What is the global market size of Business Travel Market?

Business Travel Market size was valued at USD 711.1 billion in 2021 and is poised to grow from USD 805.1 billion in 2022 to USD 2997.2 billion by 2030, growing at a CAGR of 13.3% in the forecast period (2023-2030).

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

Q: Which region accounted for the largest share in Global Business Travel Market?

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.

Report ID: SQMIG25S2032 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 89 | Figures: 76

Business Travel Market News

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 Market Report Snapshots

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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).

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. 'American Express 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'

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 market share.

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.

North America is estimated to dominate the 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.

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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

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