Market Overview:
The global business travel market grew at a CAGR of around 5% during 2014-2019. Business travel, also known as corporate travel, is a journey explicitly undertaken for work purposes or to expand business operations. It includes traveling to a different branch of the company, or to a different location to meet with suppliers and buyers, or for conferences and business events. In recent years, the rapidly globalizing world has accelerated the trend of business travel, which collectively includes client meetings, brand and product promotion, business expansion, and employee training and incentives.
The global market is primarily being influenced by the increasing digitization in the tourism and corporate sectors. In line with this, growing penetration of the Internet of Things (IoT) has enabled both the travelers and the travel operators to get things done swiftly and with ease. Along with this, the virtual reality (VR) technology also provides better, efficient and personalized customer experiences, thus bolstering the market growth. Apart from this, the rising trend of Bleisure travel, which incorporates business with pleasure elements and offers leisure or recreational activities to relieve stress and improve work efficiency, has provided a positive thrust to the market. Large-scale developments in the travel and tourism sector, an increase in small and medium enterprises (SMEs) and fast-paced globalization has led to a rise in the number of business travelers. This, along with tie-ups of several corporate organizations with the leading business travel companies to provide customized collaborative spaces and team-building exercises, is acting as another major growth-inducing factor. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global business travel market report, along with forecasts for growth at the global, regional and country-level from 2020-2025. Our report has categorized the market based on region, type, purpose type, expenditure, age group, service type, travel type, and end-user.
Breakup by Type:
- Managed Business Travel
- Unmanaged Business Travel
Breakup by Purpose Type:
- Marketing
- Internal Meetings
- Trade Shows
- Product Launch
- Others
Breakup by Expenditure:
- Travel Fare
- Lodging
- Dining
- Others
Breakup by Age Group:
- Travelers Below 40 Years
- Travelers Above 40 Years
Breakup by Service Type:
- Transportation
- Food and Lodging
- Recreational Activities
- Others
Breakup by Travel Type:
Breakup by End-User:
- Government
- Corporate
- Others
Breakup by Region:
- North America
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Airbnb Inc., American Express Company, BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, Wexas Travel, etc.
Key Questions Answered in This Report:
The market growth has been severely impacted due to the outbreak of the coronavirus disease (COVID-19), travel restrictions imposed by governments of various countries and a consequent decline in the demand for travel and tourism services.
The global business travel market was worth around US$ 1.6 Billion in 2019.
According to the estimates by IMARC Group, the global business travel market will exhibit moderate growth during the next five years.
Rapid digitization in the tourism and corporate sectors, along with the increasing number of small and medium enterprises (SMEs), represents one of the key factors impelling the market growth.
Currently, there is an ongoing trend of Bleisure travel, which combines business with pleasure elements or recreational activities to relieve stress and enhance work efficiency. Several corporate organizations are also collaborating with leading players to provide customized collaborative spaces and team-building exercises.
Based on the type, the market has been bifurcated into managed and unmanaged business travel.
On the basis of the purpose type, the market has been segregated into marketing, internal meetings, trade shows, product launch and others.
The market has been analyzed on the basis of the expenditure into travel fare, lodging, dining and others.
Based on the age group, the market has been categorized into travelers below 40 years and travelers above 40 years.
On the basis of the service type, the market has been classified into transportation, food and lodging, recreational activities, and others.
The market has been examined based on the travel type into group and solo travel.
Based on the end user, the market has been divided into government, corporate and others.
Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
Leading industry players are Airbnb Inc., American Express Company, BCD Travel Services B.V., Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC and Wexas Limited.
