How Has the Business Travel Market Size Evolved in Recent Years?
The business travel market has seen considerable growth due to a variety of factors.
• The business travel market has experienced rapid growth, expected to rise from $908.28 billion in 2024 to $1,015.71 billion in 2025 at a CAGR of 11.8%.
The growth is attributed to the industrial revolution, the increasing interconnectedness of global economies, the rise of multinational corporations and conferences, and the growth of technology companies.
What are the Market Size and Expected Growth Rates for the Business Travel Market?
The business travel market is expected to maintain its strong growth trajectory in upcoming years.
• The business travel market is set to grow to $1606.58 billion by 2029, at a CAGR of 12.1%.
Growth is attributed to a strong economy, rising business activities, and increasing globalization. Trends include travel technology innovations, AI integration, sustainability prioritization, and eco-friendly travel options.
Which Key Drivers Are Propelling The Business Travel Market's Growth?
The rise in exhibitions is expected to boost the business travel market. Exhibitions offer businesses opportunities to network, showcase products, and foster client relationships globally. According to a February 2024 report by UFI, the exhibition industry had fully recovered from the pandemic in 2023, with revenues matching 2019 levels. The outlook for 2024 is positive, with revenues expected to grow by 15%, driving the business travel market forward.
What Are The Key Segments Within The Global Business Travel Market?
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
Subsegments:
1) By Managed Business Travel: Corporate Travel Programs, Travel Management Companies (Tmcs), Online Booking Tools (Obts)
2) By Unmanaged Business Travel: Self-Booking, Direct Supplier Booking, Ad-Hoc Travel
Pre-Book The Business Travel Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Shaping The Business Travel Market?
Companies in the business travel market are developing innovative products like AI-powered flight sorting platforms to improve booking processes and enhance traveler experiences. These platforms use AI algorithms to prioritize flight options based on factors like safety, cost, and travel time. For example, in July 2023, BCD Travel launched GetGoing, a platform designed for small and midsize businesses in the U.S. It combines self-service booking, policy automation, reporting, traveler safety features, and expert support to optimize travel management processes.
Who Are the Key Players In The Business Travel Market?
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
What Are The Regional Insights Into 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.
