How Is The Global Business Travel Market Defined?
Business travel refers to the movement of individuals for work-related purposes, typically undertaken by employees or executives of companies to attend meetings, conferences, training sessions, or conduct business transactions in different locations. It encompasses both domestic and international travel and often involves expenses related to transportation, meals, and other incidental costs, all essential for conducting business activities away from the usual workplace.
Business Travel Global Market Report 2024 provides data on the global business travel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The business travel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Business Travel Market Size And Growth Rates Projected To Evolve?
The business travel market has seen robust growth, increasing from $812.89 billion in 2023 to $913.21 billion in 2024 at a CAGR of 12.3%. This expansion has been fueled by global economic interconnectedness, multinational corporate activities, increased conferences and trade shows, and the rise of technology companies. By 2028, the market is projected to reach $1,409.9 billion at a CAGR of 12.5%, driven by economic growth, heightened business activities, increased travel investments, accommodating travel policies, and globalization of corporations. Emerging trends include travel technology innovations, advanced online booking platforms, AI integration, prioritization of sustainable travel, and eco-friendly travel options.
What Are The Essential Drivers Behind The Growth Of The Business Travel Market?
The rise in exhibitions is projected to propel the business travel market. Exhibitions, which showcase products, artworks, or information, are becoming more prominent as businesses recognize their importance for direct customer engagement and brand visibility. These events also serve as key venues for networking and relationship-building. For instance, UFI, the Global Association of the Exhibition Industry, reported in February 2024 that exhibition industry revenues recovered to pre-pandemic levels in 2023, with a 15% growth forecasted for 2024. This increasing activity is contributing to the growth of the business travel market.
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How Is The Global Business Travel Market Divided Into Key Segments?
The business travel market covered in this report is segmented –
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
What Trends Are Reshaping The Future Of The Business Travel Market?
In the business travel sector, companies are leveraging AI-powered platforms to streamline booking and enhance user experiences. These platforms use AI algorithms to analyze and prioritize flight options based on various factors. In July 2023, BCD Travel, a Netherlands-based travel company, launched GetGoing, a digital platform designed for small and mid-sized businesses. Combining self-service convenience with expert support, it offers booking tools, policy automation, reporting, and traveler safety features. GetGoing simplifies travel management, optimizing costs and improving user experiences.
What Is The Fastest Growing Region In The Business Travel Market?
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.
