Business Travel Lodging Global Market Report 2024

The business travel lodging market size has grown strongly in recent years. It will grow from $357.35 billion in 2023 to $380.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be attributed to global economic growth, an increased demand for corporate profitability, the expansion of multinational corporations, the emergence of markets and travel expansion, as well as digitalization and the adoption of remote working.

The business travel lodging market size is expected to see strong growth in the next few years. It will grow to $477.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to the rising popularity of hybrid work arrangements and bleisure trips (combining business and leisure), increasing awareness of environmental impact, a growing focus on personalized experiences, and the expansion of serviced apartments, extended-stay hotels, and co-living spaces. Major trends in the forecast period include the integration of smart technologies in business travel lodging, technology-driven enhancements, the implementation of smart room technology, sustainable practices and eco-conscious choices, as well as the introduction of robotic room service and assistance.

The anticipated growth in the travel and tourism industries is poised to drive the expansion of the business travel lodging market. The travel and tourism industry encompasses a vast sector that includes individuals traveling either nationally or internationally, along with various activities, services, and businesses related to travel, tourism, and hospitality. Business travel lodging in tourist destinations offers numerous advantages for professionals, such as proximity to tourist attractions, an enhanced work-life balance, and opportunities for networking in a relaxed setting. In July 2022, the International Trade Administration reported a significant increase in the total non-resident international visitor flow to the United States, reaching 5,210,752 with a remarkable 160.8% surge from July 2021. Hence, the growth of the travel and tourism industries is fostering the expansion of the business travel lodging market.

The upswing in leisure travel is expected to propel the business travel lodging market further. Bleisure travel, the combination of business trips with leisure or vacation time, has become increasingly popular. Business travel lodging plays a pivotal role in accommodating the needs of bleisure travelers by providing facilities that cater to both work and leisure. According to the Global Business Travel Association (GBTA), worldwide expenditures on business travel soared by 47% in 2022, totaling $1.03 trillion, and a projected growth of 32% is anticipated in 2023. Consequently, the increasing prevalence of bleisure travel is a key driver of the business travel lodging market.

Technological advancements represent a prominent trend in the business travel lodging market, with major companies adopting innovative technologies to maintain their market positions. Stayntouch, a US-based enterprise mobile cloud platform, introduced Stayntouch 2.0 in October 2022 - a cutting-edge technology suite designed for the hotel industry. This comprehensive suite includes an upgraded cloud property management system (PMS), a guest kiosk, a secure payment gateway, a customizable booking engine, and an easy-to-use channel manager. Stayntouch 2.0 enables hotels to deliver superior service through mobile platforms, automation, mobile guest check-in, and automated upsells, empowering hotel operators to enhance the guest experience while streamlining processes and scaling business operations.

Major companies operating in the business travel lodging market are dedicated to developing innovative solutions, such as AI-based lodging capabilities. AI-based lodging capabilities involve integrating artificial intelligence (AI) technologies into the management and improvement of accommodations. Sabre Corporation, a US-based travel technology company, launched 'Sabre Travel AI' in August 2023 - a Lodging AI that enhances lodging content services. Utilizing machine learning models, the lodging capability analyzes property characteristics, segments customer trips, considers traveler and agency preferences, and generates personalized lodging suggestions based on the analyzed data.

In March 2022, Summit Hotel Properties Inc., a US-based real estate investment trust company, completed the acquisition of Canopy by Hilton for $56 million. This strategic acquisition has expanded Summit Hotel Properties' portfolio, increasing its revenue potential. Canopy by Hilton is a US-based hotel chain known for its hyper-local focus on cuisine, hospitality, artwork, and design, catering to both leisure and business travelers.

Major companies operating in the business travel lodging market report are American Express Company, Marriott International Inc., Booking.com, Priceline, Booking Holdings Inc., Hilton Worldwide Holdings Inc., Carlson Wagonlit Travel, Holiday Inn Express, Best Western International Inc., Four Seasons Hotels Limited, Radisson Hospitality AB, InterContinental Hotels Group, BCD Group, Hyatt Hotels Corporation, Accor SA, Agoda, Pullman Hotels and Resorts, TripAdvisor Inc., Wyndham Hotels and Resorts, Choice Hotels International Inc., Ritz Carlton Hotels LLC, Kayak, Mandarin Oriental Hotel Group, Kesari Tours Pvt Ltd., Extended Stay America Inc., Fairmont Hotels and Resorts, Candlewood Suites, Travelers Haven, Novotel, SevenRooms.

Asia-Pacific was the largest region in the business travel lodging market in 2023. The regions covered in the business travel lodging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the business travel lodging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of business travel lodging include motels, serviced apartments, and vacation rentals. Hotels, a common type of lodging, offer rooms for rent along with additional amenities such as restaurants, bars, and fitness centers. Accommodations are available in various price ranges, including economy or budget, mid-scale, and upscale or luxury. Different types of travelers, such as solo travelers, group travelers, business travelers, and leisure travelers, can make bookings through various channels, including online travel agencies (OTAs), direct booking, and corporate bookings. These lodging options are utilized by a range of industries, including construction and engineering, pharmaceutical and healthcare, agriculture and food and beverage, hospitality, business services and consulting, information technology (IT) and telecom, finance and insurance, non-profit organizations, transport and logistics, and others.

The business travel lodging market research report is one of a series of new reports that provides business travel lodging market statistics, including business travel lodging industry global market size, regional shares, competitors with a business travel lodging market share, detailed business travel lodging market segments, market trends, and opportunities, and any further data you may need to thrive in the business travel lodging industry. This business travel lodging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The business travel lodging market includes revenues earned by entities by providing services such as concierge services, corporate housing, conference centers accommodation, and travel management services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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