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A new report is forecasting a significant increase in business travel over the next four years.

Portland, Ore.-based Allied Market Research found in a report that the business travel market, valued at $1,266 billion in 2016, is projected to grow to $1,657 billion by 2023 – a 24% increase.

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Development of the in travel and tourism industry, rise in globalization, and rapid increase in small- and medium-sized enterprises (SMEs) are driving the growth of the business travel market. In addition, growth in travel retail market and increase in infrastructural investment are anticipated to create lucrative opportunities for the global business travel market. However, high adoption of technology and stringent regulations in airport retailing hamper the business travel market growth.

You can read the full report here.

According to Allied Market Research, the growth of the business travel market is also being driven by huge investments made by regional governments. By way of example, Singapore’s Changi Airport Group launched a Master Architect tender for the construction of Terminal 5. This new terminal is expected to be built alongside a three-runway system.

Asia-Pacific is the largest business travel market in the world and is growing at the fastest rate, owing to improvements in living standards, rise in disposable income, and development of the tourism industry.

China is the major shareholder in the Asia-Pacific business travel industry and accounted for more than 65% share in 2016.