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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

In the changed post COVID-19 business landscape, 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 analysis 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 analysis 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

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