Business Travel Market is Entering a New Era of Corporate Jet-Setting
It was estimated that companies spend around 111.7 billion on work-related trips and tours. Increased globalization and opportunities in the field of business and trade along with various business-oriented events, conferences, congresses, trade fairs, and exhibitions have increased domestic and overseas travelling. 80 % of the corporates believe that such trips and tours help them in holistic growth and generate incremental revenue and thus it is becoming a crucial part of corporate.
Global Business Travel Market size was valued at USD 1.32 trillion in 2023 and is poised to grow from USD 1.42 trillion in 2024 to USD 2.62 trillion by 2032, growing at a CAGR of 7.9% during the forecast period (2025-2032).
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Prevalence of online travel booking and hotel booking is further contributing to global business travel market growth. 458 million visits were recorded for Booking.com, a travel and tourism website followed by tripadvisor.com and irbnb.com in March 2022. As per the records, 66% of the sales for the travel and tourism market were generated from online platforms in the year 2021. China witnessed the highest spending of around USD 295 billion in the year 2021 for business travelling. Such travelling is often destined to well-developed and accommodated places, New York, Paris, London, Tokyo, and Singapore are the Top 5 destinations. It accompanies the facilities related to transport, accommodation, work, entertainment, leisure and other associated activities. In 2021 the global spending on Business travel was around USD 754 billion and is expected to grow by 38% in 2019.
Business Travel Market Segments Analysis:
Global Business Travel Market is segmented by Traveler Type, Industry, Service and region.
Based on Traveler Type, the market is segmented into Solo and Group. Based on Industry, the market is segmented into Corporate and Government. Based on Service, the market is segmented into Transportation, Food & Lodging and Recreation.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Business Travel Market Key Players:
American Express Global Business Travel (USA)
BCD Travel (Netherlands)
Expedia Group (USA)
Booking Holdings Inc. (USA)
Expedia Group (USA)
Flight Centre Travel Group (Australia)
Corporate Travel Management (Australia)
Travel Leaders Group (USA)
SAP Concur (USA)
ATPI Ltd. (UK)
TravelPerk (Spain)
TripActions (USA)
Corporate Travel Management (Australia)
Omega World Travel (USA)
Radius Travel (USA)
Business Travel Market Recent Developments:
In April 2022, Corporate Travel Management (CTM) announced the acquisition of Helloworld Corporate, with this acquisition registering itself as the largest
provider of corporate travel programs to Australia’s government and university sectors and more than a quarter of ASX200 companies. CTM’s immediate focus will be on welcoming customers and employees, establishing customer engagement plans, and optimizing travel policies through CTM’s scale, service and technology.
In June 2022, OpenTable and Inline their strategic partnership. Open table is a leading provider of online restaurant reservations and part of Booking Holdings Inc and the inline group Ltd (inline), a leading software provider for online reservations, table management systems and other productivity tools for restaurants in East Asia.
Business Travel Key Market Trends:
Online marketing is accelerating business travel booking. In recent years online marketing is becoming popular for business travel booking, Instagram was the most effective channel in 2021. 60% of vendors use google ads, around 50 % use Facebook and Twitter and 20-25% use YouTube, blogs, and others for promoting their activities online.
The demand for personalized services among business travelers is increasing. They are frequent, loyal and high-value customers personalization needs could be extended also extended to other areas of the travel industry, including accommodation, transportation, and luxury. The emergence of data-derived insights and consumer behavior analysis allows for an enhanced customer experience and hence increasing customer loyalty.
What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Business Travel industry.
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Objectives of the Study:
• To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
• To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
• To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
• To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
• To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
• To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market
Looking ahead, the Business Travel Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market
accessibility and consumer engagement. The global Business Travel Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.
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