Business travel refers to the movement of individuals for work-related purposes, typically undertaken by employees or executives of companies to attend meetings, conferences, training sessions, or conduct business transactions in different locations. It encompasses both domestic and international travel and often involves expenses related to transportation, meals, and other incidental costs, all essential for conducting business activities away from the usual workplace.
Sizing and Forecast
The business travel market size has grown strongly in recent years. It will grow from $812.89 billion in 2023 to $913.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to the industrial revolution, the increasing interconnectedness of global economies, the rise of multinational corporation meetings, the rise in the number of conferences and trade shows, and the rise of technology companies.
The business travel market size is expected to see rapid growth in the next few years. It will grow to $140.99 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to the growth of a strong economy, increased business activities, rise in investment in business travel, generous travel policies, and increasing globalization of multinational corporations. Major trends in the forecast period include innovations in travel technology, advancements in online booking platforms, integration of AI, prioritizing sustainability, and opting for eco-friendly travel options.
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Segmentation & Regional Insights
The business travel market covered in this report is segmented –
1) By Type: Managed Business Travel, Unmanaged Business Travel
2) By Service: Transportation, Food And Lodging, Business Activity
3) By Age Group: Marketing Travel Fare Travelers Below 40 Years, Travelers Above 40 Years
4) By Purpose: Marketing, Meetings, Trade Shows Or Exhibitions, Product Launch, Other Purposes
5) By Industry: Government, Corporate
Asia-Pacific was the largest region in the business travel market in 2023. The regions covered in the business travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in exhibitions is expected to propel the growth of the business travel market going forward. An exhibition is an organized event where items such as products, artworks, or information are displayed for public viewing. Exhibitions are experiencing growth as companies increasingly recognize their value in fostering direct engagement with customers and building brand awareness in competitive markets. Exhibitions serve as essential destinations within business travel, offering opportunities for companies to network, showcase products, and cultivate client relationships on a global scale. For instance, in February 2024, according to a report by UFI, the Global Association of the Exhibition Industry, a France-based association of the world’s tradeshow organizers, the exhibition industry in most global markets had fully recovered from the pandemic slump in 2023, with revenues matching those of 2019 on average. Additionally, the outlook for 2024 is positive, with revenues expected to grow by an average of 15%, setting the industry up for its highest-ever revenue levels. Therefore, the increase in exhibitions is driving the growth of the business travel market.
Key Industry Players
Major companies operating in the business travel market are American Express Company, Delta Air Lines, United Airlines Inc., Lufthansa Ltd, British Airways plc, Travelport Worldwide Ltd, SAP Concur, Orbitz, BCD Group, Navan Inc., Carlson Wagonlit Travel (CWT), Upside Business Travel, Corporate Travel Management Ltd, Clarity Business Travel Agency, FCM Travel Solutions, Paxes, Deem Inc., TravelPerk, SOTC Travel Limited, Serko Ltd, Thomas Cook, Wexas Travel Management
The business travel market report table of contents includes:
1. Executive Summary
2. Business Travel Market Characteristics
3. Business Travel Market Trends And Strategies
4. Business Travel Market – Macro Economic Scenario
5. Global Business Travel Market Size and Growth
…
32. Global Business Travel Market Competitive Benchmarking
33. Global Business Travel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Business Travel Market
35. Business Travel Market Future Outlook and Potential Analysis
36. Appendix
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