United States Business Travel Market to Grow at 8.82% During 2024-2032, Bolstered by Rapid Digitization

October 13, 2021 | Transportation and Logistics

The latest report by IMARC Group, titled “United States Business Travel Market Report by Type (Managed Business Travel, Unmanaged Business Travel), Purpose Type (Marketing, Internal Meetings, Trade Shows, Product Launch, and Others), Expenditure (Travel Fare, Lodging, Dining, and Others), Age Group (Travelers Below 40 Years, Travelers Above 40 Years), Service Type (Transportation, Food and Lodging, Recreational Activities, and Others), Travel Type (Group Travel, Solo Travel), End User (Government, Corporate, and Others), and Region 2024-2032,” finds that the United States business travel market reached a value of US$ 221.2 Billion in 2023. Business travel, or corporate travel, refers to traveling undertaken for business or work-related purposes. It generally involves meeting with suppliers or buyers or visiting a worksite at a different branch of the company or to a different location to build partnerships and strengthen relations between two entities. It also includes attending a conference, convention, or trade show, considering, examining, inspecting, or assessing new markets, and evaluating a project site. Business travel is necessary for individual interaction as it builds good support for future and existing relationships. Nowadays, business travel is gaining popularity due to the increasing digitization in the tourism and corporate sectors across the United States.

United States Business Travel Market Trends:

The United States business travel market is primarily driven by the increasing digitization and the penetration of the Internet of Things (IoT) in the tourism and corporate sectors, facilitating the smooth operation for both travelers and the travel operators. They enable efficient and personalized customer experiences through the use of virtual reality (VR) technology. In addition to this, the rising number of start-ups, small and medium enterprises (SMEs), and tie-ups of various corporate organizations due to rapid globalization are increasing the number of business travelers. Furthermore, extensive investments in domestic as well as international business trips by various organizations, coupled with the weakening of the dollar, are fueling the market growth. Looking forward, the market is expected to grow at a CAGR of 8.82% during the forecast period (2024-2032).

Market Summary:

Based on the type, the market has been segmented into managed and unmanaged business travel.
On the basis of the purpose type, the market has been classified into marketing, internal meetings, trade shows, product launch, and others.
The market has been categorized based on the expenditure into travel fare, lodging, dining, others.
On the basis of the age group, the market has been bifurcated into travelers below 40 years and above 40 years.
Based on the service type, the market has been segregated into transportation, food and lodging, recreational activities, and others.
The market has been categorized on the basis of the travel type into group and solo travel.
On the basis of the end user, the market has been segmented into government, corporate, and others.
Region-wise, the market has been divided into Northeast, Midwest, South, and West.
The competitive landscape of the market has been examined in the report, with the detailed profiles of some of the key players operative in the industry.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Purpose Type Expenditure Age Group Service Type Travel Type End User Region
Types Covered	Managed Business Travel, Unmanaged Business Travel
Purpose Types Covered	Marketing, Internal Meetings, Trade Shows, Product Launch, Others
Expenditures Covered	Travel Fare, Lodging, Dining, Others
Age Groups Covered	Travelers Below 40 Years, Travelers Above 40 Years
Service Types Covered	Transportation, Food and Lodging, Recreational Activities, Others
Travel Types Covered	Group Travel, Solo Travel
End Users Covered	Government, Corporate, Others
Regions Covered	Northeast, Midwest, South, West
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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United States Business Travel Market to Grow at 8.82% During 2024-2032, Bolstered by Rapid Digitization

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