Business travel set to rise by 3.7 percent annually until 2027

The business travel sector is set to grow by 3.7% annually over the next ten years, a new report from Travelport has revealed.

The report was released at the World Travel and Tourism Council Global Summit in Bangkok, and highlighted how business travel is set to grow significantly across many emerging markets.

Asia-Pacific’s business travel sector is expected to increase at the quickest rate, growing by 6.2% each year over the next decade.

Some of the countries who are expected to see the biggest growth in the business travel sector include Burma (8.7%), Hong Kong (8%), Cambodia (7.4%) and India (7.2%).

A significant reason for the growth is that a number of countries have introduced visa improvements that have helped to make travelling a little easier.

David Scowsill, President and CEO at the World Travel and Tourism Council, said: “Business travel is a vital part of the travel sector, and it is a key catalyst for global growth. It drives the relationships, investments, supply chains and logistics that support international trade flows.”

Experts believe that the growth within the industry is aligned to the development of technology which plays an ever-increasing role for those who travel for their work.

More travellers now expect to receive mobile phone alerts and up-to-date information about disruptions, upgrades and flight updates.

CEO of Travelport, Gordon Wilson, urged the industry to continue to invest in the best infrastructure and technologies to ensure business travellers have a positive experience.

Over the past five years, business travel spending has increased significantly, with areas like Qatar and Azerbaijan seeing growth of 25% and 21% respectively.

Despite this considerable growth, the largest business travel markets continue to be the USA, China, the UK, Germany and Japan.

If you’re thinking of travelling abroad this year, be sure to organise your business travel insurance in advance

Date Created: 03/05/2017