The latest report published by IMARC Group, titled “India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Market Overview:
The India business travel market size reached US$ 35.6 billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 59.5 billion by 2028, exhibiting a growth rate (CAGR) of 8.71 per cent during 2023-2028. Business travel represents a journey taken explicitly for work or to expand company operations. Also referred to as a corporate journey, it includes various components, such as client meetings, trade shows, promoting brands and products, and employee training and incentives. Business travel is getting immense precedence among organizations across India, owing to the rapid globalization levels and increased company activities. As a result, this journey is taken up by the government and corporate officials across the country.
Growth prospects
The stable economic growth and the rising middle class across the country are among the primary factors fueling the India business travel market. Besides this, the elevating requirement for innovative technology in journey management processes is further augmenting the market growth. Moreover, the emerging trend of B-leisure travel, which incorporates business with pleasure while offering recreational activities for relieving stress and enhancing work efficiency, is also catalyzing the market across India.
The development of virtual reality (VR) platforms that provide improved, efficient, and personalized customer experiences is acting as another significant growth-inducing factor. Additionally, the increasing digitization in the corporate and tourism sectors, coupled with the penetration of the internet of things (IoT), has assisted travelers and journey operators in working swiftly and efficiently, which is also stimulating the market growth.
The escalating number of small and medium enterprises (SMEs) and the fast-paced globalization are positively impacting the market in the country. Furthermore, the growing tie-ups of several corporate organizations with the leading enterprise expedition companies to provide customized collaborative spaces and team-building exercises are expected to bolster the India business travel market in the coming years.
