The global business travel market size was valued at USD 1,380.00 billion in 2023. The market is expected to expand from USD 1,483.09 billion in 2024 to USD 2,765.34 billion by 2032, exhibiting a CAGR of 8.10% over the study period.
Business travel is when people who are part of a company or organization travel for work-related purposes, like attending conferences, networking events, closing transactions, training sessions, workshops, client meetings, and more. Market expansion is being aided by the growing number of corporate events occurring worldwide. Corporate events are held to commemorate team accomplishments, build relationships both internally and externally, improve team cohesion, raise employee motivation, and raise business morale.
There was an adverse impact of the COVID-19 pandemic on the market. The implementation of travel restrictions, quarantine & gathering restrictions, and lockdown practices and shutdown of food & lodging services were observed by the market. The services of international and national traveling agencies were also discontinued.
Fortune Business Insights™ provides this information in its research report, titled “Business Travel Market”.
Top Key Players in the Business Travel Market
- American Express Global Business Travel (U.S.)
- BCD Travel (Netherlands)
- Booking Holdings Inc. (U.S.)
- Corporate Travel Management (Australia)
- TravelPerk (Spain)
- Frosch International Travel (U.S.)
- Navan (U.S.)
- Flight Centre Travel Group (Australia)
- World Travel, Inc. (U.S.)
- ITILITE Technologies Private Limited (India)
Browse Detail Summary For the Business Travel Market
Segmentation:
Surging Trend of Online Hotel Booking to Escalate Food & Lodging Segment Growth
The market is divided into three service categories: transportation, recreation, and food & lodging. The highest stake is held by the food and lodging industry, which is fueled by business gatherings both domestically and abroad as well as the growing trend of online hotel booking through applications like Agoda and Goibibo.
Growth in Networking Opportunities to Propel Group Segment Expansion
The market is divided into two segments based on the type of traveler: solo and group. Because it aims to facilitate cooperation, increase productivity through in-person interactions with team members and clients, and foster networking possibilities, the group category is projected to hold the greatest market share for business travel over the assessment period.
Corporate Segment Dominates Augmented by Expanding Number of Conferences
The market is separated into corporate and government segments based on the kind of industry. Driven by an increase in brand awareness activities, client visits, conferences, meetings, strategic planning, training & development, partnerships & collaborations, and other activities, the corporate segment records the biggest share.
South America, North America, the Middle East & Africa, Europe, and Asia Pacific make up the market’s regional divisions.
Report Coverage:
The market research report highlights the strategic initiatives undertaken by prominent players to reinforce their industry position. In addition, it provides a comprehensive coverage of the major factors affecting the market growth. It also gives an in-depth analysis of the latest trends, significant developments in the industry, and the COVID-19 pandemic impact.
Drivers and Restraints:
Growing Technological Innovations to Drive Market Growth
The rise of technology has led to a profound transformation in varied elements of business travel. As technology has emerged, the landscape of business travel, now has enhanced efficiency, the travel experience of business travelers, and improved convenience. In addition, innovations in technology have enhanced booking processes and security and safety measures.
Despite such opportunities, increasing political crises globally, may impede business travel market growth.
Regional Insights:
Asia Pacific Secures a Leading Position Fueled by Growth in the Number of Multinational Companies
Due to an increase in the number of startups, small and medium-sized businesses (SMEs), and multinational corporations, the Asia Pacific market now holds the greatest share. The region’s market is growing due in part to the growing infrastructure and business environment as well as the increased use of e-commerce.
Because of strong growth in industries including healthcare, defense, e-commerce, technology, finance, and others, North America is expected to exhibit a significant compound annual growth rate (CAGR) over the course of the study. Regional growth is also being aided by the increasing technological innovations.
Competitive Landscape:
Top Players Emphasize Releasing Enhanced Products to Enhance Their Position
Prominent companies are emphasizing marketing and promotion strategies to establish robust brand awareness. Some of the other competitive strategies implemented by top companies include joint ventures, mergers, acquisitions, and partnerships. Several players are also prioritizing, releasing enhanced capabilities of products to strengthen their position.
Key Industry Development:
February 2024: Cleartrip, an online travel agency for booking train tickets, flights, hotel reservations, and others, released “Out of Office,” which is a corporate travel management product. This product strives to offer unique travel behavior to businesses.
