Business Travel Market Analysis and Forecast to 2032: By Industry (Government, Corporate), Service (Transportation, Food and Lodging, Recreation), Traveler (Solo, Group), and Region

The Business Travel Market size was USD 659.2 Billion in 2022 and is anticipated to reach USD 989.2 Billion in 2032, growing at a rate of 4.1% from 2023 to 2032.

Business travel is travel undertaken for work or business purposes. It can be to attend meetings, conferences, or other events, or to conduct business activities such as sales or site visits. Business travel can also be for purposes such as training or professional development.

Key Trends

There are a few key trends in business travel technology. First, there is a trend toward using mobile apps to book and manage travel. This is convenient for travelers, as they can do everything from their phone or tablet. Additionally, there is a trend toward using artificial intelligence to help with booking travel. This can help travelers get the best deals and make the best choices for their trip. Finally, there is a trend toward using virtual reality to help with planning travel. This can give travelers a realistic view of their destination and help them plan their trip accordingly.

Key Drivers

The key drivers of the business travel market are growth in the global economy, rise in corporate profits, and increased business confidence. These drivers are resulting in increased demand for business travel.

The global economy is forecast to grow at a 3.5% clip in 2019, up from 3.2% in 2018. This is being driven by strong growth in the United States and China, as well as a pickup in Europe. This growth is translating into increased profits for corporations, which are using some of that money to fund business travel.

Business confidence is also on the rise, as measured by the Business Confidence Index from the Conference Board. The index hit a record high in the first quarter of 2019, and is expected to remain strong throughout the year. This confidence is leading to more businesses making plans to travel, in order to take advantage of new opportunities.

Restraints & Challenges

The Business Travel market is facing a number of key restraints and challenges. Firstly, the global economic environment is challenging, with businesses facing uncertain economic conditions and rising costs. This is making it difficult for businesses to justify travel expenditure. Secondly, the growth of digital communication and video conferencing is making it easier for businesses to conduct meetings and conferences without the need to travel. This is reducing the demand for business travel. Finally, security concerns are also a key challenge for the business travel market. Businesses are increasingly reluctant to send employees on business trips to countries which are perceived to be unsafe. This is leading to a reduction in business travel to some regions of the world.

Market Segments

The Business Travel Market has been segmented into Industry, Service, Traveler, and Region. Based on the Industry, the Business Travel market is bifurcated into Government and Corporate. On the basis of Service, the market is segmented into Transportation, Food and Lodging, and Recreation. Based on Traveler, the market is bifurcated into Solo and Group. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and the Rest of the World.

Key Players

Some of the key players of Business Travel Market are CWT Global B.V. (US), American Express Global Business Travel (US), Flight Centre Travel Group Limited (Australia), Chase (US), Citibank N.A. (US), Navan, Inc. (US), BCD Group (Netherlands), Corporate Travel Management Limited (China), TravelPerk S.L.U (Spain), and American Express Company (US).

Business Travel Market Report Coverage
  • The report offers a comprehensive quantitative as well as qualitative analysis of the current Business Travel Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.  
  • The report also covers qualitative as well as quantitative analysis of the Business Travel Market in terms of revenue ($Million).  
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Business Travel industry.  
  • A thorough analysis of market trends and restraints is provided.  
  • By region as well as country market analysis is also presented in this report.  
  • Analytical depiction of the Business Travel Market along with the current trends and future estimations depict imminent investment pockets. The overall Business Travel industry opportunity is examined by understanding profitable trends to gain a stronger foothold.  
  • Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Business Travel Market are also analyzed.

 

Why GIS?

Table of Contents

Chapter 1.Business Travel Market Overview
1.1.Objectives of the Study
1.2.Market Definition and Research & Scope
1.3.Research Limitations
1.4.Research Methodologies
1.4.1.Secondary Research
1.4.2.Market Size Estimation Technique
1.4.3.Forecasting
1.4.4.Primary Research and Data Validation

Chapter 2.Executive Summary
2.1.Summary
2.2.Key Highlights of the Market

Chapter 3.Premium Insights on the Market
3.1.Market Attractiveness Analysis, by Region
3.2.Market Attractiveness Analysis, by Industry
3.3.Market Attractiveness Analysis, by Service
3.4.Market Attractiveness Analysis, by Traveler

