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Global Business Travel Market – Industry Trends and Forecast to 2030

FMCG

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Global Business Travel Market – Industry Trends and Forecast to 2030

  • FMCG
  • Upcoming Report
  • Sep 2023
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Business Travel Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 1.56 USD Billion
Diagram Market Size (Forecast Year) USD 2.62 USD Billion
Diagram CAGR %

Major Markets Players

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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

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

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Thousand, Volumes in Tons, Pricing in USD

Segments Covered

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)

Countries Covered

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

Market Players Covered

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.)

Market Opportunities

  • Increase in the number of emerging markets
  • Increasing number of product innovations
  • Rise in the use of robotic technology
  • Increased government initiative and infrastructure investment

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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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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The major companies in the Business Travel Market are 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.).
The Business Travel Market growth rate is 6.73% during the forecast period.
The Rising Demand of Bleisure & Increasing Digitization and Penetration Towards Internet of Things are the growth drivers of the Business Travel Market.
The type, purpose, expenditure, age group, traveller, service and industry are the factors on which the Business Travel Market research is based.
The Business Travel Market will be worth USD 2.62 billion by 2030.
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