Global Business Travel Market – Industry Trends and Forecast to 2029

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 2029

Market Analysis and Size

Living in an era, in which technology has taken us to advance levels of communication, then some people question for their need for business travel at all. Skype and Video conferencing are the fantastic source to communicate when the people working remotely, but when it comes to business crunching nobody quite beats the real life human interaction due to this increase the importance of business travel. 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 business travel market was valued at USD 1.46 billion in 2021 and is expected to reach USD 2.46 billion by 2029, registering a CAGR of 6.73 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.     

Report Scope and Market Segmentation

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

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.

Restraints/ Challenges

However, 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.

This business travel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the business travel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Business Travel Market

The COVID-19 emerged as a major global tourism and travel industry problem that strictly declined the business travel market's growth. Due to the pandemic, many cancellation of MICE events and cancel almost all the main business travel activities worldwide. Furthermore, the wide spread penetration towards online video conferencing platforms like google meet and Zoom due to the  travel restrictions which  is anticipated to compete with the market players which is operating in the global business travel market in near future. In this way, COVID-19 has maximum altered the competitive landscape of the business travel market globally.

Recent Development

• 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. This new infrastructure will use Gimmonix’s cutting-edge technology is package-based agency models and to power FCTG’s tour operator, as well as stake in the consumer facing space and strengthen the company’s competitiveness and stake in the consumer facing space.

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

• 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

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 market regulation that impact the current and future trends of the market. Data points like down-stream and upstream 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 Business Travel Market Share Analysis

The 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 companies' focus related to business travel market.

Some of the major players operating in the business travel market are:

• Airbnb, Inc. (US)
• American Express Company (US)
• BCD Group (Netherland)
• Booking Holdings (US)
• CWT Solutions (US)
• Corporate Travel Management (Australia)
• Expedia, Inc. (US)
• Fareportal (US)
• Flight Centre Travel Group Limited (formerly Flight Centre Limited) (US)
• Wexas Travel (UK)
• Hogg Robinson Ltd (UK)
• Priceline (US)
• Egencia LLC (US)
• Frosch International Travel (UK)
• Ovation Travel Group (US)
• Travel Leaders Group (US)