Chapter 4.Business Travel Market Outlook
4.1.Business Travel Market Segmentation
4.2.Market Dynamics
4.2.1.Market Drivers
4.2.1.1.Driver 1
4.2.1.2.Driver 2
4.2.1.3.Driver 3
4.2.2.Market Restraints
4.2.2.1.Restraint 1
4.2.2.2.Restraint 2
4.2.3.Market Opportunities
4.2.3.1.Opportunity 1
4.2.3.2.Opportunity 2
4.3.Porter’s Five Forces Analysis
4.3.1.Threat of New Entrants
4.3.2.Threat of Substitutes
4.3.3.Bargaining Power of Buyers
4.3.4.Bargaining Power of Supplier
4.3.5.Competitive Rivalry
4.4.PESTLE Analysis
4.5.Value Chain Analysis
4.6.Impact of COVID-19 on the Business Travel Market
4.7.Impact of the Russia and Ukraine War on the Business Travel Market
4.8.Case Study Analysis
4.9.Pricing Analysis

Chapter 5.Business Travel Market, by Industry
5.1.Market Overview
5.2.Government
5.2.1.Key Market Trends & Opportunity Analysis
5.2.2.Market Size and Forecast, by Region
5.3.Corporate
5.3.1.Key Market Trends & Opportunity Analysis
5.3.2.Market Size and Forecast, by Region

Chapter 6.Business Travel Market, by Service
6.1.Market Overview
6.2.Transportation
6.2.1.Key Market Trends & Opportunity Analysis
6.2.2.Market Size and Forecast, by Region
6.2.3.Market Size and Forecast, by Type
6.2.3.1.Air
6.2.3.2.Rail
6.2.3.3.Car
6.3.Food and Lodging
6.3.1.Key Market Trends & Opportunity Analysis
6.3.2.Market Size and Forecast, by Region
6.4.Recreation
6.4.1.Key Market Trends & Opportunity Analysis
6.4.2.Market Size and Forecast, by Region

Chapter 7.Business Travel Market, by Traveler
7.1.Market Overview
7.2.Solo
7.2.1.Key Market Trends & Opportunity Analysis
7.2.2.Market Size and Forecast, by Region
7.3.Group
7.3.1.Key Market Trends & Opportunity Analysis
7.3.2.Market Size and Forecast, by Region

