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Business Travel - Global Market Trajectory & Analytics

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    Report

  • 464 Pages
  • October 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 5029807

Global Business Travel Market to Reach $829.5 Billion by 2027

Amid the COVID-19 crisis, the global market for Business Travel estimated at US$674.5 Billion in the year 2020, is projected to reach a revised size of US$829.5 Billion by 2027, growing at a CAGR of 3% over the period 2020-2027. Food & Lodging, one of the segments analyzed in the report, is projected to record a 3.7% CAGR and reach US$446.6 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Recreation segment is readjusted to a revised 2.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $243.2 Billion, While China is Forecast to Grow at 5.1% CAGR

The Business Travel market in the U.S. is estimated at US$243.2 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$49.8 Billion by the year 2027 trailing a CAGR of 5.1% over the period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 3.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$114.9 Billion by the year 2027.

Transportation Segment to Record 1.4% CAGR

In the global Transportation segment, USA, Canada, Japan, China and Europe will drive the 1.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$93.2 Billion in the year 2020 will reach a projected size of US$101.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 1.8% CAGR through the analysis period.

Select Competitors (Total 70 Featured)

  • ADTRAV Corporation
  • Airbnb, Inc.
  • American Express Global Business Travel
  • BCD Travel
  • Booking Holdings Inc.
  • CWT
  • Egencia LLC
  • Fareportal, Inc.
  • Flight Centre Travel Group
  • FROSCH International Travel, Inc.
  • Ovation Travel Group
  • Travel Leaders Group, LLC
  • Wexas Travel

What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to a digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Business Travel

What is the estimated value of the Global Market for Business Travel?

The Global Market for Business Travel was estimated to be valued at $674.5 Billion in 2020.

What is the growth rate of the Global Market for Business Travel?

The growth rate of the Global Market for Business Travel is 3.0%, with an estimated value of $829.5 Billion by 2027.

What is the forecasted size of the Global Market for Business Travel?

The Global Market for Business Travel is estimated to be worth $829.5 Billion by 2027.

Who are the key companies in the Global Market for Business Travel?

Key companies in the Global Market for Business Travel include ADTRAV Corporation, Airbnb, Inc., American Express Global Business Travel, BCD Travel, Booking Holdings Inc., CWT, Egencia LLC, Fareportal, Inc. and FROSCH International Travel, Inc..

