Business travel market: India has been constantly leading on the business travel front, and it is said that in the coming years India’s business travels will multiply manifolds.
“India is now at $30 billion business travel market and is expected to more than triple to $93 billion by 2030”, a paper presented by FCM Travel solutions and KPMG – ‘Business Travel in India Emerging Trends and Opportunities’ said on Wednesday.
India’s Business Travel Market Grew magnanimously in past few years
The same report told that India is the tenth largest business travel market and growth on this front is likely to increase more in the coming years.
“In 2015, India saw a 15 percent increase in business travel spending, which will grow by an annual compound growth rate (CAGR) of 12 percent through 2020 to 6 percent by 2030. This increase in all possibility will be greater than the increases in business travel growth in the next three largest countries combined, including South Korea, Italy and Brazil. Thirteen years from now (by 2030), India will likely be amongst the top five in business travel spending”, the report said.
The report mentioned political, demographic and economic factors for the growth of the business travel. India will soon emerge as a leader in business travel spending in next decade or so and will surpass the US as well, as per the report.
The place where India stands today in the list of the business travel spendings has been achieved in a very less period of time. China assumes the topmost position in the list and its business travel market size is $291 billion which is almost ten times that of Indian business travel market size.