The Global Business Travel Association said Tuesday that its member companies canceled an average 43% of their business trips around the world in March, part of the growing impact on the business travel industry caused by the spread of COVID-19.

GBTA recently polled more than 1,000 member companies as part of its ongoing research on the effects of the virus on business travel. The poll found most companies have canceled or suspended travel to Asia and Europe. Fewer have suspended travel to North America.

The poll's key findings:

• GBTA member companies have canceled an average 43% of business trips (all global regions) previously booked for March 2020 due to the coronavirus.

• Companies report canceling or postponing scheduled meetings, events and conferences as opposed to moving the event to a new venue. Nearly three-fourths (73%) report their company has canceled at least a "few" meetings, events or conferences, with 30% canceling "many" such events.

• GBTA members are also postponing meetings, events and conferences due to the coronavirus, with 74% reporting they have postponed at least a "few," 26% having postponed "many," and 27% having postponed "some." Fewer GBTA member companies (29%) report they have moved meetings, events and conferences.

• Business travel to Asia has been hit the hardest, with at least three of every four companies reporting they have canceled or suspended "all" or "most" business trips to China (95%), Hong Kong (87%), Taiwan (79%) and other Asia-Pacific countries (e.g., Japan, South Korea and Malaysia; 77%). Canceled and/or suspended business travel to Asia increased since GBTA's previous poll, which was conducted on Feb. 24.

• Half (51%) of GBTA members report their company has canceled or suspended "all" or "most" business travel to Europe—up from 8% ten days ago.

• Almost one in five (18%) companies has canceled or suspended "all" or "most" travel to North America—up from 2% ten days earlier.

• Nearly one-third (30%) of companies have suspended or canceled "all" or "most" business travel to Latin America—up from 3% as of ten days ago

• Almost half (47%) of companies have canceled or suspended business travel to the Middle East, compared to only 8% who reported doing so in GBTA's previous poll.

• More than four in ten (41%) GBTA member companies report their company has canceled or suspended all international travel, regardless of region, which a significant increase from GBTA's previous poll, when only seven percent of companies reported doing so. At the same time, 13% of GBTA member companies report their company has canceled or suspended all domestic travel, compared to only 2% in the last poll.

• More GBTA member companies are altering their travel policies due to the coronavirus. More than half (55%) report their company has instituted new trip approval procedures, an increase from the 43% who previously reported doing so. In addition, 62% of companies have modified their travel safety and security policies in response to coronavirus. (Only 51% had done so as of the time of the previous poll.)

"Coronavirus is significantly impacting the business travel industry's bottom line," GBTA COO and Executive Director Scott Solombrino said in a statement. "As the virus continues to spread across the world, business travel is slowing at an alarming rate. The impact to the business travel industry—and to the broader economy—cannot be underestimated."

Solombrino urged companies to follow the advice of U.S. Centers for Disease Control and Prevention and World Health Organization when making business travel plans, adding: "I am confident in our efforts to ensure the health and safety of all travelers and know that we will emerge from this downturn with an even stronger industry."

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