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.
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:
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 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.
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