Global Business Travel Market Report and Forecast 2024-2032

Global Business Travel Market Outlook

The global business travel market size reached a value of approximately USD 915.57 billion in 2023. The market is further projected to grow at a CAGR of 12% between 2024 and 2032, reaching a value of USD 2,538.94 billion by 2032.

Key Trends in the Market

Business travel refers to travelling activities undertaken for business- or work-related purposes. The various types of business travel include travelling to different locations to meet business partners and suppliers, travelling to a different branch of the company, or travelling for business and conference events.

• Increasing popularity of bleisure travel is a key trend propelling the growth of the global business travel market. The business travelling demographic often engages in leisure activities and participates in sight seeing. Engaging in such activities improves work efficiency and relieves stress and also provides travellers novel experience and opportunities to explore new destinations.

• Rising developments in travel and tourism sector and increasing presence of small and medium sized enterprises along with rapid globalisation have resulted in an increase in number of business travellers.

• Growing popularity of alternative accommodation facilities including Airbnb and home stays, among others due to unique customer experience, flexibility, and cost savings offered by them is further aiding the global business travel market expansion.

Market Analysis

On the basis of service, the market is divided into transportation, food and lodging, and recreation. Based on industry, the market is segregated into government and corporate, among others. By traveller, the market is classified into group and solo, among others. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global business travel market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Airbnb Inc.

• GBT Travel Services UK Limited

• BCD Group

• Booking Holdings Inc.

• CWT Global B.V.

• Corporate Travel Management Limited

• Expedia Group, Inc.

• Fareportal, Inc.

• Flight Centre Travel Group Ltd.

• Wexas Ltd.

• Others

Market Share by Service

The food and lodging segment is expected to witness significant growth over the forecast period. This growth can be attributed to the increasing availability of affordable hotel and guest houses and growing popularity of online booking. Increasing demand for hygienic food and convenient lodgings and increasing penetration of Airbnb and home stays is further aiding the segment growth. The business travel market expansion is further being aided by the increasing frequency of domestic and international business trips for attending conferences and meeting clients, among others.

Market Share by Region

The Asia Pacific is anticipated to account for a significant portion of the market in the coming years. This is due to the increasing government initiatives and policies to attract foreign investments, rapid infrastructural development, and availability of various sources such as skilled workforce to support business development. Increasing awareness about the various advantages associated with business travel such as exposure to newer environments and work culture and development of decision making and leadership skills is further aiding the business travel market growth in the region.

Competitive Landscape

Airbnb, Inc. was founded in 2007 and is based in California, United States. The company operates an online marketplace for long- and short-term homestays. Their unique experiences enable guests to connect with communities in an authentic manner.

BCD Group is a global corporate travel management company that was founded in 1975 and is headquartered in Utrecht, Netherlands. The company is known for providing support, advice, and travel services, including off-airport parking.

Expedia Group, Inc. is a technology, information, and internet company that was established in 1996 and is headquartered in Washington, United States. Their specialities include hospitality, travel, airfare, and business development, among others.

Other market players include GBT Travel Services UK Limited, Booking Holdings Inc., CWT Global B.V., Corporate Travel Management Limited, Fareportal, Inc., Flight Centre Travel Group Ltd., and Wexas Ltd., among others.

Key Highlights of the Report