainability goals and the adoption of virtual communication tools.
It said increasing travel expenses, such as airfare, accommodation, and transportation, pose significant challenges for businesses and that a shift towards eco-friendly practices often results in reduced travel volumes.