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Business Travel Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Managed Business Travel
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Unmanaged Business Travel
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Purpose Type
7.1 Marketing
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Internal Meetings
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Trade Shows
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Product Launch
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Expenditure
8.1 Travel Fare
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Lodging
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Dining
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Age Group
9.1 Travelers Below 40 Years
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Travelers Above 40 Years
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Service Type
10.1 Transportation
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Food and Lodging
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Recreational Activities
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Others
10.4.1 Market Trends
10.4.2 Market Forecast
11 Market Breakup by Travel Type
11.1 Group Travel
11.1.1 Market Trends
11.1.2 Market Forecast
11.2 Solo Travel
11.2.1 Market Trends
11.2.2 Market Forecast
12 Market Breakup by End-User
12.1 Government
12.1.1 Market Trends
12.1.2 Market Forecast
12.2 Corporate
12.2.1 Market Trends
12.2.2 Market Forecast
12.3 Others
12.3.1 Market Trends
12.3.2 Market Forecast
13 Market Breakup by Region
13.1 North America
13.1.1 United States
13.1.1.1 Market Trends
13.1.1.2 Market Forecast
13.1.2 Canada
13.1.2.1 Market Trends
13.1.2.2 Market Forecast
13.2 Asia Pacific
13.2.1 China
13.2.1.1 Market Trends
13.2.1.2 Market Forecast
13.2.2 Japan
13.2.2.1 Market Trends
13.2.2.2 Market Forecast
13.2.3 India
13.2.3.1 Market Trends
13.2.3.2 Market Forecast
13.2.4 South Korea
13.2.4.1 Market Trends
13.2.4.2 Market Forecast
13.2.5 Australia
13.2.5.1 Market Trends
13.2.5.2 Market Forecast
13.2.6 Indonesia
13.2.6.1 Market Trends
13.2.6.2 Market Forecast
13.2.7 Others
13.2.7.1 Market Trends
13.2.7.2 Market Forecast
13.3 Europe
13.3.1 Germany
13.3.1.1 Market Trends
13.3.1.2 Market Forecast
13.3.2 France
13.3.2.1 Market Trends
13.3.2.2 Market Forecast
13.3.3 United Kingdom
13.3.3.1 Market Trends
13.3.3.2 Market Forecast
13.3.4 Italy
13.3.4.1 Market Trends
13.3.4.2 Market Forecast
13.3.5 Spain
13.3.5.1 Market Trends
13.3.5.2 Market Forecast
13.3.6 Russia
13.3.6.1 Market Trends
13.3.6.2 Market Forecast
13.3.7 Others
13.3.7.1 Market Trends
13.3.7.2 Market Forecast
13.4 Latin America
13.4.1 Brazil
13.4.1.1 Market Trends
13.4.1.2 Market Forecast
13.4.2 Mexico
13.4.2.1 Market Trends
13.4.2.2 Market Forecast
13.4.3 Others
13.4.3.1 Market Trends
13.4.3.2 Market Forecast
13.5 Middle East and Africa
13.5.1 Market Trends
13.5.2 Market Breakup by Country
13.5.3 Market Forecast
14 SWOT Analysis
14.1 Overview
14.2 Strengths
14.3 Weaknesses
14.4 Opportunities
14.5 Threats
15 Value Chain Analysis
16 Porters Five Forces Analysis
16.1 Overview
16.2 Bargaining Power of Buyers
16.3 Bargaining Power of Suppliers
16.4 Degree of Competition
16.5 Threat of New Entrants
16.6 Threat of Substitutes
17 Competitive Landscape
17.1 Market Structure
17.2 Key Players
17.3 Profiles of Key Players
17.3.1 Airbnb Inc.
17.3.1.1 Company Overview
17.3.1.2 Product Portfolio
17.3.2 American Express Company
17.3.2.1 Company Overview
17.3.2.2 Product Portfolio
17.3.2.3 Financials
17.3.2.4 SWOT Analysis
17.3.3 BCD Travel
17.3.3.1 Company Overview
17.3.3.2 Product Portfolio
17.3.4 Booking Holdings Inc.
17.3.4.1 Company Overview
17.3.4.2 Product Portfolio
17.3.4.3 Financials
17.3.4.4 SWOT Analysis
17.3.5 Carlson Wagonlit Travel Inc.
17.3.5.1 Company Overview
17.3.5.2 Product Portfolio
17.3.6 Expedia Group Inc.
17.3.6.1 Company Overview
17.3.6.2 Product Portfolio
17.3.6.3 Financials
17.3.6.4 SWOT Analysis
17.3.7 Fareportal Inc.
17.3.7.1 Company Overview
17.3.7.2 Product Portfolio
17.3.8 Flight Centre Travel Group
17.3.8.1 Company Overview
17.3.8.2 Product Portfolio
17.3.8.3 Financials
17.3.9 Hogg Robinson Group
17.3.9.1 Company Overview
17.3.9.2 Product Portfolio
17.3.9.3 Financials
17.3.10 Travel Leaders Group LLC
17.3.10.1 Company Overview
17.3.10.2 Product Portfolio
17.3.11 Wexas Travel
17.3.11.1 Company Overview
17.3.11.2 Product Portfolio
List of Figures
Figure 1: Global: Business Travel Market: Major Drivers and Challenges
Figure 2: Global: Business Travel Market: Sales Value (in Billion US$), 2014-2019
Figure 3: Global: Business Travel Market: Breakup by Type (in %), 2019
