The global business travel market size reached US$ 1.0 Trillion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.
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.
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 at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type and end-user.
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 Ltd. etc.
Base Year of the Analysis
Type, Purpose Type, Expenditure, Age Group, Service Type, Travel Type, End-User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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 and Wexas Ltd.
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Key Questions Answered in This Report
The global business travel market was valued at US$ 1.0 Trillion in 2022.
We expect the global business travel market to exhibit a CAGR of 7.6% during 2023-2028.
The rising popularity of business travel for client meetings, brand and product promotions, employee training and incentives, etc., is primarily driving the global business travel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary restrictions on intra- and inter-national travel activities, thereby negatively impacting the global market for business travel.
Based on the type, the global business travel market can be segmented into managed business travel and unmanaged business travel. Currently, managed business travel exhibits a clear dominance in the market.
Based on the purpose type, the global business travel market has been bifurcated into marketing, internal meetings, trade shows, product launch, and others, where marketing currently holds the majority of the total market share.
Based on the expenditure, the global business travel market can be divided into travel fare, lodging, dining, and others. Among these, travel fare accounts for the largest market share.
Based on the age group, the global business travel market has been segregated into travelers below 40 years and travelers above 40 years. Currently, travelers below 40 years hold the majority of total the market share.
Based on the service type, the global business travel market can be categorized into transportation, food and lodging, recreational activities, and others, where food and lodging currently exhibits a clear dominance in the market.
Based on the travel type, the global business travel market has been segmented into group travel and solo travel. Currently, group travel accounts for the largest market share.
Based on the end-user, the global business travel market can be bifurcated into government, corporate, and others. Among these, corporate exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global business travel market include 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 Ltd., etc.
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