Product Code: SR112024A2130
The global business travel market size reached US$ 1.1 Trillion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.9 Trillion by 2032, exhibiting a growth rate (CAGR) of 6.6% during 2024-2032.
Business travel, also known as corporate travel, is a journey explicitly undertaken for work purposes or to expand business operations. It includes traveling to a different branch of the company, or to a different location to meet with suppliers and buyers, or for conferences and business events. In recent years, the rapidly globalizing world has accelerated the trend of business travel, which collectively includes client meetings, brand and product promotion, business expansion, and employee training and incentives.
The global market is primarily being influenced by the increasing digitization in the tourism and corporate sectors. In line with this, growing penetration of the Internet of Things (IoT) has enabled both the travelers and the travel operators to get things done swiftly and with ease. Along with this, the virtual reality (VR) technology also provides better, efficient and personalized customer experiences, thus bolstering the market growth. Apart from this, the rising trend of Bleisure travel, which incorporates business with pleasure elements and offers leisure or recreational activities to relieve stress and improve work efficiency, has provided a positive thrust to the market. Large-scale developments in the travel and tourism sector, an increase in small and medium enterprises (SMEs) and fast-paced globalization has led to a rise in the number of business travelers. This, along with tie-ups of several corporate organizations with the leading business travel companies to provide customized collaborative spaces and team-building exercises, is acting as another major growth-inducing factor.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global business travel market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type and end-user.
Breakup by Type:
Managed Business Travel
Unmanaged Business Travel
Breakup by Purpose Type:
Marketing
Internal Meetings
Trade Shows
Product Launch
Others
Breakup by Expenditure:
Travel Fare
Lodging
Dining
Others
Breakup by Age Group:
Travelers Below 40 Years
Travelers Above 40 Years
Breakup by Service Type:
Transportation
Food and Lodging
Recreational Activities
Others
Breakup by Travel Type:
Group Travel
Solo Travel
Breakup by End-User:
Government
Corporate
Others
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Airbnb Inc., American Express Company, BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, Wexas Ltd. etc.
Key Questions Answered in This Report
- 1. What was the size of the global business travel market in 2023?
- 2. What is the expected growth rate of the global business travel market during 2024-2032?
- 3. What are the key factors driving the global business travel market?
- 4. What has been the impact of COVID-19 on the global business travel market?
- 5. What is the breakup of the global business travel market based on the type?
- 6. What is the breakup of the global business travel market based on the purpose type?
- 7. What is the breakup of the global business travel market based on the expenditure?
- 8. What is the breakup of the global business travel market based on the age group?
- 9. What is the breakup of the global business travel market based on the service type?
- 10. What is the breakup of the global business travel market based on the travel type?
- 11. What is the breakup of the global business travel market based on the end-user?
- 12. What are the key regions in the global business travel market?
- 13. Who are the key companies/players in the global business travel market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Business Travel Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Managed Business Travel
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Unmanaged Business Travel
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Purpose Type
- 7.1 Marketing
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Internal Meetings
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Trade Shows
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Product Launch
