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

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.