Global Business Travel market, By type (managed business travel, unmanaged business travel), By purpose of use (marketing, internal meetings, trade shows, product launches, others), By cost (travel fares, accommodation, meals, etc.), By age group (less than 40 travelers, over 40 travelers, passengers (group travel, individual travel), By service (transportation, food and accommodation, entertainment industry, government, business) By region (North America, Latin America, Europe, Asia Pacific, Middle) East and Africa) - Industry trends and forecast to 2030.
Global business travel market
The Business Travel market was valued at USD 1.47 billion in 2022 and is expected to reach USD 2.45 billion by 2030, registering a CAGR of 6.59% during the forecast period 2023-2030.
Business or business tourism is a segment of tourism that focuses on travelers for professional or work purposes and related tourism purposes. This industry also includes the meeting sector, which means business conventions, fairs, events, conferences and exhibitions.
Market Drivers
The demand for free time is growing. Happiness tourism is a form of commercial vacation. The growing trend of leisure travel, which includes business activities, offers leisure or entertainment with elements of pleasure to improve work efficiency and relieve stress. This brought positive growth to the market. The development of virtual reality for hotel reservations, smart hotels and personalization are all aspects that strengthen the business travel market.
Growing digitalization and the spread to the Internet of Things. Increasing digitization will initially affect the global business travel market in the business and tourism sectors. The spread of the Internet of Things (IoT) has also given both tour operators and travelers the opportunity to do things quickly and easily. These factors are expected to be the main reason behind the growth of the business travel market.
Market Restraints
The growth of advanced technology such as video conferencing is expected to slow down the growth of the business travel market globally as it is less time-consuming and cost-effective compared to travel. In addition, the COVID-19 epidemic, which is leading to global shutdowns, is expected to challenge the business travel market globally during the forecast period.
This Business Travel Market report includes details on new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and local market players, analyzes opportunities for new revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growth, application niches and market dominance, product approvals, product launches, geographic expansions, technological innovations in the market
Market opportunities
Use of robotics technology. The use of robot technology can help reduce human contact and help the business travel market thrive in the coming future. Robotic technology is a popular trend that attracts customers to hotels. Hotels use robots to handle luggage, clean rooms, greet guests and provide information. Robots could be used to prepare and serve food in restaurants.
Government initiatives and infrastructure investments are increasing. Increased government initiatives drive the business tourism market due to the expansion of events (MICE), meetings, incentives and conferences and small and medium enterprises (SMEs). Increased infrastructure investments and rapid expansion of the tourism industry also act as market drivers and add additional valuable opportunities to the growth rate of the market.
Impact of COVID-19
COVID-19 has emerged as a major global problem in the travel and tourism industry, which is severely hampering the growth of the business travel market. Many MICE events and almost all major business trips around the world have been canceled due to the pandemic. In addition, due to travel restrictions, competition with market participants operating in the global business travel market is also expected in the near future with the widespread adoption of online video conferencing platforms such as Google Meet and Zoom. Thus, COVID-19 has changed as much as possible the competitive situation in the business travel market worldwide.
Market segmentation
Global business travel market is segmented into By type, By purpose of use, By cost, By age group, By service.
Based on the By type market is segmented into managed business travel, unmanaged business travel. Further market is segmented into By purpose of use market is segmented into marketing, internal meetings, trade shows, product launches, others. By cost market is segmented into travel fares, accommodation, meals, etc. By age group market is segmented into less than 40 travelers, over 40 travelers, passengers group travel, individual travel. By service market is segmented into transportation, food and accommodation, entertainment industry, government, business.
Regional Analysis
Global business travel market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the business travel market in terms of revenue and market share during the forecast period. This is due to the growing demand for business travel in the region. Asia Pacific leads the business travel market due to strong economic growth, high penetration of technology and the Internet, and the rise of the Internet of Things, supporting both tour operators and travelers in the region.
North America is estimated to be the fastest growing region during the forecast period due to increasing government initiatives to attract FDI, business growth and continuous infrastructure development.
