Global business travel sector to boom

Global business travel sector to boom (Image: iStock/anyaberkut)
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The global business travel industry is set for growth over the next decade, thanks in part to demand from emerging markets.
 
This is the conclusion of a new report from the World Travel and Tourism Council and Travelport, which forecasts a global 3.7 per cent increase annually over the next decade for the $1.2 trillion (£938 billion) business travel market.
 
However, demand will push the figure higher in the Asia-Pacific region, where the market is forecast to increase by 6.2 per cent each year up to 2027.
 
This is thanks to growth in China, Myanmar, Hong Kong, Cambodia and India, while in the African market Travel Management Companies (TMCs) are likely to see increased demand from Rwanda and Gabon. China, along with the US, UK, Germany and Japan, remains one of the the world's biggest business travel markets.
 
The report noted an increase in business travel is often a sign of the overall economic health of a country improving. As businesses develop into new markets to increase revenue business travel naturally increases, so this tends to be the driving force behind travel and tourism's contribution to the GDP of a nation.
 
President and CEO at the World Travel and Tourism Council David Scowsill described business travel as a "vital part" of the travel and tourism sector, and a "key catalyst for global growth".
 
"It drives the relationships, investments, supply chains and logistics that support international trade flows," he added.
 
Travelport CEO Gordon Wilson noted the "significant rate" at which business travel is growing means there is a need for the industry to continue to invest in cutting-edge technology and infrastructure to support increased demand.
 
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