United States Business Travel Market Report and Forecast 2024-2032

United States Business Travel Market Size

The United States business travel market value reached approximately USD 258.66 billion in 2023. The market is further projected to grow at a CAGR of 9.8% between 2024 and 2032, reaching a value of USD 546.41 billion by 2032.

United States Business Travel Market Growth

Business travel refers to travelling activities that are specifically undertaken for work purposes. The different purposes of business travel include networking, attending events and meetings, assessment of products or services before investing, and travelling for client and vendor meetings.

The rising emphasis on employee well-being is supporting the United States business travel industry growth. To encourage employees and foster team cohesion, many companies are actively investing in leisure activities. These activities help alleviate stress and enhance work productivity.

United States Business Travel Market Analysis

The growing initiatives by various companies to embrace sustainable travel practices and increasing consciousness about their carbon footprint are supporting the market expansion. These initiatives motivate environmentally conscious employees to engage in business travel, which in turn boosts the United States business travel industry revenue.

The expansion of the travel and tourism sector and the increasing penetration of Airbnb have resulted in the availability of enhanced travel experiences for individuals, providing lucrative growth. These initiatives inspire environmentally conscious employees to participate in business travel, thereby enhancing revenue and creating the United States business travel market opportunities.

United States Business Travel Industry Outlook

According to Tourism Economics, internal meetings saw high participation among business travellers, with 85% taking at least one trip in both Q2 and Q4 of 2022, and 80% in Q3 of 2022. Similarly, customer, supplier, or stakeholder meetings maintained strong figures, with 80% in Q2 2022, 75% in Q3 2022, and 78% in Q4 2022. Conferences, conventions, or trade shows showed consistent participation, with 83% pre-pandemic, 81% in Q2 2022, 78% in Q3 2022, and 80% in Q4 2022. In Q1 2023, 82% of business travellers took at least one trip for internal meetings, 74% planned trips for customer, supplier, or other stakeholder meetings, and 79% attended conferences, conventions, or trade shows.

According to Industry reports, corporate travel spending in H2 2020 was at 3%, rising to 7% in H1 2021 and 11% in H2 2021. In H1 2022, spending saw a significant increase to 27% and continued to grow to 42% in H2 2022. The upward trend continued in 2023, with corporate travel spending hitting 57% in the first half and 71% in the second half. It is anticipated to recover significantly, with projections of 85% in the first half and 95% in the second half of 2024, boosting the United States business travel market revenue.

The United States business travel market dynamics and trends are being strengthened during to the growing tourism sector. The U.S. is leading the Americas in inbound leisure travel, with spending hitting USD 83 billion in 2023, signalling a robust recovery. In Q2 2023, 42% of US consumers earning below USD 50k planned to travel within six months. This percentage increased to 67% for those earning between USD 50k and USD 99k. For households with incomes between USD 100k and USD 149k, 78% intended to travel within the same period. The trend is even more pronounced in higher income brackets, with 81% of individuals earning between USD 150k and USD 249k and 82% of those earning over USD 250k planning to travel, showing the highest travel intentions among all income groups.

A robust corporate sector in the U.S. drives high demand for business travel, supporting the growth of the United States business travel market through frequent meetings, conferences, and client interactions.

• The U.S. boasts well-developed transportation and accommodation infrastructure, facilitating seamless business travel experiences.

• Adopting advanced technology, such as travel management software and mobile apps, enhances efficiency and convenience for business travellers.

Business travel can be expensive, with high costs for flights, accommodations, and services potentially limiting company budget flexibility.

• Unpredictable weather, political events, or security issues can cause travel disruptions, impacting business schedules and productivity.

• The market is sensitive to economic fluctuations, with downturns potentially leading to reduced travel budgets and lower demand.

Increasing international business activities offers opportunities for expanding the business travel market as companies seek global connections.

• Enhanced travel management programs and policies can provide cost savings and efficiency improvements for businesses, driving the United States business travel market demand for travel solutions.

• Growing emphasis on sustainable travel practices presents opportunities to develop eco-friendly travel options and attract environmentally conscious corporate clients.

Ongoing or future health crises, like pandemics, can severely impact business travel by restricting travel and altering business practices.

• Changes in travel regulations, visa policies, or security measures can create barriers and complicate travel arrangements.

• Intense competition among travel service providers can lead to price wars and reduced profit margins for companies in the business travel sector.

Key Players in the United States Business Travel Market and Their Key Initiatives

Expedia, Inc.

• Introduced advanced AI-driven tools for personalized travel planning. 

• Introduced the Open World™ Accelerator to empower startups and SMBs to meet the growing demand of the United States business travel market.

TravelPerk S.L.U.

• Launched "FlexiPerk," offering flexible travel bookings.

• Implemented "GreenPerk" for carbon offsetting.

Navan, Inc.

• Launched an AI-powered travel booking platform.

• Introduced a next-generation corporate booking experience to capture the United States business travel market opportunities.

BCD Travel Services B.V.

• Recognised with multiple awards at the 2024 BTN Sustainability Summit. 

• Launched innovative tools to streamline guest travel management.

United States Business Travel Industry Segmentation

“United States Business Travel Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Managed Business Travel

• Unmanaged Business Travel

Market Breakup by Purpose Type

• Internal Meetings

• Marketing

• Product Launch

• Trade Shows

• Others

Market Breakup by Age Group

• Travellers Below 40 Years

• Travellers Above 40 Years

Market Breakup by Travel Type

• Solo Travel

• Group Travel

Market Breakup by Expenditure

• Lodging

• Dining

• Travel Fare

• Others

Market Breakup by Service

• Transportation

• Food and Lodging

• Recreation Activity

Market Breakup by End Use

• Corporate

• Government

• Others

Market Breakup by Region

• New England

• Mideast

• Great Lakes

• Plains

• Southeast

• Southwest

• Rocky Mountain

• Far West

United States Business Travel Market Share

The corporate sector drives substantial United States business travel demand growth due to the essential role of corporate travel in strengthening professional relationships, forging new partnerships, and supporting global company expansion.

The growing awareness about the various benefits associated with business travel including the development of decision-making skills and exposure to newer environments are bolstering the United States business travel market demand.

Leading Companies in the United States Business Travel Market

The companies are travel management firms delivering extensive business travel solutions. They offer services such as travel booking, expense management, and policy compliance, utilising advanced technology and global expertise to improve efficiency and streamline corporate travel experiences for clients.

• Expedia, Inc.

• TravelPerk S.L.U.

• American Express Global Business Travel (GBT)

• Navan, Inc.

• Booking Holdings Inc.

• BCD Travel Services B.V.

• World Travel, Inc

• Corporate Travel Management

• Travel Leaders Group

• CLC Lodging

Key Highlights of the Report

United States Business Market Report Snapshots

United States Business Market Size

United States Business Market Growth

United States Business Market Analysis

United States Business Market Share

United States Business Companies