Business Travel Market Trends

Business Travel Market Overview:

Global Business Travel Market Size was valued at USD 2.2 Billion in 2022. The Business Travel market industry is projected to grow from USD 2.47 Billion in 2023 to USD 6.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2032). Increasing globalization of businesses and advancements in technology facilitating efficient communication and collaboration across borders are the key market drivers fueling market growth.

Expenditure: Secondary Research, Primary Research, MRFR Database and Analyst Review

Business Travel Market Trends

Globalization of businesses is driving market growth

Market CAGR for Business Travel is being driven by the widespread globalization of businesses. Companies are expanding their operations across borders to tap into new markets. They expand across borders to reach new markets, find diverse talent, and make their supply chains better. Meeting in person is very important even with virtual technology getting better. It helps build understanding, trust, and relationships that are hard to achieve online.

Meeting face-to-face allows for better understanding through body language, reducing misunderstandings. Trust formed in person is often stronger, affecting big business deals. This needs for good communication and relationships makes professionals travel for conferences, trade shows, and client meetings. So, the business travel market benefits because in-person collaboration is crucial in certain business situations.

Even though technology has changed how businesses work by allowing virtual collaboration, it also makes business travel more important. As businesses get more complex with global supply chains and diverse teams, being physically present becomes more necessary.

According to A report by the International Monetary Fund (IMF) says that world trade has been growing, showing that global economies are more connected. In 2021, global trade volumes increased by about 10.2%, showing that businesses are expanding internationally. Because of this, the demand for Business Travel is expected to go up as people prefer face-to-face communication. Thus, driving the Business Travel market revenue.

Business Travel Market Segment Insights:

Business Travel Type Insights

The Global Business Travel market segmentation, based on Type includes Managed Business Travel and Unmanaged Business Travel. The Managed Business Travel segment dominated the market, accounting for more than half of market revenue. This is linked to the increasing emphasis on corporate governance, cost control, and the need for comprehensive travel management solutions.

Business Travel Purpose Insights

The global Business Travel market segmentation, based on Purpose includes Marketing, Internal Meetings, Trade Shows, Product Launch, and Others. The Internal Meetings segment dominated the market, accounting for more than a quarter of market revenue. This is attributed to Internal meetings being a fundamental aspect of business operations, requiring frequent face-to-face interactions for strategic planning, team collaboration, and decision-making.

Business Travel Expenditure Insights

The Global Business Travel market segmentation, based on Expenditure includes Marketing Travel Fare, Lodging, Dining, and Others. The Lodging segment dominated the market, accounting for above one-third of market revenue. This growth is linked to the high cost of accommodation and its crucial need.

Business Travel Age Group Insights

The Global Business Travel market segmentation, based on Age Groups includes Travelers Below 40 Years and Travelers Above 40 Years. The Travelers Below 40 Years segment dominated the market, accounting for more than half of market revenue.  Younger professionals below 40 years are often more mobile, engaged in networking, and involved in business development activities.

Business Travel Traveler Insights

The Global Business Travel market segmentation, based on Travelers includes Group Travel, Solo Travel, and Services. The Solo Travel segment dominated the market, accounting for more than one-third of market revenue. This is attributed to the nature of business tasks that often require individual representation.

Business Travel Service Insights

The Global Business Travel market segmentation, based on Service includes Food and Lodging and Recreation Activities. The Food and Lodging segment dominated the market, accounting for more than half of market revenue. This is attributed to the high cost of accommodation and dining and its indispensable needs.

Business Travel Industry Insights

The Global Business Travel market segmentation, based on Industry includes Government and Corporate. The Corporate segment dominated the market, accounting for more than half of market revenue.  This is linked to business travel being integral to corporate activities such as client meetings, conferences, and project management.

Figure 1: Global Business Travel Market, by Expenditure, 2022 & 2032 (USD Billion)

Secondary Research, Primary Research, MRFR Database and Analyst Review

Business Travel Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. North America dominates due to its economic power, with a high concentration of multinational corporations and a robust business environment. The region's advanced infrastructure, technological innovation, and a large number of corporate headquarters make it a hub for business activities, driving significant demand for business travel services.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global Business Travel Market Share By Region 2022 (USD Billion)

Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Business Travel market accounts for the second-largest market share due to its strong economic ties, extensive business networks, and historical significance as a global business center. Further, the German Business Travel market held the largest market share, and the UK Business Travel market was the fastest-growing market in the European region

The Asia-Pacific Business Travel Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid economic growth, emerging markets, and a surge in business opportunities. The region's dynamic business landscape, increasing foreign investments, and a growing number of business events position it as a key player in the business travel market. Moreover, China’s Business Travel market held the largest market share, and the Indian Business Travel market was the fastest-growing market in the Asia-Pacific region.

Business Travel Key Market Players & Competitive Insights

Leading market players are leveraging advanced technologies, such as travel management platforms, mobile apps, and AI-driven solutions, to streamline booking processes, enhance traveler experience, and provide real-time updates. Market participants are also adopting a variety of strategic activities to expand their global presence, with important market developments including new product launches, contractual agreements, mergers and acquisitions, personalization of Services, integration of technology, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Business Travel industry must offer comprehensive service solutions.

