Business Travel Global Market Report 2024

The business travel market size has grown rapidly in recent years. It will grow from $812.89 billion in 2023 to $913.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to the industrial revolution, the increasing interconnectedness of global economies, the rise of multinational corporation meetings, the rise in the number of conferences and trade shows, and the rise of technology companies.

The business travel market size is expected to see rapid growth in the next few years. It will grow to $1.46 trillion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to the growth of a strong economy, increased business activities, rise in investment in business travel, generous travel policies, and increasing globalization of multinational corporations. Major trends in the forecast period include innovations in travel technology, advancements in online booking platforms, integration of AI, prioritizing sustainability, and opting for eco-friendly travel options.

The surge in exhibitions is anticipated to drive the expansion of the business travel sector in the foreseeable future. Exhibitions, structured events where products, artworks, or information are showcased to the public, are witnessing a surge due to their recognized efficacy in facilitating direct interaction with customers and enhancing brand visibility in competitive markets. These events serve as pivotal points within business travel, offering platforms for companies to network, exhibit products, and nurture client relationships globally. For example, as reported by UFI, the Global Association of the Exhibition Industry, in February 2024, the exhibition industry across most global markets had rebounded from the pandemic downturn in 2023, with revenues matching those of 2019 on average. Moreover, the outlook for 2024 is optimistic, with revenues projected to grow by an average of 15%, positioning the industry for record-high revenue levels. Hence, the upsurge in exhibitions is propelling the expansion of the business travel market.

Major players within the business travel sector are pioneering innovative solutions, such as AI-driven flight organization platforms, to streamline reservation procedures, enrich traveler experiences, and maximize cost-effectiveness. These AI-driven flight organization platforms are digital solutions employing artificial intelligence algorithms to assess and prioritize flight alternatives based on criteria such as safety, affordability, travel duration, and traveler preferences. For example, in July 2023, BCD Travel, a Netherlands-based enterprise specializing in business travel services, introduced GetGoing, a comprehensive digital platform tailored for small and medium-sized businesses in the United States. GetGoing seamlessly integrates user-friendly self-service functionalities with expert guidance, offering a range of services including booking, policy automation, reporting tools, traveler safety provisions, and expert support. By simplifying travel management procedures, GetGoing facilitates effortless booking and policy configuration while providing real-time cost optimization insights through dynamic reporting capabilities.

In January 2021, American Express Global Business Travel, a travel management company headquartered in the United States, acquired Ovation Travel Group for an undisclosed sum. This acquisition is anticipated to facilitate the expansion of American Express Global Business Travel's market presence, enhance its range of services, and broaden its customer portfolio. Ovation Travel Group, based in the United States, specializes in delivering business travel solutions.

Major companies operating in the business travel market are American Express Company, Delta Air Lines, United Airlines Inc., Lufthansa Ltd, British Airways plc, Travelport Worldwide Ltd, SAP Concur, Orbitz, BCD Group, Navan Inc., Carlson Wagonlit Travel (CWT), Upside Business Travel, Corporate Travel Management Ltd, Clarity Business Travel Agency, FCM Travel Solutions, Paxes, Deem Inc., TravelPerk, SOTC Travel Limited, Serko Ltd, Thomas Cook, Wexas Travel Management.

Asia-Pacific was the largest region in the business travel market in 2023. The regions covered in the business travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the business travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Business travel involves individuals traveling for professional reasons, usually by employees or executives of organizations, to participate in meetings, conferences, training sessions, or conduct business affairs in various places. It covers both domestic and international travel and often includes costs associated with transportation, meals, and other incidental expenses necessary for carrying out business tasks outside the regular workplace.

Business travel can be categorized into managed business travel and unmanaged business travel. Managed business travel involves a well-organized corporate travel program managed by a travel management company. This program handles tasks such as booking, budgeting, policy adherence, and risk management to enhance the efficiency of business travel procedures. It encompasses various services such as transportation, accommodation, meals, and activities tailored for different age groups, such as travelers below and above 40 years old. The purposes of such travel range from marketing and meetings to trade shows, exhibitions, and product launches, serving industries including government and corporate sectors.

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

The business travel market includes revenues earned by entities by providing services such as booking accommodations and transportation, itinerary planning, expense management, and travel insurance. 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.