Asia Pacific is the largest business travel region in the world in terms of spending, according to new travel forecast by the Global Business Travel Association (GBTA).
The GBTA BTI Outlook - Annual Global Report and Forecast released on 28 July 2014 stated the Asia Pacific region accounts for 38 per cent of corporate travel spending globally.
Business travel spending has nearly doubled in Asia Pacific since 2000 and has had a yearly growth rate of more than seven per cent.
In 2013, the total spent on business travel in the Asia Pacific region was US$392 billion. Australia was ranked the thirteenth largest market for business travel spending with a total of US$20 billion.
By 2018, the GBTA forecasts Asia Pacific will gain a further five per cent of the business travel spend market share. The other two dominant markets in the industry are Western Europe with 24 per cent and North America with 21 per cent.
Visa Inc's Head of Global Commercial Solutions Tad Fordyce said the growth in the global business travel market in the Asia Pacific region is partially due to spending from China and Japan.
"This year's global BTI predicts single digit expansion of global spending on business travel and the emersion of the Asia Pacific region as the world's largest travel market, comprising 38 per cent of global business travel with two-thirds of that activity coming from China and Japan," he said.
"As global business travel is expected to continue growing in the coming years, China is projected to surpass the U.S. as the top business travel market in the world by 2016."