These 10 Countries Will See the Most Business Travelers in the Next Decade
If you’re in the travel industry, get ready for a busy future. During the World Travel & Tourism Council (WTTC) Global Summit in Bangkok this month, WTTC and Travelport revealed in a new report that the $1.2 trillion business travel sector is expected to increase by 3.7 percent year over year for the next decade.
And for those who work in emerging markets such as Asia-Pacific, it’s time to gear up for the travel boom: Business travel in that region is expected to increase 6.2 percent every year. Unsurprisingly, China tops the list as the country with the most expected growth, with an estimated 9.5 percent yearly increase in activity. Following close behind is Myanmar at 8.7 percent and Rwanda at 8.5 percent.
The top 10 countries with the highest forecasted growth in business travel for 2017 to 2027 are:
China, 9.5 percent
Myanmar, 8.7 percent
Rwanda, 8.5 percent
Gabon, 8.5 percent
Greece, 8.2 percent
Hong Kong, 8 percent
Tanzania, 7.9 percent
Cambodia, 7.4 percent
Solomon Island, 7.3 percent
India, 7.2 percent
Over the past five years, spending for business travel in emerging markets such as the Democratic Republic of the Congo and Qatar has been on the rise. Between 2011 and 2016, business travel spending in Congo increased by 32 percent, 25 percent in Qatar, 21 percent in Azerbaijan and 19 percent in Mozambique. However, the largest business travel markets are still the U.S., China, the U.K., Germany and Japan.
The report notes a number of factors contributing to this growth. Today, companies are seeking to expand into unchartered territories, developing new markets and maximizing revenue. The study pinpoints a link between peace and economic development, which helps to explains why countries such as Sudan, Sri Lanka, Angola and Rwanda -- which have come out of conflict -- make the list of countries expecting high business travel growth.
Of course, one of the primary factors contributing to this growth is technology. From mobile phone alerts to flight upgrades and accessible information, more and more tech is emerging that supports travelers and travel businesses.
“Every day we see business travel growing at a significant rate in many emerging markets with technology playing an in increasingly important role in easing the way for those on trips for their work,” said Travelport CEO Gordon Wilson in a press release.