BUSINESS TOURISM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global business tourism market is estimated to be valued at USD 900.58 Bn in 2024 and is expected to reach USD 1,678.27 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031. Global business tourism market has witnessed significant growth over the past few years. Business tourism refers to travels undertaken for purposes of business interactions, conferences, exhibitions, trade shows and other business events. It contributes substantially to the GDP of many economies globally. Various factors such as rising globalization of businesses, increasing number of large scale business events, and digital transformation across industries have boosted growth of the business tourism market. Many destinations have also recognized business tourism as an opportunity to drive revenues and have taken initiatives to attract more MICE (Meetings, Incentives, Conferences and Exhibitions) travelers. However, the COVID-19 pandemic severely impacted the market in the last couple of years.
Market Dynamics:
The key drivers fueling the business tourism market include rapid globalization of industries necessitating more business interactions, partnerships and trades across borders. Growing focus on networking, business development and marketing initiatives through large conferences, exhibitions and trade shows also supports the market growth. However, factors such as economic slowdowns negatively impacting corporate budgets for travel and events coupled with risk of global health pandemics pose challenges. The market witness opportunities in resumption of business activities post gradual normalization from COVID-19, destinations promoting their MICE potential through various initiatives and growing preference for digital or hybrid business events.
Key Features of the Study:
Detailed Segmentation-
Table of Contents
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