USD 711.1 billion
Business Travel Market Size, Share, Growth Analysis, By Service(Transport, Food, lodging, Recreation activity), By Industry(Government, Corporate), By Traveler Type(Group, Solo), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25S2032 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|Tables:
89
|Figures:
76
Business Travel Market Insights
Business Travel Market size was valued at USD 711.1 billion in 2019 and is poised to grow from USD 805.1 billion in 2023 to USD 2997.2 billion by 2031, growing at a CAGR of 13.3% in the forecast period (2024-2031).
Travel and tourism are among the chief contributors to the global GDP. Business travel amounted to 20% of the overall tourism expenditure in 2019.
It was estimated that companies spend around 111.7 billion on work-related trips and tours. Increased globalization and opportunities in the field of business and trade along with various business-oriented events, conferences, congresses, trade fairs, and exhibitions have increased domestic and overseas travelling. 80 % of the corporates believe that such trips and tours help them in holistic growth and generate incremental revenue and thus it is becoming a crucial part of corporate.
China witnessed the highest spending of around USD 295 billion in the year 2021 for business travelling. Such travelling is often destined to well-developed and accommodated places, New York, Paris, London, Tokyo, and Singapore are the Top 5 destinations. It accompanies the facilities related to transport, accommodation, work, entertainment, leisure and other associated activities. In 2021 the global spending on Business travel was around USD 754 billion and is expected to grow by 38% in 2019.
Prevalence of online travel booking and hotel booking is further contributing to global business travel market growth. 458 million visits were recorded for Booking.com, a travel and tourism website followed by tripadvisor.com and irbnb.com in March 2022. As per the records, 66% of the sales for the travel and tourism market were generated from online platforms in the year 2021.
US Business Travel Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Transport
Fastest Growth
Transport
Growth Rate
13.3% CAGR
Global Business Travel Market ($ Bn)
Country Share for North America Region (%)
Country Share for Asia Pacific Region (%)
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Business Travel Market Segmental Analysis
The food and lodging segment is estimated to showcase the highest CAGR during the forecast period. The highest expenditure is for meals accounting 24% of average business travel expenditure.
The improved facilities and standards of hotels and food options are attributed to the growth of this segment. There has been a rise in the number of hotels. With online hotel booking, options travelers can choose hotels based on their preferred criteria and avail diverse food options.
Other than this activity, the segment is expected to grow in the predicted period. The availability of various fun and entertainment destinations entices travelers. Various business travel market players provide benefits for entertainment and fun activity such as points, and rewards which further propel the market growth.
Business Travel Market Analysis by Industry
The number of business travel is increasing in corporate business. Moreover, the trend wherein every big or small firm envisions expanding its footprints within a region or global forum makes way for various professional meetings, conferences, client meetings, etc.
Business Travel Market Analysis by traveler type
The group business travel segment is flourishing owing to various discounts and benefits available for the group. Along with this accommodation and transportation expenditure for group traveler is lower as compared to solo. Furthermore, various service providers offer discounted rates on accommodation and transportation for group travel.
Global Business Travel Market By Service
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Business Travel Market Regional Insights
North America is estimated to dominate the global business travel market in the forecast period. Business travel market share increased by 38% in the year 2021. The US is considered the best destination for business trips and tours for its well-accommodated facilities and high opportunities, San Francisco and New York are among the top 5 destinations in the world and are considered corporate giants. Expenditure recorded for business travelling in the US amounts to US$ 109.4 billion. The United States has the largest number of conferences, business meetings, and trade shows, with approximately 33 thousand events planned between the years 2022 and 2023.
The Asia Pacific is expected to project high market growth in the estimated period. Countries like South Korea, Japan, India, Singapore, and China are spending largely on attracting business travelers. The growing business and trade opportunities with these countries are further contributing to the Business Travel Market growth. China is the largest business exhibition centre in Asia and is expected to retain its position.
Global Business Travel Market By Region
- Largest
- Fastest
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Business Travel Market Dynamics
Business Travel Market Driver
Online methods of business travel booking are easing the booking process followed by integration of business and leisure, Beleisure travelling is driving business travel market growth
- The business travel has changed since the pandemic as novel technologies are now focusing on enriching traveller experience as a value-addition. Besides, market condition favor 10% year-on-year growth in the online travel booking market. In developed countries like North America, and Europe the internet penetration is around 90% that is around 21% of the global market share.
