Business Travel Global Market Report 2024

Description

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 from The Business Research Company 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 size has grown strongly 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 increasing interconnectedness of global economies, industrial revolution, the rise in the number of conferences and trade shows, the rise of multinational corporation meetings, 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 $140.99 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period can be credited to several factors, including a robust economy, heightened business engagements, augmented investment in business travel, accommodating travel policies, and the expanding global footprint of multinational corporations. Notable trends expected in the forecast period comprise advancements in travel technology, progress in online booking platforms, incorporation of AI, a heightened focus on sustainability, and a preference for eco-conscious travel alternatives.

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.

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.

Business Travel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on business travel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for business travel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The business travel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Managed Business Travel; Unmanaged Business Travel
2) By Service: Transportation; Food And Lodging; Business Activity
3) By Age Group: Marketing Travel Fare Travelers Below 40 Years; Travelers Above 40 Years
4) By Purpose: Marketing; Meetings; Trade Shows Or Exhibitions; Product Launch; Other Purposes
5) By Industry: Government; Corporate
Companies Mentioned: American Express Company; Delta Air Lines; United Airlines Inc.; Lufthansa Ltd; British Airways plc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r18296

1. Executive Summary

2. Business Travel Market Characteristics

3. Business Travel Market Trends And Strategies

4. Business Travel Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Business Travel Market Size and Growth

5.1. Global Business Travel Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Business Travel Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Business Travel Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Business Travel Market Segmentation

6.1. Global Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Managed Business Travel
Unmanaged Business Travel
6.2. Global Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Transportation
Food And Lodging
Business Activity
6.3. Global Business Travel Market, Segmentation By Age Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Marketing Travel Fare Travelers Below 40 Years
Travelers Above 40 Years
6.4. Global Business Travel Market, Segmentation By Purpose, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Marketing
Meetings
Trade Shows Or Exhibitions
Product Launch
Other Purposes
6.5. Global Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Government
Corporate

7. Business Travel Market Regional And Country Analysis

7.1. Global Business Travel Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Business Travel Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Business Travel Market

8.1. Asia-Pacific Business Travel Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Business Travel Market

9.1. China Business Travel Market Overview
9.2. China Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Business Travel Market

10.1. India Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Business Travel Market

11.1. Japan Business Travel Market Overview
11.2. Japan Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Business Travel Market

12.1. Australia Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Business Travel Market

13.1. Indonesia Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Business Travel Market

14.1. South Korea Business Travel Market Overview
14.2. South Korea Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Business Travel Market

15.1. Western Europe Business Travel Market Overview
15.2. Western Europe Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Business Travel Market

16.1. UK Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Business Travel Market

17.1. Germany Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Business Travel Market

18.1. France Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Business Travel Market

19.1. Italy Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Business Travel Market

20.1. Spain Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Business Travel Market

21.1. Eastern Europe Business Travel Market Overview
21.2. Eastern Europe Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Business Travel Market

22.1. Russia Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Business Travel Market

23.1. North America Business Travel Market Overview
23.2. North America Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Business Travel Market

24.1. USA Business Travel Market Overview
24.2. USA Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Business Travel Market

25.1. Canada Business Travel Market Overview
25.2. Canada Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Business Travel Market

26.1. South America Business Travel Market Overview
26.2. South America Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Business Travel Market

27.1. Brazil Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Business Travel Market

28.1. Middle East Business Travel Market Overview
28.2. Middle East Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Business Travel Market

29.1. Africa Business Travel Market Overview
29.2. Africa Business Travel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Business Travel Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Business Travel Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Business Travel Market Competitive Landscape And Company Profiles

30.1. Business Travel Market Competitive Landscape
30.2. Business Travel Market Company Profiles
- 30.2.1. American Express Company
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Delta Air Lines
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. United Airlines Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Lufthansa Ltd
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. British Airways plc
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Business Travel Market Other Major And Innovative Companies

31.1. Travelport Worldwide Ltd
31.2. SAP Concur
31.3. Orbitz
31.4. BCD Group
31.5. Navan Inc.
31.6. Carlson Wagonlit Travel (CWT)
31.7. Upside Business Travel
31.8. Corporate Travel Management Ltd
31.9. Clarity Business Travel Agency
31.10. FCM Travel Solutions
31.11. Paxes
31.12. Deem Inc.
31.13. TravelPerk
31.14. SOTC Travel Limited
31.15. Serko Ltd

32. Global Business Travel Market Competitive Benchmarking

33. Global Business Travel Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Business Travel Market

35. Business Travel Market Future Outlook and Potential Analysis

35.1 Business Travel Market In 2028 - Countries Offering Most New Opportunities
35.2 Business Travel Market In 2028 - Segments Offering Most New Opportunities
35.3 Business Travel Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer