The business travel sector is forecast to grow by almost 4% a year in the next decade, with the size of the Asia-Pacific market soon likely to outstrip the Americas.
A report by travel technology provider Travelport and the World Travel & Tourism Council (WTTC) forecasts corporate travel’s global value will increase by an annual 3.7% from its current $1.2 trillion.
But growth in the Asia Pacific region is predicted to average 6.2% a year between now and 2027.
The report, released at the WTTC Global Summit in Bangkok on Thursday, suggests the fastest growth will be in emerging markets.
China is forecast to lead the way with 9.5% annual growth to 2027, followed by Myanmar (8.7%), Hong Kong (8%), Cambodia (7.4%) and India (7.2%)
The report notes corporate travel spending advanced rapidly in many emerging economies in the five years to 2016 – by 25% in Qatar, 21% in Azerbaijan, 19% in Mozambique and 32% in the Democratic Republic of Congo.
However, the US, China, the UK, Germany and Japan remain the largest business travel markets.
The Travelport/WTTC report suggests business travel is frequently the driving force in increasing the contribution of travel and tourism to national GDP.
WTTC president and chief executive David Scowsill said: “Business travel is a vital part of the sector, and a key catalyst for global growth. It drives the relationships, investments, supply chains and logistics that support international trade flows.”
Travelport chief executive Gordon Wilson said: “We see business travel growing at a significant rate in many emerging markets, with technology playing an increasingly important role.”
The report highlights data showing eight of the 20 fastest-growing business travel destinations have reduced visa requirements.
Wilson said: “We need to continue to invest in the best technologies and infrastructure whilst governments need to be more business-friendly by removing visa requirements.”