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The Global Business Travel Market size is estimated to grow by USD 1,535.23 billion, exhibiting a positive CAGR of 24.42% between 2023 and 2027.
Our report offers in-depth analysis of the market drivers, trends, opportunities, challenges, and restraints, with 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). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
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The growing technological advances is a key factor propelling the business travel market growth. The corporate travel market relies on technological advancements to enhance travel agents' and clients' experiences, facilitating access to travel data, comparing reservations, and securing efficient, cost-effective, and comfortable options. Advancements in artificial intelligence (AI) streamline the booking process by automating tasks and preserving employee travel preferences. Hilton Hotels, for instance, utilizes robotic concierges to address inquiries.
Companies employ advanced solutions like personal travel assistants, leveraging AI for a personalized booking experience, reducing time and enhancing efficiency. The market's growth is fueled by technological features that optimize travel arrangements, minimizing time investment. Thus, ongoing technological advances contribute to the expansion of the global corporate travel market.
The growing preference of consumers to book through online travel agencies is a key trend shaping the business travel market. Consumers increasingly opt for online portals to streamline travel bookings, prompting travel agencies to introduce innovative promotions. For instance, Upside tailors deals for business travelers, enticing over 5,000 companies to enroll in its corporate plan through VIP programs and complimentary cards. Booking.com, a major online portal, caters to diverse business trip needs, allowing companies to filter hotels based on amenities. This shift towards online travel agency preferences is expected to substantially fuel the expansion of the global corporate travel market in the forecast period.
The rising penetration of online video conferencing platforms is a major challenge hindering the market growth. Online video conferencing platforms like Zoom and Google Meet are poised to challenge participants in the global business travel market in the forecast period. These platforms gained popularity post-pandemic and are widely embraced by corporate entities, serving as a cost-effective alternative to expensive business travel. The advancements in online communication technologies, including banking, phone calls, emails, and video conferencing, offer companies efficient and economical means of communication and transactions.
The emergence of real-time communication options, such as Skype, FaceTime, Google Meet, and Zoom, has become a major constraint for the business travel market due to their low cost and high effectiveness. As a result, the increasing prevalence of online video conferencing platforms is expected to impede the growth of the global corporate travel market in the forecast period.
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.
Business Travel Market
By Application
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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.
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.
Business Travel Market
By APAC
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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 corporate travel market. Therefore, owing to such factors, the business travel market In the region is expected to grow 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.
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.
Business Travel Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24.42% |
Market growth 2023-2027 |
USD 1,535.23 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
23.34 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
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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