Chapter 8.Business Travel Market, by Region
8.1.Overview
8.2.North America
8.2.1.Key Market Trends and Opportunities
8.2.2.North America Business Travel Market Size and Forecast, by Industry
8.2.3.North America Business Travel Market Size and Forecast, by Traveler
8.2.4.North America Business Travel Market Size and Forecast, by Service
8.2.5.North America Business Travel Market Size and Forecast, by Country
8.2.6.The U.S.
8.2.6.1.The U.S. Business Travel Market Size and Forecast, by Industry
8.2.6.2.The U.S. Business Travel Market Size and Forecast, by Traveler
8.2.6.3.The U.S. Business Travel Market Size and Forecast, by Service
8.2.7.Canada
8.2.7.1.Canada Business Travel Market Size and Forecast, by Industry
8.2.7.2.Canada Business Travel Market Size and Forecast, by Traveler
8.2.7.3.Canada Business Travel Market Size and Forecast, by Service
8.2.8.Mexico
8.2.8.1.Mexico Business Travel Market Size and Forecast, by Industry
8.2.8.2.Mexico Business Travel Market Size and Forecast, by Traveler
8.2.8.3.Mexico Business Travel Market Size and Forecast, by Service
8.3.Europe
8.3.1.Key Market Trends and Opportunities
8.3.2.Europe Business Travel Market Size and Forecast, by Industry
8.3.3.Europe Business Travel Market Size and Forecast, by Traveler
8.3.4.Europe Business Travel Market Size and Forecast, by Service
8.3.5.Europe Business Travel Market Size and Forecast, by Country
8.3.6.The UK
8.3.6.1.The UK Business Travel Market Size and Forecast, by Industry
8.3.6.2.The UK Business Travel Market Size and Forecast, by Traveler
8.3.6.3.The UK Business Travel Market Size and Forecast, by Service
8.3.7.Germany
8.3.7.1.Germany Business Travel Market Size and Forecast, by Industry
8.3.7.2.Germany Business Travel Market Size and Forecast, by Traveler
8.3.7.3.Germany Business Travel Market Size and Forecast, by Service
8.3.8.France
8.3.8.1.France Business Travel Market Size and Forecast, by Industry
8.3.8.2.France Business Travel Market Size and Forecast, by Traveler
8.3.8.3.France Business Travel Market Size and Forecast, by Service
8.3.9.Spain
8.3.9.1.Spain Business Travel Market Size and Forecast, by Industry
8.3.9.2.Spain Business Travel Market Size and Forecast, by Traveler
8.3.9.3.Spain Business Travel Market Size and Forecast, by Service
8.3.10.Italy
8.3.10.1.Italy Business Travel Market Size and Forecast, by Industry
8.3.10.2.Italy Business Travel Market Size and Forecast, by Traveler
8.3.10.3.Italy Business Travel Market Size and Forecast, by Service
8.3.11. Netherlands
8.3.11.1.Netherlands Business Travel Market Size and Forecast, by Industry
8.3.11.2.Netherlands Business Travel Market Size and Forecast, by Traveler
8.3.11.3.Netherlands Business Travel Market Size and Forecast, by Service
8.3.12. Sweden
8.3.12.1.Sweden Business Travel Market Size and Forecast, by Industry
8.3.12.2.Sweden Business Travel Market Size and Forecast, by Traveler
8.3.12.3.Sweden Business Travel Market Size and Forecast, by Service
8.3.13.Switzerland
8.3.13.1.Switzerland Business Travel Market Size and Forecast, by Industry
8.3.13.2.Switzerland Business Travel Market Size and Forecast, by Traveler
8.3.13.3.Switzerland Business Travel Market Size and Forecast, by Service
8.3.14.Denmark
8.3.14.1.Denmark Business Travel Market Size and Forecast, by Industry
8.3.14.2.Denmark Business Travel Market Size and Forecast, by Traveler
8.3.14.3.Denmark Business Travel Market Size and Forecast, by Service
8.3.15.Finland
8.3.15.1.Finland Business Travel Market Size and Forecast, by Industry
8.3.15.2.Finland Business Travel Market Size and Forecast, by Traveler
8.3.15.3.Finland Business Travel Market Size and Forecast, by Service
8.3.16.Russia
8.3.16.1.Russia Business Travel Market Size and Forecast, by Industry
8.3.16.2.Russia Business Travel Market Size and Forecast, by Traveler
8.3.16.3.Russia Business Travel Market Size and Forecast, by Service
8.3.17.Rest of Europe
8.3.17.1.Rest of Europe Business Travel Market Size and Forecast, by Industry
8.3.17.2.Rest of Europe Business Travel Market Size and Forecast, by Traveler
8.3.17.3.Rest of Europe Business Travel Market Size and Forecast, by Service
8.4.Asia-Pacific
8.4.1.Key Market Trends and Opportunities
8.4.2.Asia-Pacific Business Travel Market Size and Forecast, by Country
8.4.3.Asia-Pacific Business Travel Market Size and Forecast, by Industry
8.4.4.Asia-Pacific Business Travel Market Size and Forecast, by Traveler
8.4.5.Asia-Pacific Business Travel Market Size and Forecast, by Service
8.4.6.China
8.4.6.1.China Business Travel Market Size and Forecast, by Industry
8.4.6.2.China Business Travel Market Size and Forecast, by Traveler
8.4.6.3.China Business Travel Market Size and Forecast, by Service
8.4.7.India
8.4.7.1.India Business Travel Market Size and Forecast, by Industry
8.4.7.2.India Business Travel Market Size and Forecast, by Traveler
8.4.7.3.India Business Travel Market Size and Forecast, by Service
8.4.8.Japan
8.4.8.1.Japan Business Travel Market Size and Forecast, by Industry
8.4.8.2.Japan Business Travel Market Size and Forecast, by Traveler
8.4.8.3.Japan Business Travel Market Size and Forecast, by Service
8.4.9.South Korea
8.4.9.1.South Korea Business Travel Market Size and Forecast, by Industry
8.4.9.2.South Korea Business Travel Market Size and Forecast, by Traveler
8.4.9.3.South Korea Business Travel Market Size and Forecast, by Service
8.4.10. Australia
8.4.10.1.Australia Business Travel Market Size and Forecast, by Industry
8.4.10.2.Australia Business Travel Market Size and Forecast, by Traveler
8.4.10.3.Australia Business Travel Market Size and Forecast, by Service
8.4.11.Singapore
8.4.11.1.Singapore Business Travel Market Size and Forecast, by Industry
8.4.11.2.Singapore Business Travel Market Size and Forecast, by Traveler
8.4.11.3.Singapore Business Travel Market Size and Forecast, by Service
8.4.12.Indonesia
8.4.12.1.Indonesia Business Travel Market Size and Forecast, by Industry
8.4.12.2.Indonesia Business Travel Market Size and Forecast, by Traveler
8.4.12.3.Indonesia Business Travel Market Size and Forecast, by Service
8.4.13.Taiwan
8.4.13.1.Taiwan Business Travel Market Size and Forecast, by Industry
8.4.13.2.Taiwan Business Travel Market Size and Forecast, by Traveler
8.4.13.3.Taiwan Business Travel Market Size and Forecast, by Service
8.4.14.Malaysia
8.4.14.1.Malaysia Business Travel Market Size and Forecast, by Industry
8.4.14.2.Malaysia Business Travel Market Size and Forecast, by Traveler
8.4.14.3.Malaysia Business Travel Market Size and Forecast, by Service
8.4.15.Rest of APAC
8.4.15.1.Rest of APAC Business Travel Market Size and Forecast, by Industry
8.4.15.2.Rest of APAC Business Travel Market Size and Forecast, by Traveler
8.4.15.3.Rest of APAC Business Travel Market Size and Forecast, by Service
8.5.Rest of The World
8.5.1.Key Market Trends and Opportunities
8.5.2.Rest of The World Business Travel Market Size and Forecast, by Industry
8.5.3.Rest of The World Business Travel Market Size and Forecast, by Traveler
8.5.4.Rest of The World Business Travel Market Size and Forecast, by Service
8.5.5.Rest of The World Business Travel Market Size and Forecast, by Country
8.5.6.Latin America
8.5.6.1.Latin America Business Travel Market Size and Forecast, by Industry
8.5.6.2.Latin America Business Travel Market Size and Forecast, by Traveler
8.5.6.3.Latin America Business Travel Market Size and Forecast, by Service
8.5.7.Middle East
8.5.7.1.Middle East Business Travel Market Size and Forecast, by Industry
8.5.7.2.Middle East Business Travel Market Size and Forecast, by Traveler
8.5.7.3.Middle East Business Travel Market Size and Forecast, by Service
8.5.8.Africa
8.5.8.1.Africa Business Travel Market Size and Forecast, by Industry
8.5.8.2.Africa Business Travel Market Size and Forecast, by Traveler
8.5.8.3.Africa Business Travel Market Size and Forecast, by Service

