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Business Travel Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

  • Published: Jul 2021
  • Pages: 147
  • SKU: IRTNTR44220
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The business travel market share is expected to increase by USD 1.04 trillion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 23.06%.

This business travel market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers business travel market segmentations by market landscape (travel fare, lodging, dining, and others), application (marketing, internal meeting, trade show, and product launch), and geography (APAC, Europe, North America, South America, and MEA). The business travel market report also offers information on several market vendors, including ADTRAV Corp., Airbnb Inc., BCD Travel Services BV, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC among others.

What will the Business Travel Market Size be During the Forecast Period?

Business Travel Market Size

Download the Free Report Sample to Unlock the Business Travel Market Size for the Forecast Period and Other Important Statistics

 

Business Travel Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing technological advances is notably driving the business travel market growth, although factors such as rising number of pandemics may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the business travel industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Business Travel Market Driver

One of the key factors driving the business travel market growth is the growing technological advances. The business travel market relies on technologically advanced solutions that aid travel agents and their clients access the travel data; compare reservation options; and book the most efficient, economical, and comfortable option. Furthermore, advances in artificial intelligence (AI) have helped automate the travel booking process, eliminating the need to re-enter the employee travel preferences and, in turn, saving time and energy. For example, Hilton hotels, a prominent hotel chain, has started using robotic concierge to answer questions. Companies like Mezi are using technologically advanced solutions like personal travel assistants to make business travel bookings efficient by providing a personalized experience to customers. It offers customers an AI technology-enabled personal travel assistant that is always accessible. The availability of technologically advanced features is helping the growth of this market as it reduces the time wasted by the company in making travel arrangements.

Key Business Travel Market Trend

Another key factor driving the business travel market growth is the growing preference of consumers to book through online travel agencies. Consumers have started using online portals for travel bookings. It enables companies to carry out bookings in an organized manner. Traveling portals and agents are coming up with innovative schemes to promote their online portals further. For example, Upside offers deals designed especially for business travelers. It provides its customers with the opportunity to sign up for pre-launch VIP programs. It also offers a free card worth $150 of the major brands for each travel package purchased by the customers of Upside. This attracted more than 5,000 companies to sign up for the corporate plan. In addition, booking.com, one of the prominent online booking portals, provides users with booking options depending on the type of business trip. In 2019, the website booked more than 845 million room nights for accommodation, 77 million rental cars, and 7 million air tickets. The website also enables the companies to sort and shortlist the hotels according to the available amenities.

Key Business Travel Market Challenge

Rising number of pandemics and travel fatigue are few of the key challenges hindering the business travel market growth. An increase in the number of pandemics globally, especially since 2019, is hindering the growth of the global business travel market. For instance, the COVID-19 pandemic has spread to 210 countries. As of June 23, 2021, more than 180 million people had tested positive for the virus, and over 3 million people had died. The outbreak has become a worldwide healthcare emergency and has prompted businesses operating worldwide to stop international and national business travels to stop the spread of the disease. Industries that got most affected are hotels, airlines, and restaurants. The pandemic has also led to a rise in airport health checkup formalities, with delays and tighter inspections, making the travel for employees tiresome. Moreover, extensive business travel leads to travel fatigue in a number of travelers. Travelers go through a number of aftereffects, including stress, depression, and burnout. It also impacts the health and personal relationships of employees. In 2016, approximately 90% of the total business travelers reported fatigue due to extensive travel. Some other factors that lead to travel fatigue include anxiety of missing the flight, language barriers, jet-lag and others.

This business travel market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global business travel market as a part of the global leisure facilities market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the business travel market during the forecast period.

Who are the Major Business Travel Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • ADTRAV Corp.
  • Airbnb Inc.
  • BCD Travel Services BV
  • Booking Holdings Inc.
  • CWT Global BV
  • Egencia LLC
  • FROSCH International Travel Inc.
  • GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel
  • Ovation Travel Group
  • Travel Leaders Group LLC

 

This statistical study of the business travel market encompasses successful business strategies deployed by the key vendors. The business travel market is fragmented and the vendors are deploying growth strategies such as acquisition to compete in the market.

Product Insights and News

  • ADTRAV Corp.- The company offers travel solutions for corporates by providing client consulting, 24/7 customer support, VIP travel services, meeting and event plannings,, lodging services, flexible booking services, mobile alerts and global travel. They also offer travel management softwares under the brand name of RezDesk.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The business travel market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Business Travel Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the business travel market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Business Travel Market?

Business Travel Market Market segmentation by region

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42% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for business travel in APAC. Market growth in this region will be faster than the growth of the market in South America and MEA regions.

Companies are making efforts in terms of quality to improve business travel for employees. The business travel market in APAC is becoming autonomous in terms of planning business travels, especially for booking flights and hotels, either from a pre-approved list of flights or without any restrictions.  In addition, favorable airfares with a slight increase depending on the fare class and route are helping the market growth further. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The market in APAC was negatively impacted by the COVID-19 outbreak, which claimed around 0.39 million lives in India as of June 22, 2020. The lockdown imposed in the region restricted mass movement. Most of the businesses were conducted over video conferencing in 2020. However, the market in the region is expected to recover gradually during the forecast period, with an increase in the vaccination drives, which, in turn, will reduce the risk of COVID-19 during business travel.

