The business travel industry globally is set to be worth some £1.3 trillion by 2023. This is according to a new report on the topic by Allied Market research.

The report predicts that, as more and more businesses spend cash on sending their workers all over the world to do business, the value of the market is set to grow by 4.1 per cent between  2017 and 2023. It seems that despite the growing popularity of conference-calling and working remotely, face-to-face contact is still very important to industries competing in the global workspace.

The results of the report reflect those of an earlier study by the Global Business Travel Association, which said it expected the value of the industry to rise to £1.34 trillion by 2022.

Big business is still the main driver of the growth in business travel, according to the report. It found that some 64 per cent of the spend was accounted for by the corporate industry segment of the market. In addition, it seems that spending on food and accommodation is really booming, with growth in these areas rising by an impressive 4.7 per cent over the five-year period.

The report also found growth in the number of businesses sending their staff out to travel in groups. This helps to save money and also encourages teamwork while away on business. Other recent studies have found that serviced apartments are growing in popularity with businesses looking to put up two members of staff, as a two-bed apartment is often far cheaper than two separate hotel rooms.