Utilizing data analytics to gather insights into traveler behavior, preferences, and spending patterns helps companies tailor their services is one of the key business tactics used by manufacturers in the global Business Travel industry to increase their market share. In recent years, the Business Travel industry has offered some of the most significant advantages to Consumers. Major players in the Business Travel market, including ADEKA CORPORATION Airbnb, Inc., Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, Wexas Travel, Hogg Robinson Ltd, Priceline, American Express Company, and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse consumer needs.

Started in 1975 by John Fentener van Vlissingen, BCD Group is now a big name in travel. It has two parts, BCD Travel, and Park ‘N Fly, offering travel services and technology to lots of customers every day. Even though it began with just $10,000, BCD Group has grown a ton, going from a small business to a major player in the travel industry. They focus on being excellent, innovative, and making customers happy, making them a trusted leader in travel. In February 2023, BCD Travel expanded its agreement with Amadeus as the forward-thinking travel management company (TMC) refined its global technology approach to capitalize on opportunities in the new era of business travel.

Founded as a global leader in business travel management services, Corporate Travel Management (CTM) is dedicated to enhancing savings, efficiency, safety, and sustainability for businesses and their travelers worldwide. Choosing CTM means experiencing a distinctive approach to global travel – a bespoke program crafted collaboratively and consistently delivered with expertise across every region of operation. CTM specializes in designing travel programs that yield strategic outcomes for all facets of a business and every team member, ensuring a tailored and impactful travel experience across all operational regions. In December 2022, CWT Global B.V. expanded its global partnership with Paramount Global, a multinational media and entertainment conglomerate. This move involved managing Paramount's expanded travel business.

Key Companies in the Business Travel market include

• ADEKA CORPORATION Airbnb, Inc.


• American Express Company


• BCD Group


• Booking Holdings


• CWT Solutions


• Corporate Travel Management


• Expedia, Inc.


• Fareportal


• Flight Centre Travel Group Limited


• Wexas Travel


• Hogg Robinson Ltd


• Priceline


• Egencia LLC


• Frosch International Travel


• Ovation Travel Group


• Travel Leaders Group

Business Travel Industry Developments

In June 2023, Priceline and Google Cloud announced a partnership to enhance the experience of booking for travelers with artificial intelligence chatbot technology. Using Google’s generative AI, the partnership permits future travelers to chat with a bot at the planning stage. On top of the existing chatbot features, Priceline will also add a map view of hotel details pages powered by Google Cloud Vertex AI in the near future. This will help users with customized neighborhood analytics, which will include points of interest, restaurants, and events around the area.

In October 2023, Citi formed an official partnership with Navan, a travel and expense management solution company that forms part of Citi’s new travel and expense system, which went live recently. Aimed at CCB (Citi Commercial Bank) card users, this partnership utilizes Navan’s all-inclusive compact solution alongside Citi Group’s leading commercial card solutions. This strategic partnership leverages Navan Connect’s innovative card linking technology facilitating an effortless digital experience for CCB cardholders. Regarded as the first of its kind corporation Go-to-market strategy in the travel and expense system, the travel and expense system is meant to be used first by CCB clients in the USA.

In November 2023, Flight Centre Travel Group (FCTG), a leading international company in travel management, announced that it had established an ‘AI Centre of Excellence’. This new global division is committed to the development, adoption and integration of AI technology within the corporate divisions of FCTG. The ‘AI Centre of Excellence’ has as its main focus the deployment of AI so that there is an improvement that will change the dynamics of FCTG's major business travel operations, FCM, and Corporate Traveller. The goal of the deployment of AI is to improve customer experiences and the performance of employees and foster innovation in the organization.

July 2022: Corporate Travel Management Limited completed the acquisition of 1000 Mile Travel Group Ltd. The aim was to broaden its involvement in the business travel market using the independent consultant model.

July 2022: BCD Group (BCD Travel) forged a partnership with Airbus, an aerospace products manufacturing company. The collaboration was geared towards serving four European home markets, namely France, Germany, Spain, and the UK.

Business Travel Market Segmentation:

Business Travel Type Outlook

• Managed Business Travel


• Unmanaged Business Travel

Business Travel Purpose Outlook

• Marketing


• Internal Meetings


• Trade Shows


• Product Launch


• Others

Business Travel Expenditure Outlook

• Marketing Travel Fare


• Lodging


• Dining


• Others

Business Travel Age Group Outlook

• Travelers Below 40 Years


• Travelers Above 40 Years

Business Travel Traveler Outlook

• Group Travel


• Solo Travel


• Service

Business Travel Service Outlook

• Food and Lodging


• Recreation Activity

Business Travel Industry Outlook

• Government


• Corporate

Business Travel Regional Outlook

• North America


• US


• Canada


• Europe


• Germany


• France


• UK


• Italy


• Spain


• Rest of Europe


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America