The global business travel market was valued at US$ 1,358.11 Bn in 2018 and is expected to reach US$ 2,034.20 Bn by 2026, expanding at a CAGR of 5.2% during the forecast period.
The rise in the Shared Economy Services:
The overall dynamics of business travel have been changing across the globe in sync with the new-age corporate traveler. A sharing economy primarily refers to an economy system in which the access to services and goods is shared among individuals in the economy. The increasing sharing economy has exerted a positive impact on the business travel market, and it will continue to foster the travel industry. Sharing economy giants such as Uber, Ola, OYO, and Airbnb, among others, are growing at a significant growth rate, as these sharing economies provide services that are more efficient, economical, and convenient than those provided by traditional service providers. Various companies are exploring this market to reduce costs and increase productivity.
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The business travel market has huge potential in the sharing economy, as they are providing services that are convenient, and safe for travelers. For instance, Airbnb allows business travelers to book suitable accommodations based on the company budget. Recently, Airbnb has come up with an open conference in which the company announced that they will now give some hosts a “business traveler ready badge.” This badge will make booking at Airbnb easier for both business travelers and hosts who earn this badge. Earning this badge will provide the accommodation that will have Wi-Fi, workspace, and strict cancellation policies. This makes it it easier for business travelers to identify which accommodations are suitable for them, such additional values further accelerate the business travel market growth. In addition to these, various other emerging sharing economy options include SafeHer, FlightCar, VRBO, 9flats.com, DriveNow, and Car2Go, among others.