Key Players
Various key players are listed in this report such as Airbnb, Inc, American Express Company, BCD Group, Booking Holdings, CWT Solutions, Corporate Travel Management, Expedia, Inc, Fareportal, Flight Centre Travel Group Limited (formerly Flight Centre Limited), Wexas Travel, Hogg Robinson Ltd.
Market taxonomy
By type
• Managed business travel
• Unmanaged business travel
By purpose of use
• Marketing
• Internal meetings
• Trade shows
• Product launches
By cost
• Travel fares
• Accommodation
• Meals
By Age group
• less than 40 travelers
• Over 40 travelers
• Passengers group travel
• Individual travel
By service
• Transportation
• Food and accommodation
• Entertainment industry
• Government
• Business
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Key Questions Addressed by the Report
• What are the Key Opportunities in Global business travel market?
• What will be the growth rate from 2023 to 2030?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
Global Business Travel market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Business travel market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing Economic Downturn
4.2.6 Post Covid-19 World supply and Demand Condition
4.2.7 Cumulative Impact of Russia Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Business travel market, By Type
5.1 Y-o-Y Growth Comparison, By type
5.2 Global Business travel market Share Analysis, By type
5.3 Global Business travel market Size and Forecast, By type
5.3.1 Managed business travel
5.3.2 Unmanaged business travel
6 Global Business travel market, By Purpose of use
6.1 Y-o-Y Growth Comparison, By purpose of use
6.2 Global business travel market Share Analysis, By purpose of use
6.3 Global business travel market Size and Forecast, By purpose of use
6.3.1 Marketing
6.3.2 Internal meetings
6.3.3 Trade shows
6.3.4 Product launches
7 Global Business travel market, By Cost
7.1 Y-o-Y Growth Comparison, By Cost
7.2 Global business travel market Share Analysis, By Cost
7.3 Global business travel market Size and Forecast, By Cost
7.3.1 Travel fare
7.3.2 Accommodation
7.3.3 Meals
8 Global Business travel market, By Age group
8.1 Y-O-Y Growth Comparison, By age group
8.2 2 Global business travel market Share Analysis, By age group
8.3 Global business travel market Size and Forecast, By age group
8.3.1 less than 40 travellers
8.3.2 Over 40 travellers
8.3.3Passengers group travel
8.3.4 Individual travel
9 Global Business travel market, By Service
9.1 Y-O-Y Growth Comparison, By Service
9.2 Global business travel market Share Analysis, By Service
9.3 Global business travel market Size and Forecast, By Service
9.3.1 transportation
9.3.2 food and accommodation
9.3.3 Entertainment industry
9.3.4. Government
9.3.5 Business
10 Global Business travel market, By Region
10.1 Global Business travel market Share Analysis, By Region
10.2 Global Business travel market Share Analysis, By Region
10.3 Global Business travel market Size and Forecast, By Region
11 North America Business travel market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 North America Business travel market Share Analysis, By type