Chapter 9.Competitive Landscape
9.1.Overview
9.2.Market Share Analysis/Key Player Positioning
9.3.Vendor Benchmarking
9.4.Developmental Strategy Benchmarking
9.4.1.New Product Developments
9.4.2.Product Launches
9.4.3.Business Expansions
9.4.4.Partnerships, Joint Ventures, and Collaborations
9.4.5.Mergers and Acquisitions

Chapter 10.Company Profiles
10.1.   CWT Global B.V. (US)
10.1.1.Company Snapshot
10.1.2.Financial Performance
10.1.3.Product Offerings
10.1.4.Key Developmental Strategies
10.1.5.SWOT Analysis
10.2. American Express Global Business Travel (US)
10.2.1.Company Snapshot
10.2.2.Financial Performance
10.2.3.Product Offerings
10.2.4.Key Developmental Strategies
10.2.5.SWOT Analysis
10.3.  Flight Centre Travel Group Limited (Australia)
10.3.1.Company Snapshot
10.3.2.Financial Performance
10.3.3.Product Offerings
10.3.4.Key Developmental Strategies
10.3.5.SWOT Analysis
10.4.  Chase (US)
10.4.1.Company Snapshot
10.4.2.Financial Performance
10.4.3.Product Offerings
10.4.4.Key Developmental Strategies
10.4.5.SWOT Analysis
10.5.   Citibank N.A. (US)
10.5.1.Company Snapshot
10.5.2.Financial Performance
10.5.3.Product Offerings
10.5.4.Key Developmental Strategies
10.5.5.SWOT Analysis
10.6.   Navan, Inc. (US)
10.6.1.Company Snapshot
10.6.2.Financial Performance
10.6.3.Product Offerings
10.6.4.Key Developmental Strategies
10.6.5.SWOT Analysis
10.7.     BCD Group (Netherlands)
10.7.1.Company Snapshot
10.7.2.Financial Performance
10.7.3.Product Offerings
10.7.4.Key Developmental Strategies
10.7.5.SWOT Analysis
10.8.Corporate Travel Management Limited (China)
10.8.1.Company Snapshot
10.8.2.Financial Performance
10.8.3.Product Offerings
10.8.4.Key Developmental Strategies
10.8.5.SWOT Analysis
10.9.    TravelPerk S.L.U (Spain)
10.9.1.Company Snapshot
10.9.2.Financial Performance
10.9.3.Product Offerings
10.9.4.Key Developmental Strategies
10.9.5.SWOT Analysis
10.10.    American Express Company (US)
10.10.1.Company Snapshot
10.10.2.Financial Performance
10.10.3.Product Offerings
10.10.4.Key Developmental Strategies
10.10.5.SWOT Analysis
*The list of companies is subject to change during the final compilation of the report

Market Segments

By Industry

  • Government  
  • Corporate  

By Service 

  • Transportation
  • Food and Lodging  
  • Recreation 

By Traveler  

  • Solo 
  • Group 

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

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