Figure 4: Global: Business Travel Market: Breakup by Purpose Type (in %), 2019
Figure 5: Global: Business Travel Market: Breakup by Expenditure (in %), 2019
Figure 6: Global: Business Travel Market: Breakup by Age Group (in %), 2019
Figure 7: Global: Business Travel Market: Breakup by Service Type (in %), 2019
Figure 8: Global: Business Travel Market: Breakup by Travel Type (in %), 2019
Figure 9: Global: Business Travel Market: Breakup by End-User (in %), 2019
Figure 10: Global: Business Travel Market: Breakup by Region (in %), 2019
Figure 11: Global: Business Travel Market Forecast: Sales Value (in Billion US$), 2020-2025
Figure 12: Global: Business Travel (Managed Business Travel) Market: Sales Value (in Million US$), 2014 & 2019
Figure 13: Global: Business Travel (Managed Business Travel) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 14: Global: Business Travel (Unmanaged Business Travel) Market: Sales Value (in Million US$), 2014 & 2019
Figure 15: Global: Business Travel (Unmanaged Business Travel) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 16: Global: Business Travel (Marketing) Market: Sales Value (in Million US$), 2014 & 2019
Figure 17: Global: Business Travel (Marketing) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 18: Global: Business Travel (Internal Meetings) Market: Sales Value (in Million US$), 2014 & 2019
Figure 19: Global: Business Travel (Internal Meetings) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 20: Global: Business Travel (Trade Shows) Market: Sales Value (in Million US$), 2014 & 2019
Figure 21: Global: Business Travel (Trade Shows) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 22: Global: Business Travel (Product Launch) Market: Sales Value (in Million US$), 2014 & 2019
Figure 23: Global: Business Travel (Product Launch) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 24: Global: Business Travel (Others) Market: Sales Value (in Million US$), 2014 & 2019
Figure 25: Global: Business Travel (Others) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 26: Global: Business Travel (Travel Fare) Market: Sales Value (in Million US$), 2014 & 2019
Figure 27: Global: Business Travel (Travel Fare) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 28: Global: Business Travel (Lodging) Market: Sales Value (in Million US$), 2014 & 2019
Figure 29: Global: Business Travel (Lodging) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 30: Global: Business Travel (Dining) Market: Sales Value (in Million US$), 2014 & 2019
Figure 31: Global: Business Travel (Dining) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 32: Global: Business Travel (Others) Market: Sales Value (in Million US$), 2014 & 2019
Figure 33: Global: Business Travel (Others) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 34: Global: Business Travel (Travelers Below 40 Years) Market: Sales Value (in Million US$), 2014 & 2019
Figure 35: Global: Business Travel (Travelers Below 40 Years) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 36: Global: Business Travel (Travelers Above 40 Years) Market: Sales Value (in Million US$), 2014 & 2019
Figure 37: Global: Business Travel (Travelers Above 40 Years) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 38: Global: Business Travel (Transportation) Market: Sales Value (in Million US$), 2014 & 2019
Figure 39: Global: Business Travel (Transportation) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 40: Global: Business Travel (Food and Lodging) Market: Sales Value (in Million US$), 2014 & 2019
Figure 41: Global: Business Travel (Food and Lodging) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 42: Global: Business Travel (Recreational Activities) Market: Sales Value (in Million US$), 2014 & 2019
Figure 43: Global: Business Travel (Recreational Activities) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 44: Global: Business Travel (Others) Market: Sales Value (in Million US$), 2014 & 2019
Figure 45: Global: Business Travel (Others) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 46: Global: Business Travel (Group Travel) Market: Sales Value (in Million US$), 2014 & 2019
Figure 47: Global: Business Travel (Group Travel) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 48: Global: Business Travel (Solo Travel) Market: Sales Value (in Million US$), 2014 & 2019
Figure 49: Global: Business Travel (Solo Travel) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 50: Global: Business Travel (Government) Market: Sales Value (in Million US$), 2014 & 2019
Figure 51: Global: Business Travel (Government) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 52: Global: Business Travel (Corporate) Market: Sales Value (in Million US$), 2014 & 2019
