Market Challenges: The Impact of Video Conferencing Technology

One of the main challenges faced by the business tourism market is the impact of video conferencing technology. As virtual meetings become more prevalent, the need for face-to-face business trips is reduced. This can negatively impact revenues for hotels, convention centers, restaurants and other businesses that cater to traveling executives and event planners. Another challenge is global economic uncertainty. When budgets are tight, discretionary spending on conferences, trade shows and corporate off-sites is often reduced.

Market Opportunities: Growing investment in business development activities

As the global economy recovers, companies are investing more in business development activities like networking events and client meetings. New markets are also emerging as developing regions see rising corporate profits and an expanding middle class. Partnerships between private companies and destination marketing organizations can help boost a region's profile as a business events locale.

Business Tourism Market Report Snapshots