- Asian countries, India China and South-East Asian regions are largely spending on travel and tourism, with internet penetration of more than 50% and is rapidly increasing. Mobile travel booking is also gaining increasing sales per year and offering opportunities for new and existing market players. Research says that the mobile travel booking is often associated with consumer behavior involving last-minute booking, same-day booking, and next-day booking which makes way for personalized services for business travel booking.
- Some of the popular activities among business travelers include dining at restaurants, access to airport lounge, shopping, visiting theme parks, spas, concerts and entertainment and etc., Some popular destinations around the world also offer an open discount on dining, and accommodation for frequent travellers based on their location and duration of travel.
Business Travel Market Restraint
Shift from traditional travel agencies to SMART business travel management systems.
- Around 94% of travel managers use travel agencies for corporate travel requirements leading to unorganized insights in terms of ROI and development. The smartly designed software systems use technologies like AI and help make decisions based on data insights. It occurs that around 44% of corporate organization would require formalized systems to assess travel expenses and benefits.
- Most of them around 68% rely on temporary travelling needs and intuitive decisions of business travelling. 70% of corporates are looking forward to adoption of technologies that could aid in business travel decisions that are result-oriented.
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Business Travel Market Competitive Landscape
The key players in the business travel market are implementing various ways to increase the market share. Various mergers acquisitions and collaborations are taking place for the strategic expansion of business. Airbnb acquired Urbandoor, a purchase that puts the home-sharing giant’s toes in the corporate travel industry. Airbnb’s own Airbnb for Work platform, one of the fastest-growing sectors of the San Francisco company’s wide business, is likely to benefit from the acquisition of San Francisco-based Urbandoor, a platform that allows extended stays to business visitors.
Business Travel Market Top Players Company Profiles
- American Express Global Business Travel
- BCD Travel
- Carlson Wagonlit Travel (CWT)
- Expedia Group
- Flight Centre Travel Group
- Hogg Robinson Group (HRG)
- HRG North America
- Corporate Travel Management (CTM)
- Egencia
- FCM Travel Solutions
- HRG Nordic
- Omega World Travel
- Sabre Corporation
- Thomas Cook Group
- Travel Leaders Group
- Travel and Transport
- TUI Group
- World Travel, Inc.
- Wexas Travel
- Adelman Travel Group
Business Travel Market Recent Developments
- In April 2022, Corporate Travel Management (CTM) announced the acquisition of Helloworld Corporate, with this acquisition registering itself as the largest provider of corporate travel programs to Australia’s government and university sectors and more than a quarter of ASX200 companies. CTM’s immediate focus will be on welcoming customers and employees, establishing customer engagement plans, and optimizing travel policies through CTM’s scale, service and technology.
- In June 2022, OpenTable and Inline their strategic partnership. Open table is a leading provider of online restaurant reservations and part of Booking Holdings Inc and the inline group Ltd (inline), a leading software provider for online reservations, table management systems and other productivity tools for restaurants in East Asia.
Business Travel Key Market Trends
- Online marketing is accelerating business travel booking. In recent years online marketing is becoming popular for business travel booking, Instagram was the most effective channel in 2021. 60% of vendors use google ads, around 50 % use Facebook and Twitter and 20-25% use YouTube, blogs, and others for promoting their activities online.
- The demand for personalized services among business travelers is increasing. They are frequent, loyal and high-value customers personalization needs could be extended also extended to other areas of the travel industry, including accommodation, transportation, and luxury. The emergence of data-derived insights and consumer behavior analysis allows for an enhanced customer experience and hence increasing customer loyalty.
Business Travel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the food and lodging segment dominated the global business travel market in 2021 and is estimated to maintain its dominance throughout the forecast period. Along with this recreation activity segment is expected to grow owing to the rising prevalence of beleisure.
In 2021, North America dominated the global business travel market owing to the region's well-accommodated facilities in countries like New Your, san Francisco, and Las Vegas and expenditures on business travelling by tech giants. Expenditure recorded for business travelling in the US amounts to US$ 109.4 billion
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 711.1 billion |
| Market size value in 2031 | USD 2997.2 billion |
| Growth Rate | 13.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Business Travel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Business Travel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Business Travel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Business Travel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Business Travel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Business Travel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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