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The business travel market size is estimated to grow at a CAGR of 24.42% between 2023 and 2027. The market size is forecast to increase by USD 1,535.23 billion. The growth of the market depends on several factors such as growing technological advances, the digitalization of travel payments, and the availability of business services in hotels.
This business travel market report extensively covers market segmentation by application (marketing, internal meeting, trade show, and product launch), type (travel fare, lodging, dining, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing technological advances are driving growth in key business travel. Technological advancements and solutions, which help travel agents and their clients in a variety of ways, play an important role in the business travel market. such as accessing travel data, comparing reservation options, and booking the most efficient, economical, and comfortable option. Companies are using technologically advanced solutions like personal travel assistants to make business travel reservations efficient by providing a personalized experience to customers.
However, it offers customers an AI technology-enabled personal travel assistant that is always accessible. This market growth can be facilitated by the availability of technologically advanced features, as it saves time for companies to make travel arrangements. Therefore, the factors like the growing technological advances will drive the growth of the global business travel market.
Key Business Travel Market Trends
The growing preference of consumers to book through online travel agencies is a key trend in the business travel market. In travel booking, consumers have started to use Internet portals. It makes it possible for companies to schedule orders in an organized way. Traveling portals and agents are coming up with innovative schemes to promote their online portals further.
For example, take booking.com, one of the prominent online booking portals, provides users with booking options depending on the type of business trip. The website also allows companies to select and shortlist hotels on the basis of available facilities. Therefore, the growing preferences of consumers to book through online travel agencies will significantly contribute to the growth of the global business travel market during the forecast period.
The improper management of travel plans is a major challenge in the business travel market. Many corporations have not made travel policies user-friendly, which is leading to confusion among employees, who are often not aware of the inclusions and exclusions of the services in their business plans. This has a negative impact on the global business travel market.
In addition, the lack of an updated booking system continues to hamper the management of business plans. Therefore, improper management of travel plans can negatively affect the growth of the global business market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Business Travel Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ADTRAV Corp.- The company offers business travel services such as 24 by 7 service, flexible booking, VIP services, and travel alerts.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The marketing segments are estimated to witness significant growth during the forecast period. Business travel is a crucial part of the marketing strategies of small and large enterprises operating globally. International marketing, which is also known as global marketing, moreover the marketing of a company on its own overseas market for products and services.
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The marketing segment was the largest segment and was valued at USD 140.84 billion in 2017. The marketing of products in international markets enables companies to expand their customer base and build the reputation of their brands. With the help of a business trip undertaken by employees by the international market, the companies can have a better understanding of the sales strategies and can focus on the target customer base.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC held the highest revenue share of the global business travel market and is expected to hold its leading market position during the forecast period. In terms of quality, companies are making efforts to improve business travel for employees.
Moreover, the business travel market in APAC is becoming autonomous in terms of planning business travel, especially for booking flights and hotels, either from a pre-approved list of flights or without any restrictions. In addition, the market is continuing to grow supported by favorable fares with minor increases for each fare class and route. Furthermore, the growing middle-class population, strong economy, and limited demand for new inventories are the factors responsible for the controlled hotel prices.
The business travel market in APAC was negatively impacted due to the COVID-19 outbreak that claimed around 0.39 million lives in India as of June 22, 2020. However, the vaccination drives that were conducted by the government across the region in the first half of 2021 helped to normalize the situation. The region's rapidly growing infrastructure makes it easier to set up a business, and the expansion of the business opportunities in the region will increase the growth of the regional business travel market. Therefore, owing to such factors, the business travel market In the region is expected to grow during the forecast period.
The business travel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Business Travel Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 24.42% |
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Market growth 2023-2027 |
USD 1,535.23 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
23.34 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Japan, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart Inc., and WexasA Ltd. |
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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, and Market condition analysis for the forecast period. |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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