Business Travel Market by Expenditure, Age, Application, and Geography - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 120
  • SKU: IRTNTR44220
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The business travel market has the potential to grow by $ 1040.59 bn during 2021-2025, 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 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 in 2021?

Business-Travel-Market-Market-Size-2020-2025

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Business Travel Market: Key Drivers and Trends

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 market industry. The holistic analysis of the drivers will help in predicting end goals and refining marketing strategies to gain a competitive edge.

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.

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

The vendor landscape of the business travel market entails successful business strategies deployed by the vendors. The business travel market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. 

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.

Download a free sample of the business travel market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Business Travel Market?

Business-Travel-Market-Market-Share-by-Region-2020-2025

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42% of the market’s growth will originate from APAC during the forecast period. China, US, Germany, Japan, and UK are the key markets for business travel market in APAC. 

The report offers an up-to-date analysis of the geographical composition of the market. APAC has been recording significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. Digitalization of travel payments will facilitate the business travel market growth in APAC over the forecast period. The report offers an up-to-date analysis of the geographical composition of the market, competitive intelligence, and regional opportunities in store for vendors.

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

Business-Travel-Market-Market-Share-by-Expenditure-2020-2025

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The business travel market share growth by the __ segment has been significant. This report provides insights on the impact of the unprecedented outbreak of COVID-19 on market segments. Through these insights, you can safely deduce transformation patterns in consumer behavior, which is crucial to gauge segment-wise revenue growth during 2021-2025 and embrace technologies to improve business efficiency.

This report provides an accurate prediction of the contribution of all the segments to the growth of the business travel market size. Furthermore, our analysts have indicated actionable market insights on post COVID-19 impact on each segment, which is crucial to predict change in consumer demand.

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

$ 1040.59 billion

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

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 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 Factors 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 market 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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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
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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
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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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The business travel market growth will increase by $268.83 billion during 2019-2024.
The business travel market is expected to grow at a CAGR of 3.38% during 2019-2024.
Technavio has segmented the business travel market by other1 (Travel fare, Lodging, Dining, and Other expenditure) ,other2 (Above 40 years and Below 40 years) , and application (Marketing, Internal meeting, Trade show, and Product launch).
ADTRAV Corp., Airbnb Inc., BCD Group, 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.
APAC will register the highest growth rate of 52.57% among the other regions. Therefore, the business travel 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 growth are:
  • Growing technological advances
  • Growing preference of consumers to book through online travel agencies
The business travel 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.
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