Global Business Travel Market Report 2020
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Travel Receives a Knockout Blow from the Pandemic. Business Travel Crumbles to New Lows at -54%.
The global market for Business Travel is expected to decline by -54% in the year 2020 and -4.5% in the year 2021 and thereafter recover to reach US$829.5 billion by the year 2027, trailing a post COVID-19 CAGR of 3% over the analysis period 2020 through 2027.
The travel industry has been one of the worst hit sectors due to the COVID-19 outbreak, with lockdowns, travel bans, restrictions and quarantines denting revenue generation for the industry. The impact of COVID-19 pandemic on business travel has been particularly severe. Business travel almost came to a standstill during the pandemic, forcing many companies to hold virtual meetings due to stay-at-home restrictions.