Global Business Travel Market, By Type (Managed Business Travel, Unmanaged Business Travel), Purpose (Marketing, Internal Meetings, Trade Shows, Product Launch, Others), Expenditure (Travel Fare, Lodging, Dining, Others), Age Group (Travelers below 40 Years, Travelers above 40 Years), Traveller (Group Travel, Solo Travel), Service (Transportation, Food and Lodging, Recreation Activity), Industry (Government, Corporate) - Industry Trends and Forecast to 2030.
Business Travel Market Analysis and Size
Business travel is a partition of regular tourism in which people travel for a business related purpose. In this includes business work, entertainment, transportation, accommodation, and other activities. Global business travel industry is one of the major industries with global economic contribution.
Data Bridge Market Research analyses that the global business travel market which was USD 1.56 billion in 2022, would rocket up to USD 2.62 billion by 2030, and is expected to undergo a CAGR of 6.73% during the forecast period of 2023 to 2030. “Food & lodging segment” dominates the service segment of the global business travel market part owing to growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food and lodging segment. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Business Travel Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Tons, Pricing in USD
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Segments Covered
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Type (Managed Business Travel, Unmanaged Business Travel), Purpose (Marketing, Internal Meetings, Trade Shows, Product Launch, Others), Expenditure (Travel Fare, Lodging, Dining, Others), Age Group (Travelers Below 40 Years, Travelers Above 40 Years), Traveller (Group Travel, Solo Travel), Service (Transportation, Food and Lodging, Recreation Activity), Industry (Government, Corporate)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Airbnb, Inc. (U.S.), American Express Compny (U.S.), BCD Group (Netherland), Booking Holdings (U.S.), CWT Solutions (U.S.), Corporate Travel Management (Australia), Expedia, Inc. (U.S.), Fareportal (U.S.), Flight Centre Travel Group Limited (formerly Flight Centre Limited) (U.S.), Wexas Travel (U.K.), Hogg Robinson Ltd (U.K.), Priceline (U.S.), Egencia LLC (U.S.), Frosch International Travel (U.K.), Ovation Travel Group (U.S.), Travel Leaders Group (U.S.)
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Market Opportunities
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Market Definition
Business or corporate travel is the tourism segment which focuses on the people who travel for professional purposes or work and the related tourism purposes. In this branch also includes the meeting sector, which refers to business congresses, trade fairs, events, conferences and exhibitions.
Global Business Travel Market Dynamics
Drivers
- Rising Demand of Bleisure
Bleisure travel is the form of business + leisure. The growing trend of bleisure travel in which incorporates business offers leisure or recreational activities with pleasure elements to improve work efficiency and relieve stress. It has provided a positive growth to the market. The development of virtual reality for hotel bookings, smart hotels and personalization are all the aspects which are boosting the business travel market
- Increasing Digitization and Penetration Towards Internet of Things
The growing digitization is initially influencing the global business travel market in the corporate and tourism sectors. Also, rising penetration of the Internet of Things (IoT) has allowed both the travel operators and the travellers to get things done swiftly and in easy way. These factors are the major reason which are expected to drive the growth of the business travel market
Opportunities
- Usage of Robotic Technology
The use of robotic technology can help to reduce human-to-human touch and could help the business travel market to flourish in the upcoming future. Robotics technology is a popular trend which attract customers to hotels. In hotels, robots are used to handle luggage, clean the rooms, greet guests and provide information. Robots could be used in food preparation and foodservice positions in restaurants
- Increased Government Initiative and Infrastructure Investment
Increased government initiatives are driving the business travel market due to the expansion of the events (MICE), meetings, incentives and conferences, and the small and medium-sized companies (SMEs) sector. Also, increased infrastructure investment and quick expansion in the travel retail industry will act as market drivers and further increase valuable opportunities for the market's growth rate
Restraint/Challenge
- Rise in the Advanced Technology
Rise in the advanced technology such as video conferencing is expected to hamper the growth of the business travel market globally because it is less time-consuming and cost-effective compared to travelling. Furthermore, the outbreak of COVID-19 implementing the lockdown globally is also expected to challenge the business travel market globally during the forecast period
Recent Developments
- In April 2021, Flight Centre Travel Group Company, which is famous as an Australian travel agency, and an Israeli travel technology developer of Gimmonix’s cutting-edge hotel management and distribution solutions, declared that their present partnership will continue to continue renovating the Flight Centre’s digital connectivity infrastructure
Global Business Travel Market Scope
The business travel market is segmented on the basis of type, purpose, expenditure, age group, traveller, service and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Managed Business Travel
- Unmanaged Business Travel
Purpose
- Marketing
- Internal Meetings
- Trade Shows
- Product Launch
- Others
Expenditure
- Marketing Travel Fare
- Lodging
- Dining
- Others
Age Group
- Marketing Travel Fare Travelers Below 40 Years
- Travelers Above 40 Years
Traveller
- Group Travel
- Solo Travel
- Service
Service
- Food and Lodging
- Recreation Activity
Industry
- Government
- Corporate
Global Business Travel Market Regional Analysis/Insights
The business travel market is analysed and market size insights and trends are provided by type, purpose, expenditure, age group, traveller, service and industry as referenced above.
The countries covered in the business travel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the business travel market in terms of revenue and market share during the forecast period. This is due to the increasing demand for business travel in this region. The Asia-Pacific region leads the business travel market due to the strong economic growth, high penetration of technology and internet and rise in IoT, supporting both travel operators and travellers in this region.
During the projected period, North America is estimated to be the fastest developing region due to rising government initiatives to attract FDIs (foreign direct investments), increasing business activities, and continuous infrastructural development in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Business Travel Market Share Analysis
The global business travel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus related to global business travel market.
Some of the major players operating in the global business travel market are:
- ADEKA CORPORATION Airbnb, Inc. (U.S.)
- American Express Company (U.S.)
- BCD Group (Netherland)
- Booking Holdings (U.S.)
- CWT Solutions (U.S.)
- Corporate Travel Management (Australia)
- Expedia, Inc. (U.S.)
- Fareportal (U.S.)
- Flight Centre Travel Group Limited (formerly Flight Centre Limited) (U.S.)
- Wexas Travel (U.K.)
- Hogg Robinson Ltd (U.K.)
- Priceline (U.S.)
- Egencia LLC (U.S.)
- Frosch International Travel (U.K.)
- Ovation Travel Group (U.S.)
- Travel Leaders Group (U.S.)
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