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*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global business travel market is currently experiencing moderate growth. 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 global business travel market to grow at a CAGR of 7.6% during 2021-2026.

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 2021-2026. 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:

  • Group Travel
  • Solo Travel
     

Breakup by End-User:

  • Government
  • Corporate
  • Others
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • 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 global business travel market size was valued at US$ 850 Billion in 2020.

According to the estimates by IMARC Group, the global business travel market is expected to witness a CAGR of 7.8% from 2021 to 2026.

The rising digitization in the tourism and corporate sectors along with the increasing number of small and medium enterprises (SMEs), are some of the key drivers for the global business travel market.

The rising trend of Bleisure travel, which combines business with pleasure elements or recreational activities to relieve stress and enhance work efficiency, thereby representing one of the key trends in the global business travel market.

Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in an acute decline in international travel activities, thereby negatively impacting the market growth.

On the basis of the type, the market has been segmented into managed business travel and unmanaged business travel. At present, managed business travel exhibits a clear dominance in the market.

On the basis of the purpose type, the market has been bifurcated into marketing, internal meetings, trade shows, product launch, and others. Currently, marketing holds the majority of the total market share.

On the basis of the expenditure, the market has been divided into travel fare, lodging, dining, and others. Among these, travel fare represents the largest segment.

On the basis of the age group, the market has been bifurcated into travelers below 40 years and travelers above 40 years. Currently, travelers below 40 years account for the majority of the market share.

On the basis of the service type, the market has been segmented into transportation, food and lodging, recreational activities, and others. At present, food and lodging exhibits a clear dominance in the market.

On the basis of the travel type, the market has been bifurcated into group travel and solo travel. Currently, group travel holds the majority of the total market share.

On the basis of the end-user, the market has been divided into government, corporate, and others. Among these, corporate represents the largest segment.

Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.

The key companies in the global business travel market are 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.

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 Trillion US$), 2015-2020
Figure 3: Global: Business Travel Market: Breakup by Type (in %), 2020
Figure 4: Global: Business Travel Market: Breakup by Purpose Type (in %), 2020
Figure 5: Global: Business Travel Market: Breakup by Expenditure (in %), 2020
Figure 6: Global: Business Travel Market: Breakup by Age Group (in %), 2020
Figure 7: Global: Business Travel Market: Breakup by Service Type (in %), 2020
Figure 8: Global: Business Travel Market: Breakup by Travel Type (in %), 2020
Figure 9: Global: Business Travel Market: Breakup by End-User (in %), 2020
Figure 10: Global: Business Travel Market: Breakup by Region (in %), 2020
Figure 11: Global: Business Travel Market Forecast: Sales Value (in Trillion US$), 2021-2026
Figure 12: Global: Business Travel (Managed Business Travel) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 13: Global: Business Travel (Managed Business Travel) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 14: Global: Business Travel (Unmanaged Business Travel) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 15: Global: Business Travel (Unmanaged Business Travel) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 16: Global: Business Travel (Marketing) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 17: Global: Business Travel (Marketing) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 18: Global: Business Travel (Internal Meetings) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 19: Global: Business Travel (Internal Meetings) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 20: Global: Business Travel (Trade Shows) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 21: Global: Business Travel (Trade Shows) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 22: Global: Business Travel (Product Launch) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 23: Global: Business Travel (Product Launch) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 24: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 25: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 26: Global: Business Travel (Travel Fare) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 27: Global: Business Travel (Travel Fare) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 28: Global: Business Travel (Lodging) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 29: Global: Business Travel (Lodging) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 30: Global: Business Travel (Dining) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 31: Global: Business Travel (Dining) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 32: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 33: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 34: Global: Business Travel (Travelers Below 40 Years) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 35: Global: Business Travel (Travelers Below 40 Years) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 36: Global: Business Travel (Travelers Above 40 Years) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 37: Global: Business Travel (Travelers Above 40 Years) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 38: Global: Business Travel (Transportation) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 39: Global: Business Travel (Transportation) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 40: Global: Business Travel (Food and Lodging) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 41: Global: Business Travel (Food and Lodging) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 42: Global: Business Travel (Recreational Activities) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 43: Global: Business Travel (Recreational Activities) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 44: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 45: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 46: Global: Business Travel (Group Travel) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 47: Global: Business Travel (Group Travel) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 48: Global: Business Travel (Solo Travel) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 49: Global: Business Travel (Solo Travel) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 50: Global: Business Travel (Government) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 51: Global: Business Travel (Government) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 52: Global: Business Travel (Corporate) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 53: Global: Business Travel (Corporate) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 54: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 55: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 56: North America: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 57: North America: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 58: United States: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 59: United States: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 60: Canada: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 61: Canada: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 62: Asia Pacific: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 63: Asia Pacific: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 64: China: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 65: China: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 66: Japan: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 67: Japan: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 68: India: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 69: India: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 70: South Korea: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 71: South Korea: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 72: Australia: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 73: Australia: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 74: Indonesia: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 75: Indonesia: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 76: Others: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 77: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 78: Europe: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 79: Europe: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 80: Germany: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 81: Germany: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 82: France: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 83: France: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 84: United Kingdom: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 85: United Kingdom: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 86: Italy: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 87: Italy: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 88: Spain: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 89: Spain: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 90: Russia: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 91: Russia: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 92: Others: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 93: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 94: Latin America: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 95: Latin America: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 96: Brazil: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 97: Brazil: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 98: Mexico: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 99: Mexico: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 100: Others: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 101: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 102: Middle East and Africa: Business Travel Market: Sales Value (in Billion US$), 2015 & 2020
Figure 103: Middle East and Africa: Business Travel Market Forecast: Sales Value (in Billion US$), 2021-2026
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, 2020 and 2026
Table 2: Global: Business Travel Market Forecast: Breakup by Type (in Billion US$), 2021-2026
Table 3: Global: Business Travel Market Forecast: Breakup by Purpose Type (in Billion US$), 2021-2026
Table 4: Global: Business Travel Market Forecast: Breakup by Expenditure (in Billion US$), 2021-2026
Table 5: Global: Business Travel Market Forecast: Breakup by Age Group (in Billion US$), 2021-2026
Table 6: Global: Business Travel Market Forecast: Breakup by Service Type (in Billion US$), 2021-2026
Table 7: Global: Business Travel Market Forecast: Breakup by Travel Type (in Billion US$), 2021-2026
Table 8: Global: Business Travel Market Forecast: Breakup by End-User (in Billion US$), 2021-2026
Table 9: Global: Business Travel Market Forecast: Breakup by Region (in Billion US$), 2021-2026
Table 10: Global: Business Travel Market Structure
Table 11: Global: Business Travel Market: Key Players

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