What are the Revenue-generating Market Landscape Segments in the Business Travel Market?

Business Travel Market Segmentation

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The business travel market share growth by the travel fare will be significant during the forecast period. The steady airfares for flights are one of the major factors attributing to the growth of the global business travel market. The flight is the fastest mode of travel, increasing its popularity among business segments as meetings are time-bound, and employees prefer saving travel time.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the business travel market size and actionable market insights on post COVID-19 impact on each segment.

 

Business Travel Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 23.06%

Market growth 2021-2025

$ 1.04 tn

Market structure

Fragmented

YoY growth (%)

11.33

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 42%

Key consumer countries

China, US, Germany, Japan, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ADTRAV Corp., Airbnb Inc., BCD Travel Services BV, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Business Travel Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive business travel market growth during the next five years
  • Precise estimation of the business travel market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the business travel industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of business travel market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Leisure facilities

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
    • 3.5 Impact of COVID-19 on Consumer discretionary industry

      4 Five Forces Analysis

      • 4.1 Five forces summary
        • Exhibit 08: Five forces analysis 2020 & 2025
      • 4.2 Bargaining power of buyers
        • Exhibit 09: Bargaining power of buyers
      • 4.3 Bargaining power of suppliers
        • Exhibit 10: Bargaining power of suppliers
      • 4.4 Threat of new entrants
        • Exhibit 11: Threat of new entrants
      • 4.5 Threat of substitutes
        • Exhibit 12: Threat of substitutes
      • 4.6 Threat of rivalry
        • Exhibit 13: Threat of rivalry
      • 4.7 Market condition
        • Exhibit 14: Market condition - Five forces 2020

      5 Market Segmentation by Application

      • 5.1 Market segments
        • Exhibit 15: Application - Market share 2020-2025 (%)
      • 5.2 Comparison by Application
        • Exhibit 16: Comparison by Application
      • 5.3 Marketing - Market size and forecast 2020-2025
        • Exhibit 17: Marketing - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 18: Marketing - Year-over-year growth 2020-2025 (%)
      • 5.4 Internal meeting - Market size and forecast 2020-2025
        • Exhibit 19: Internal meeting - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 20: Internal meeting - Year-over-year growth 2020-2025 (%)
      • 5.5 Trade show - Market size and forecast 2020-2025
        • Exhibit 21: Trade show - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 22: Trade show - Year-over-year growth 2020-2025 (%)
      • 5.6 Product launch - Market size and forecast 2020-2025
        • Exhibit 23: Product launch - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 24: Product launch - Year-over-year growth 2020-2025 (%)
      • 5.7 Market opportunity by Application
        • Exhibit 25: Market opportunity by Application

      6 Market Segmentation by Expenditure

      • 6.1 Market segments
        • Exhibit 26: Expenditure - Market share 2020-2025 (%)
      • 6.2 Comparison by Expenditure
        • Exhibit 27: Comparison by Expenditure
      • 6.3 Travel fare - Market size and forecast 2020-2025
        • Exhibit 28: Travel fare - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 29: Travel fare - Year-over-year growth 2020-2025 (%)
      • 6.4 Lodging - Market size and forecast 2020-2025
        • Exhibit 30: Lodging - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 31: Lodging - Year-over-year growth 2020-2025 (%)
      • 6.5 Dining - Market size and forecast 2020-2025
        • Exhibit 32: Dining - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 33: Dining - Year-over-year growth 2020-2025 (%)
      • 6.6 Others - Market size and forecast 2020-2025
        • Exhibit 34: Others - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 35: Others - Year-over-year growth 2020-2025 (%)
      • 6.7 Market opportunity by Expenditure
        • Exhibit 36: Market opportunity by Expenditure

      7 Market Segmentation by Age

      • 7.1 Market segments
        • Exhibit 37: Age - Market share 2020-2025 (%)
      • 7.2 Comparison by Age
        • Exhibit 38: Comparison by Age
      • 7.3 Above 40 years - Market size and forecast 2020-2025
        • Exhibit 39: Above 40 years - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 40: Above 40 years - Year-over-year growth 2020-2025 (%)
      • 7.4 Below 40 years - Market size and forecast 2020-2025
        • Exhibit 41: Below 40 years - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 42: Below 40 years - Year-over-year growth 2020-2025 (%)
      • 7.5 Market opportunity by Age
        • Exhibit 43: Market opportunity by Age

