The global business travel market size was valued at USD 1,380.00 billion in 2023. The market is expected to expand from USD 1,483.09 billion in 2024 to USD 2,765.34 billion by 2032, exhibiting a CAGR of 8.10% over the study period.
Business travel refers to touring individuals who belong to a business or organization for reasons pertaining to work, such as industry conferences, industry networking sessions, sealing business deals, training sessions, workshops, client meetings, and others. The increasing number of corporate events across the world is boosting market expansion. Corporate events are carried out to boost company morale, enhance team cohesion, boost staff motivation, celebrate team success, and establish brand awareness and external and internal relationships.
There was an adverse impact of the COVID-19 pandemic on the market. The implementation of travel restrictions, quarantine & gathering restrictions, and lockdown practices and shutdown of food & lodging services were observed by the market. The services of international and national traveling agencies were also discontinued.
Fortune Business Insights™ provides this information in its research report, titled “Business Travel Market”.
Read More: https://www.fortunebusinessinsights.com/business-travel-market-110564
Top Company in the Business Travel Market
- American Express Global Business Travel (U.S.)
- BCD Travel (Netherlands)
- Booking Holdings Inc. (U.S.)
- Corporate Travel Management (Australia)
- TravelPerk (Spain)
- Frosch International Travel (U.S.)
- Navan (U.S.)
- Flight Centre Travel Group (Australia)
- World Travel, Inc. (U.S.)
- ITILITE Technologies Private Limited (India)
Report Coverage:
The market research report highlights the strategic initiatives undertaken by prominent players to reinforce their industry position. In addition, it provides a comprehensive coverage of the major factors affecting the market growth. It also gives an in-depth analysis of the latest trends, significant developments in the industry, and the COVID-19 pandemic impact.
Segmentation:
Surging Trend of Online Hotel Booking to Escalate Food & Lodging Segment Growth
By service, the market is classified into food & lodging, recreation, and transportation. The food & lodging segment accounts for the largest share, driven by the surging trend of online hotel booking through apps such as Agoda, goibibo, and others and corporate events at international and domestic levels.
Growth in Networking Opportunities to Propel Group Segment Expansion
With respect to traveler, the market is categorized into solo and group. The group segment is anticipated to witness the largest business travel market share during the assessment period due to its goal to assist collaboration, boost productivity by doing face-to-face interactions with team members and clients, and surge networking opportunities.
Corporate Segment Dominates Augmented by Expanding Number of Conferences
On the basis of industry type, the market is divided into government and corporate. The corporate segment registers the largest share, fueled by a growth in the number of brand recognition activities, client visits, conferences, meetings, strategic planning, training & development, partnerships & collaborations, and others.
On the regional front, the market is divided into South America, North America, the Middle East & Africa, Europe, and Asia Pacific.
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Regional Insights:
Asia Pacific Secures a Leading Position Fueled by Growth in the Number of Multinational Companies
Asia Pacific market occupies the largest share on account of a growth in the number of multinational companies, startups, and small and medium-sized enterprises (SMEs). The expanding business environment & infrastructure and heightened penetration of e-commerce further boost the market growth in the region.
North America is anticipated to depict a substantial CAGR during the study period, which can be attributed to robust growth in sectors, including healthcare, defense, e-commerce, technology, finance, and others. The growing innovations in technology are further contributing to regional growth.
Drivers and Restraints:
Growing Technological Innovations to Drive Market Growth
The rise of technology has led to a profound transformation in varied elements of business travel. As technology has emerged, the landscape of business travel, now has enhanced efficiency, the travel experience of business travelers, and improved convenience. In addition, innovations in technology have enhanced booking processes and security and safety measures.
Despite such opportunities, increasing political crises globally, may impede business travel market growth.
Competitive Landscape:
Top Players Emphasize Releasing Enhanced Products to Enhance Their Position
Prominent companies are emphasizing marketing and promotion strategies to establish robust brand awareness. Some of the other competitive strategies implemented by top companies include joint ventures, mergers, acquisitions, and partnerships. Several players are also prioritizing, releasing enhanced capabilities of products to strengthen their position.
Key Industry Development:
February 2024: Cleartrip, an online travel agency for booking train tickets, flights, hotel reservations, and others, released “Out of Office,” which is a corporate travel management product. This product strives to offer unique travel behavior to businesses.
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