Business Travel Market Outlook
Business travel, also called corporate travel, is undertaken particularly for work or business purposes. It primarily includes domestic and international travel to different enterprise branches or meeting suppliers and buyers for business expansion.
The global business travel market is expected to reach a value of US$ 1.5 Trillion by 2027, exhibiting a CAGR of 7.88% during 2022-2027. Looking forward, IMARC Group expects the global business travel market to continue its robust growth during the forecast period (2022-2027).
In recent years, rapid globalization has popularized the trend of business travel, which involves brand and product promotion, employee training, client meetings, etc.
Business Travel Market Trends:
The increasing global presence of numerous small and medium scale enterprises is augmenting the demand for business travel. Additionally, the elevating number of exhibitions and conferences to promote products and services worldwide is also driving the market growth. Moreover, the introduction of numerous government initiatives supporting startup businesses has created lucrative opportunities for cross-board investments, thereby augmenting the demand for business travel. The rising need for face-to-face interaction during vendor finalization or recruitment of senior executives is also bolstering the market growth. Besides this, improving air connectivity along with the growing number of low-cost airlines and private jet aggregators is also strengthening the global market for business travel.
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Competitive Landscape with Key Players:
- Airbnb Inc.
- American Express Company
- BCD Travel
- Booking Holdings Inc.
- Carlson Wagonlit Travel Inc.
- Expedia Group Inc.
- Fareportal Inc.
- Flight Centre Travel Group
- Hogg Robinson Group
- Travel Leaders Group LLC
- Wexas Travel
Key Market Segmentation:
The report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type and end-user.
Breakup by Type:
- Managed Business Travel
- Unmanaged Business Travel
Breakup by Purpose Type:
- Marketing
- Internal Meetings
- Trade Shows
- Product Launch
- Others
Breakup by Expenditure:
- Travel Fare
- Lodging
- Dining
- Others
Breakup by Age Group:
- Travelers Below 40 Years
- Travelers Above 40 Years
Breakup by Service Type:
- Transportation
- Food and Lodging
- Recreational Activities
- Others
Breakup by Travel Type:
- Group Travel
- Solo Travel
Breakup by End-User:
- Government
- Corporate
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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