Business Travel Market Report and Forecast 2023-2028

According to the report, the global business travel market reached a value of approximately USD 817.47 billion in 2022. Aided by the resurgence of global economies and the growing need for in-person business interactions, the market is projected to further grow at a CAGR of 12.00% between 2023 and 2028 to reach a value of USD 1440.66 billion by 2028.

Business travel encompasses all forms of employee-driven travel for organisations, which includes attending meetings, conferences, and training sessions, amongst others. It is considered an investment by corporations to further their business interests, build and maintain relationships, and secure new deals. Business travel is also integral to the hospitality and tourism industry, generating substantial revenue for hotels, airlines, and travel service providers.

A significant factor driving the global business travel market growth is the necessity for in-person meetings and engagements. Despite the digital transformation that allows virtual meetings and remote work, face-to-face meetings are regarded as crucial in establishing and nurturing business relationships, negotiating deals, and fostering team cohesion. This factor is driving the recovery and growth of the business travel market post-pandemic.

The adoption and integration of technology in the travel industry are also fuelling the business travel market expansion. The digitalisation of travel booking and management services have made arranging and managing business travel more streamlined and efficient. Businesses are leveraging digital platforms that offer integrated solutions for booking, itinerary management, travel expense tracking, and policy compliance, enhancing the business travel experience and driving market growth.

Furthermore, the trend of 'bleisure' travel (a blend of business and leisure travel) is gaining momentum, with more business travellers extending their trips for leisure purposes, aiding the business travel market development. This trend is leading to an increase in demand for diverse travel experiences, extending the market's potential reach beyond traditional business travel services.

Moreover, the global business travel market demand is positively impacted by the growth of SMEs and startups. As these businesses expand their reach and footprint, both domestically and internationally, the demand for business travel is set to increase.

Additionally, the growing awareness about the environmental impact of frequent air travel is prompting businesses to evaluate their travel policies and adopt more sustainable practices, which might alter the dynamics of the business travel market.

Market Segmentation

The market can be divided based on service, industry, traveller, and region.

Market Breakup by Service

• Transportation
• Food and Lodging
• Recreation

Market Breakup by Industry

• Government
• Corporate
• Others

Market Breakup by Traveller

• Group
• Solo
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global business travel companies.

Some of the major key players explored in the report are as follows:

• Airbnb Inc.
• GBT Travel Services UK Limited
• BCD Group
• Booking Holdings Inc.
• CWT Global B.V.
• Corporate Travel Management Limited
• Expedia Group, Inc.
• Fareportal, Inc.
• Flight Centre Travel Group Ltd.
• Wexas Ltd.
• Others

About the Analyst

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.