Figure 53: Global: Business Travel (Corporate) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 54: Global: Business Travel (Others) Market: Sales Value (in Million US$), 2014 & 2019
Figure 55: Global: Business Travel (Others) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 56: North America: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 57: North America: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 58: United States: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 59: United States: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 60: Canada: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 61: Canada: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 62: Asia Pacific: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 63: Asia Pacific: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 64: China: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 65: China: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 66: Japan: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 67: Japan: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 68: India: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 69: India: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 70: South Korea: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 71: South Korea: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 72: Australia: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 73: Australia: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 74: Indonesia: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 75: Indonesia: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 76: Others: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 77: Others: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 78: Europe: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 79: Europe: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 80: Germany: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 81: Germany: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 82: France: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 83: France: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 84: United Kingdom: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 85: United Kingdom: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 86: Italy: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 87: Italy: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 88: Spain: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 89: Spain: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 90: Russia: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 91: Russia: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 92: Others: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 93: Others: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 94: Latin America: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 95: Latin America: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 96: Brazil: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 97: Brazil: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 98: Mexico: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 99: Mexico: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 100: Others: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 101: Others: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 102: Middle East and Africa: Business Travel Market: Sales Value (in Million US$), 2014 & 2019
Figure 103: Middle East and Africa: Business Travel Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 104: Global: Business Travel Industry: SWOT Analysis
Figure 105: Global: Business Travel Industry: Value Chain Analysis
Figure 106: Global: Business Travel Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Business Travel Market: Key Industry Highlights, 2019 and 2025
Table 2: Global: Business Travel Market Forecast: Breakup by Type (in Million US$), 2020-2025
Table 3: Global: Business Travel Market Forecast: Breakup by Purpose Type (in Million US$), 2020-2025
Table 4: Global: Business Travel Market Forecast: Breakup by Expenditure (in Million US$), 2020-2025
Table 5: Global: Business Travel Market Forecast: Breakup by Age Group (in Million US$), 2020-2025
Table 6: Global: Business Travel Market Forecast: Breakup by Service Type (in Million US$), 2020-2025
Table 7: Global: Business Travel Market Forecast: Breakup by Travel Type (in Million US$), 2020-2025
Table 8: Global: Business Travel Market Forecast: Breakup by End-User (in Million US$), 2020-2025
Table 9: Global: Business Travel Market Forecast: Breakup by Region (in Million US$), 2020-2025
Table 10: Global: Business Travel Market Structure
Table 11: Global: Business Travel Market: Key Players