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.
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:
Breakup by Purpose Type:
Breakup by Expenditure:
Breakup by Age Group:
Breakup by Service Type:
Breakup by Travel Type:
Breakup by End-User:
Breakup by Region:
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.
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