Spending on business travel around the world is set to reach $1.12 trillion (£724 billion) during 2013, ibtimes.com reports.
According to the GBTA BTI Outlook survey – which is sponsored by Visa – spend on business travel is set to rise by 5.4 per cent this year to the total of over $1 trillion.
Looking ahead, the survey analysts claimed that this growth will only set the foundations for more expansion, with the market set to grow further still every year to 2017. This growth won’t escalate steadily, however, but is set to reach a high during 2014 (8.2 per cent), before hitting 7.6, 7.2 and 7.1 per cent for each year thereafter.
Much of this additional spend on business travel is not set to come from the traditional global leaders such as the US, but will instead originate from the BRIC countries (Brazil, Russia, India and China), as well as many others across the Asia-Pacific and Latin American areas.
Despite the rise of Asian and South American business travellers, western destinations look set to remain popular, with event spaces in London, Europe and the US set to remain popular end destinations.
Commenting on the findings, head of global commercial solutions at Visa, Tad Fordyce told associationsnow.com: “This year’s global BTI shows the importance that emerging markets like China, Brazil and India play in the global business travel marketplace.
“With global business travel expected to experience continued growth in the next five years, China is projected to overcome the US as the top business travel market in the world by 2016.”