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Others
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
8 Market Breakup by Expenditure
- 8.1 Travel Fare
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Lodging
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Dining
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Age Group
- 9.1 Travelers Below 40 Years
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Travelers Above 40 Years
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
10 Market Breakup by Service Type
- 10.1 Transportation
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Food and Lodging
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Recreational Activities
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 10.4 Others
- 10.4.1 Market Trends
- 10.4.2 Market Forecast
11 Market Breakup by Travel Type
- 11.1 Group Travel
- 11.1.1 Market Trends
- 11.1.2 Market Forecast
- 11.2 Solo Travel
- 11.2.1 Market Trends
- 11.2.2 Market Forecast
12 Market Breakup by End-User
- 12.1 Government
- 12.1.1 Market Trends
- 12.1.2 Market Forecast
- 12.2 Corporate
- 12.2.1 Market Trends
- 12.2.2 Market Forecast
- 12.3 Others
- 12.3.1 Market Trends
- 12.3.2 Market Forecast
13 Market Breakup by Region
- 13.1 North America
- 13.1.1 United States
- 13.1.1.1 Market Trends
- 13.1.1.2 Market Forecast
- 13.1.2 Canada
- 13.1.2.1 Market Trends
- 13.1.2.2 Market Forecast
- 13.2 Asia Pacific
- 13.2.1 China
- 13.2.1.1 Market Trends
- 13.2.1.2 Market Forecast
- 13.2.2 Japan
- 13.2.2.1 Market Trends
- 13.2.2.2 Market Forecast
- 13.2.3 India
- 13.2.3.1 Market Trends
- 13.2.3.2 Market Forecast
- 13.2.4 South Korea
- 13.2.4.1 Market Trends
- 13.2.4.2 Market Forecast
- 13.2.5 Australia
- 13.2.5.1 Market Trends
- 13.2.5.2 Market Forecast
- 13.2.6 Indonesia
- 13.2.6.1 Market Trends
- 13.2.6.2 Market Forecast
- 13.2.7 Others
- 13.2.7.1 Market Trends
- 13.2.7.2 Market Forecast
- 13.3 Europe
- 13.3.1 Germany
- 13.3.1.1 Market Trends
- 13.3.1.2 Market Forecast
- 13.3.2 France
- 13.3.2.1 Market Trends
- 13.3.2.2 Market Forecast
- 13.3.3 United Kingdom
- 13.3.3.1 Market Trends
- 13.3.3.2 Market Forecast
- 13.3.4 Italy
- 13.3.4.1 Market Trends
- 13.3.4.2 Market Forecast
- 13.3.5 Spain
- 13.3.5.1 Market Trends
- 13.3.5.2 Market Forecast
- 13.3.6 Russia
- 13.3.6.1 Market Trends
- 13.3.6.2 Market Forecast
- 13.3.7 Others
- 13.3.7.1 Market Trends
- 13.3.7.2 Market Forecast
- 13.4 Latin America
- 13.4.1 Brazil
- 13.4.1.1 Market Trends
- 13.4.1.2 Market Forecast
- 13.4.2 Mexico
- 13.4.2.1 Market Trends
- 13.4.2.2 Market Forecast
- 13.4.3 Others
- 13.4.3.1 Market Trends
- 13.4.3.2 Market Forecast
- 13.5 Middle East and Africa
- 13.5.1 Market Trends
- 13.5.2 Market Breakup by Country
- 13.5.3 Market Forecast
14 SWOT Analysis
- 14.1 Overview
- 14.2 Strengths
- 14.3 Weaknesses
- 14.4 Opportunities
- 14.5 Threats
15 Value Chain Analysis
16 Porters Five Forces Analysis
- 16.1 Overview
- 16.2 Bargaining Power of Buyers
- 16.3 Bargaining Power of Suppliers
- 16.4 Degree of Competition
- 16.5 Threat of New Entrants
- 16.6 Threat of Substitutes
17 Competitive Landscape
- 17.1 Market Structure
- 17.2 Key Players
- 17.3 Profiles of Key Players
- 17.3.1 Airbnb Inc.
- 17.3.1.1 Company Overview
- 17.3.1.2 Product Portfolio
- 17.3.2 American Express Company
- 17.3.2.1 Company Overview
- 17.3.2.2 Product Portfolio
- 17.3.2.3 Financials
- 17.3.2.4 SWOT Analysis
- 17.3.3 BCD Travel
- 17.3.3.1 Company Overview
- 17.3.3.2 Product Portfolio
- 17.3.4 Booking Holdings Inc.
- 17.3.4.1 Company Overview
- 17.3.4.2 Product Portfolio
- 17.3.4.3 Financials
- 17.3.4.4 SWOT Analysis
- 17.3.5 Carlson Wagonlit Travel Inc.
- 17.3.5.1 Company Overview
- 17.3.5.2 Product Portfolio
- 17.3.6 Expedia Group Inc.
- 17.3.6.1 Company Overview
- 17.3.6.2 Product Portfolio
- 17.3.6.3 Financials
- 17.3.6.4 SWOT Analysis
- 17.3.7 Fareportal Inc.
- 17.3.7.1 Company Overview
- 17.3.7.2 Product Portfolio
- 17.3.8 Flight Centre Travel Group
- 17.3.8.1 Company Overview
- 17.3.8.2 Product Portfolio
- 17.3.8.3 Financials
- 17.3.9 Hogg Robinson Group
- 17.3.9.1 Company Overview
- 17.3.9.2 Product Portfolio
- 17.3.9.3 Financials
- 17.3.10 Travel Leaders Group LLC
- 17.3.10.1 Company Overview
- 17.3.10.2 Product Portfolio
- 17.3.11 Wexas Ltd.
- 17.3.11.1 Company Overview
- 17.3.11.2 Product Portfolio