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Outbreak and Looming Global Recession
  • COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
  • Digitalization Augurs Well for the Tourism Industry
  • Impact of COVID-19 on Business Travel in Life Sciences Sector
  • Pandemic to Transform Future Trends in the Business Travel Industry
  • Business Travel Evolves into Multi-Faceted Endeavor
  • Global Market Prospects & Outlook
  • Major Purposes of Business Trips
  • Competition
  • Startups Disrupt the Business Travel Market
  • World Brands
  • Recent Market Activity
  • Business Travel - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Trends in Travel & Tourism: An Indication of Dynamics in Business Travel Market
  • COVID-19 Impact on Tourism Industry: % Change in International Tourist Arrivals by Region for 2019 and Q1 2020
  • Preference for Communications Technologies & Video Conferencing Amidst COVID-19 Outbreak Over Travel Affects Business Travel
  • Global Downloads (Million) of Select Video Chat Apps for iOS and Android for Jan-2020 to Mar-2020
  • Average Growth (in %) in Video Meetings by Meeting Size for Feb 2020 Vs May 2020
  • Web Conferencing Emerges as an Apt Alternative to Business Travel
  • Mixing Recreation with Business: The New Mantra in Business Travel
  • Bleisure as % of Total Business Trips by Select Countries: 2019
  • Average Number of Bleisure Trips Per Year by Select Countries for 2019
  • Original Purpose of Bleisure Travel: % of Trips Converted to Bleisure Trips by Purpose of Original Trip for 2019
  • Industries with Most Bleisure Travelers: % of Bleisure Travelers by Industry
  • Major Reasons for Choosing a Bleisure Destination: % of Bleisure Travelers Citing a Factor as a Reason for Preferring a Destination among US Bleisure Travelers
  • Pandemic Accelerates Event Planning Industry's Transition towards Virtual Platforms, Affects Business Travels
  • Major Events Cancelled or Deferred or Conducted Virtually due to COVID-19
  • COVID-19 Effect on Global Event Activities: Estimated Percentage Change in Event Revenues for 1H 2020 over 1H 2019
  • Trade Volumes and Trade Wars Closely Correlated to Spending on Business Travel
  • Month-on-Month Growth in Global Trade: Jan 2019-April2020
  • Notable Trends in the Business Travel Industry
  • New Services Emerge as Competitors to Travel Management Companies
  • Using Business Travel to Enhance Employee Satisfaction
  • Bleisure Emerges as a Popular Business Travel Trend
  • Focus on Enhancing Customer Service
  • Rising Importance of Personalized Travel
  • Sustainability Emerges as a Notable Trend in Business Travel
  • Technological Advancements Augur Well for the Market
  • Rising Importance of Artificial and Machine Learning in Business Travel
  • Mobile Devices Become Integral to Business Travel Industry
  • Smartphone Penetration Rate as Share of Total Population: 2016-2021E
  • Downturn in Business Travel Dents Airline Revenues
  • COVID-19 Pandemic Dents Airline Revenues: Commercial Airline Revenue Growth (in %) for 2010-2020E
  • Air Travel a Significant Component of Business Travel Spending: Percentage Breakdown of Average Corporate Trip Budget by Segment for 2019
  • Major Concerns of Business Travelers: % of Business Travelers Citing the Concern Impeding Corporate Travel
  • Growth of SMEs Bodes Well for the Busines Travel Industry
  • Airport Retailers Target Business Travelers
  • Global Airport Retail Market Size (in US$ Billion) for 2019, 2022 & 2024
  • Digitalization of Travel Payments & Guest Data Supports Business Travel Market
  • Challenges Facing Business Travel Market
  • Data Breaches and Fraud Impact Business Travel
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for Business Travel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 2: World Historic Review for Business Travel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 3: World 15-Year Perspective for Business Travel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2012, 2021 & 2027
  • Table 4: World Recent Past, Current & Future Analysis for Food & Lodging by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 5: World Historic Review for Food & Lodging by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 6: World 15-Year Perspective for Food & Lodging by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2021 & 2027
  • Table 7: World Recent Past, Current & Future Analysis for Recreation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 8: World Historic Review for Recreation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 9: World 15-Year Perspective for Recreation by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2021 & 2027
  • Table 10: World Recent Past, Current & Future Analysis for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 11: World Historic Review for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 12: World 15-Year Perspective for Transportation by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2021 & 2027
  • Table 13: World Recent Past, Current & Future Analysis for Group by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 14: World Historic Review for Group by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 15: World 15-Year Perspective for Group by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2021 & 2027
  • Table 16: World Recent Past, Current & Future Analysis for Solo by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 17: World Historic Review for Solo by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 18: World 15-Year Perspective for Solo by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2021 & 2027
  • Table 19: World Recent Past, Current & Future Analysis for Corporate by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 20: World Historic Review for Corporate by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 21: World 15-Year Perspective for Corporate by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2021 & 2027
  • Table 22: World Recent Past, Current & Future Analysis for Government by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 23: World Historic Review for Government by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 24: World 15-Year Perspective for Government by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2012, 2021 & 2027
III. MARKET ANALYSIS
UNITED STATES
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • US Travel & Tourism Industry Hit Hard by the COVID-19 Pandemic
  • US Travel Industry: Percentage Breakdown of Spending by Business Travel and Leisure Spending for 2019
CANADA
JAPAN
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • COVID-19 Impact on the Chinese Travel Industry
EUROPE
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • COVID-19 Crisis Impacts European Travel Industry
FRANCE
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
AUSTRALIA
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Indian Travel & Tourism Market Reels Under the Impact of Coronavirus Outbreak
  • Despite the Temporary Fall in Business Travel, Long term Prospects Remain Highly Promising
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Business Travel Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 70

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ADTRAV Corporation
  • Airbnb, Inc.
  • American Express Global Business Travel
  • BCD Travel
  • Booking Holdings Inc.
  • CWT
  • Egencia LLC
  • Fareportal, Inc.
  • Flight Centre Travel Group
  • FROSCH International Travel, Inc.
  • Ovation Travel Group
  • Travel Leaders Group, LLC
  • Wexas Travel