11.3 North America Business travel market Size and Forecast, By purpose of use
11.4 North America Business travel market Size and Forecast, By Cost
11.5 North America Business travel market Size and Forecast, By age group
11.6 North America Business travel market Size and Forecast, By Service
11.7 North America Business travel market Size and Forecast, By Country
11.7.1 U.S.
11.7.2 Canada
11.7.3 Mexico
12 Europe Business travel market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Europe Business travel market Share Analysis, By type
12.3 Europe Business travel market Size and Forecast, By purpose of use
12.4 Europe Business travel market Size and Forecast, By Cost
12.5 Europe Business travel market Size and Forecast, By age group
12.6 Europe Business travel market Size and Forecast, By Service
12.7 Europe Business travel market Size and Forecast, By Country
12.7.1 Germany
12.7.2 France
12.7.3 UK
12.8.4. Rest of Europe
13 Asia Pacific Business travel market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Asia Pacific Business travel market Share Analysis, By type
13.3 Asia Pacific Business travel market Size and Forecast, By purpose of use
13.4 Asia Pacific Business travel market Size and Forecast, By Cost
13.5 Asia Pacific Business travel market Size and Forecast, By age group
13.6 Asia Pacific Business travel market Size and Forecast, By Service
13.7 Asia Pacific Business travel market Size and Forecast, By Country
13.7.1 China
13.7.2 Japan
13.7.3 India
13.7.4. Rest of Asia Pacific
14 Latin America Business travel market Analysis and Forecast (2023-2030)
14.1 Introduction
14.2 Latin America Business travel market Share Analysis, By type
14.3 Latin America Business travel market Size and Forecast, By purpose of use
14.4 Latin America Business travel market Size and Forecast, By Cost
14.5 Latin America Business travel market Size and Forecast, By age group
14.6 Latin America Business travel market Size and Forecast, By Service
14.7 Latin America Business travel market Size and Forecast, By Country
14.7.1. Brazil
14.7.2. Rest of Latin America
15 Middle East Business travel market Analysis and Forecast (2023-2030)
15.1 Introduction
15.2 Middle East Business travel market Share Analysis, By type
15.3 Middle East Business travel market Size and Forecast, By purpose of use
15.4 Middle East Business travel market Size and Forecast, By Cost
15.5 Middle East Business travel market Size and Forecast, By age group
15.6 Middle East Business travel market Size and Forecast, By Service
15.7 Middle East Business travel market Size and Forecast, By Country
15.7.1. Saudi Arabia
15.7.2. UAE
15.7.3. Egypt
15.7.4. Kuwait
15.7.5. South Africa
16 Competitive Analysis
16.1 Competition Dashboard
16.2 Market share Analysis of Top Vendors
16.3 Key Development Strategies
17 Company Profiles
17.1 Airbnb, Inc
17.1.1 Overview
17.1.2 Offerings
17.1.3 Key Financials
17.1.4 Business Segment & Geographic Overview
17.1.5 Key Market Developments
17.1.6 Key Strategies
17.2 American Express Company
17.2.1 Overview
17.2.2 Offerings
17.2.3 Key Financials
17.2.4 Business Segment & Geographic Overview
17.2.5 Key Market Developments
17.2.6 Key Strategies
17.3 BCD Group
17.3.1 Overview
17.3.2 Offerings
17.3.3 Key Financials
17.3.4 Business Segment & Geographic Overview
17.3.5 Key Market Developments
17.3.6 Key Strategies
17.4 Booking Holdings
17.4.1 Overview
17.4.2 Offerings
17.4.3 Key Financials
17.4.4 Business Segment & Geographic Overview
17.4.5 Key Market Developments
17.4.6 Key Strategies
17.5 CWT Solutions
17.5.1 Overview
17.5.2 Offerings
17.5.3 Key Financials
17.5.4 Business Segment & Geographic Overview
17.5.5 Key Market Developments
17.5.6 Key Strategies
17.6 Corporate Travel Management
17.6.1 Overview
17.6.2 Offerings
17.6.3 Key Financials
17.6.4 Business Segment & Geographic Overview
17.6.5 Key Market Developments
17.6.6 Key Strategies
17.7 Expedia, Inc
17.7.1 Overview
17.7.2 Offerings
17.7.3 Key Financials
17.7.4 Business Segment & Geographic Overview
17.7.5 Key Market Developments
17.7.6 Key Strategies
17.8 Fare portal
17.8.1 Overview
17.8.2 Offerings
17.8.3 Key Financials
17.8.4 Business Segment & Geographic Overview
17.8.5 Key Market Developments
17.8.6 Key Strategies
17.9 Flight Centre Travel Group Limited (formerly Flight Centre Limited)
17.9.1 Overview
17.9.2 Offerings
17.9.3 Key Financials
17.9.4 Business Segment & Geographic Overview
17.9.5 Key Market Developments
17.9.6 Key Strategies
17.10 Wexas Travel
17.10.1 Overview
17.10.2 Offerings
17.10.3 Key Financials
17.10.4 Business Segment & Geographic Overview
17.10.5 Key Market Developments
17.10.6 Key Strategies