      8 Customer landscape

      9 Geographic Landscape

      • 9.1 Geographic segmentation
        • Exhibit 45: Market share by geography 2020-2025 (%)
      • 9.2 Geographic comparison
        • Exhibit 46: Geographic comparison
      • 9.3 APAC - Market size and forecast 2020-2025
        • Exhibit 47: APAC - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 48: APAC - Year-over-year growth 2020-2025 (%)
      • 9.4 Europe - Market size and forecast 2020-2025
        • Exhibit 49: Europe - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 50: Europe - Year-over-year growth 2020-2025 (%)
      • 9.5 North America - Market size and forecast 2020-2025
        • Exhibit 51: North America - Market size and forecast 2020-2025 ($ billion)
        • Exhibit 52: North America - Year-over-year growth 2020-2025 (%)
      • 9.6 South America - Market size and forecast 2020-2025
        • 9.7 MEA - Market size and forecast 2020-2025
          • Exhibit 55: MEA - Market size and forecast 2020-2025 ($ billion)
          • Exhibit 56: MEA - Year-over-year growth 2020-2025 (%)
        • 9.8 Key leading countries
          • Exhibit 57: Key leading countries
        • 9.9 Market opportunity by geography
          • Exhibit 58: Market opportunity by geography ($ billion)

        10 Drivers, Challenges, and Trends

        • 10.1 Market drivers
          • 10.2 Market challenges
            • Exhibit 59: Impact of drivers and challenges
          • 10.3 Market trends

            11 Vendor Landscape

            • 11.1 Overview
              • Exhibit 60: Vendor landscape
            • 11.2 Landscape disruption
              • Exhibit 61: Landscape disruption
              • Exhibit 62: Industry risks

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 63: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 64: Market positioning of vendors
            • 12.3 ADTRAV Corp.
              • Exhibit 65: ADTRAV Corp. - Overview
              • Exhibit 66: ADTRAV Corp. - Product and service
              • Exhibit 67: ADTRAV Corp. - Key offerings
            • 12.4 Airbnb Inc.
              • Exhibit 68: Airbnb Inc. - Overview
              • Exhibit 69: Airbnb Inc. - Product and service
              • Exhibit 70: Airbnb Inc. - Key offerings
            • 12.5 BCD Travel Services BV
              • Exhibit 71: BCD Travel Services BV - Overview
              • Exhibit 72: BCD Travel Services BV - Product and service
              • Exhibit 73: BCD Travel Services BV - Key news
              • Exhibit 74: BCD Travel Services BV - Key offerings
            • 12.6 Booking Holdings Inc.
              • Exhibit 75: Booking Holdings Inc. - Overview
              • Exhibit 76: Booking Holdings Inc. - Business segments
              • Exhibit 77: Booking Holdings Inc. - Key news
              • Exhibit 78: Booking Holdings Inc. - Key offerings
              • Exhibit 79: Booking Holdings Inc. - Segment focus
            • 12.7 CWT Global BV
              • Exhibit 80: CWT Global BV - Overview
              • Exhibit 81: CWT Global BV - Product and service
              • Exhibit 82: CWT Global BV - Key news
              • Exhibit 83: CWT Global BV - Key offerings
            • 12.8 Egencia LLC
              • Exhibit 84: Egencia LLC - Overview
              • Exhibit 85: Egencia LLC - Product and service
              • Exhibit 86: Egencia LLC - Key news
              • Exhibit 87: Egencia LLC - Key offerings
            • 12.9 FROSCH International Travel Inc.
              • Exhibit 88: FROSCH International Travel Inc. - Overview
              • Exhibit 89: FROSCH International Travel Inc. - Business segments
              • Exhibit 90: FROSCH International Travel Inc. - Key offerings
            • 12.10 GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel
              • Exhibit 91: GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel - Overview
              • Exhibit 92: GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel - Product and service
              • Exhibit 93: GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel - Key news
              • Exhibit 94: GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel - Key offerings
            • 12.11 Ovation Travel Group
              • Exhibit 95: Ovation Travel Group - Overview
              • Exhibit 96: Ovation Travel Group - Product and service
              • Exhibit 97: Ovation Travel Group - Key offerings
            • 12.12 Travel Leaders Group LLC
              • Exhibit 98: Travel Leaders Group LLC - Overview
              • Exhibit 99: Travel Leaders Group LLC - Product and service
              • Exhibit 100: Travel Leaders Group LLC - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Currency conversion rates for US$
                • Exhibit 101: Currency conversion rates for US$
              • 13.3 Research methodology
                • Exhibit 102: Research Methodology
                • Exhibit 103: Validation techniques employed for market sizing
                • Exhibit 104: Information sources
              • 13.4 List of abbreviations
                • Exhibit 105: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Business Travel Market market growth will increase by $USD 1.04 tn during 2021-2025.
              The business travel market market is expected to grow at a CAGR of 23.06% during 2021-2025.
              Technavio has segmented the business travel market market by market landscape (Travel fare, Lodging, Dining, and Others) ,application (marketing, internal meeting, trade show, and product launch and Below 40 years) , and geographic (APAC, Europe, North America, South America, and MEA).
              ADTRAV Corp., Airbnb Inc., BCD Travel Services BV, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, Travel Leaders Group LLC are a few of the key vendors in the business travel market market.
              APAC will register the highest growth rate of 42% among the other regions. Therefore, the business travel market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the business travel market market growth are:
              • Growing technological advances
              • Growing preference of consumers to book through online travel agencies
              The business travel market market vendors should focus on grabbing business opportunities from the travel fare segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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