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Business Travel Market By INDUSTRY, By SERVICE, By TRAVELER: Global Opportunity Analysis and Industry Forecast, 2022-2031

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    Report

  • 300 Pages
  • May 2023
  • Region: Global
  • Allied Market Research
  • ID: 5457292
The global business travel market was valued at $689.7 billion in 2021, and is expected to reach $2,095.4 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It Includes transportation, accommodation, business work, entertainment, and other activities. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9000 billion, in 2019.

According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $5.8 trillion to the global GDP (Gross Domestic Product) in 2021. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work.

Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management. The growth of the global business travel market is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of meetings, Incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector and Increase in globalization of businesses. However, surge in adoption of advanced technology such as video conferencing hampers the market growth, as it is cost-effective and less time-consuming as compared to travelling.

Conversely, Increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the business travel market. The outbreak of COVID-19 emerged as a major threat to the global travel & tourism industry that severely deteriorated the business travel industry. The pandemic led to cancellation of almost all the major business travel activities and MICE events across the globe.

Moreover, the wide spread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions is expected to compete with the players operating in the global business travel market in the future. The adoption of video conferencing platforms is serving the needs of many companies for meetings and conferences and is also adopted by them as a cost control measure as companies are avoiding the costly business travel expenses. In this way, COVID-19 has changed the competitive landscape of the global business travel market and is anticipated to have a long-term effect.

The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation. Furthermore, the transportation segment is categorized into air, rail, and car. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on the basis of traveler, is categorized into group and solo traveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. According to the business travel market forecast, based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 9.8% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.4% market share in 2021. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is also forecasted to be the fastest-growing segment due to growth of business activities across the globe. The corporate segment accounted for around 65.9% market share in 2021 and is expected to witness growth at the highest CAGR of 9.8% during the forecast period.

Based on traveler, the group was the largest and the fastest-growing segment that garnered 59.9% market share in 2021 and is anticipated to grow at a significant CAGR of 9.9% in the upcoming future. The group segment is prospering as the cost involved in group tourism is lower. Further, the service providers offers discounted rates on accommodation and transportation for group travel.

Based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due to rapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.7% of the market in 2021 followed by North America and Europe that constituted 26.2% and 24.2% market share respectively in 2021. LAMEA is expected to show considerable growth due to growing business activities, growing government initiatives to attract FDIs (foreign direct investments), and continuous infrastructural development in the region.

The players operating in the global business travel market have adopted various developmental strategies to expand their market share, explore the business travel market opportunity, and Increase profitability in the market. The key players profiled in this report Include American Express Company, BCD Group, CWT Global B.V., American Express Global Business Travel, Chase, Navan, Inc., TravelPerk S.L.U, Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Citi Bank N.A.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the business travel market analysis from 2021 to 2031 to identify the prevailing business travel market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the business travel market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report Includes the analysis of the regional as well as global business travel market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By INDUSTRY

  • Government
  • Corporate

By SERVICE

  • Transportation
  • Sub Type
  • Air
  • Rail
  • Car
  • Food and Lodging
  • Recreation

By TRAVELER

  • Group
  • Solo

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • Spain
  • Italy
  • Sweden
  • Greece
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Turkey
  • South Africa
  • Saudi Arabia
  • Rest of LAMEA

Key Market Players

  • Flight Centre Travel Group Limited
  • American Express Global Business Travel
  • Chase
  • Navan, Inc.
  • CWT Global B.V.
  • American Express Company
  • Corporate Travel Management Limited
  • Citibank, N.A.
  • TravelPerk S.L.U
  • BCD Group

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyers
3.3.3. Threat of substitutes
3.3.4. Threat of new entrants
3.3.5. Intensity of rivalry
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Globalization is positively impacting business travel
3.4.1.2. Rapid growth of SMEs
3.4.1.3. Development of the global tourism industry
3.4.2. Restraints
3.4.2.1. Growing adoption of ICT technology
3.4.3. Opportunities
3.4.3.1. Adoption of different technological advancements
3.4.3.2. Growing infrastructure
3.5. COVID-19 Impact Analysis on the market
3.6. Parent-Peer Market Analysis
3.7. Top Impacting Factors
CHAPTER 4: BUSINESS TRAVEL MARKET, BY INDUSTRY
4.1. Overview
4.1.1. Market size and forecast
4.2. Government
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Corporate
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
CHAPTER 5: BUSINESS TRAVEL MARKET, BY SERVICE
5.1. Overview
5.1.1. Market size and forecast
5.2. Transportation
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.2.4. Transportation Business Travel Market by Sub Type
5.2.4.1. Air Market size and forecast, by region
5.2.4.2. Air Market size and forecast, by country
5.2.4.3. Rail Market size and forecast, by region
5.2.4.4. Rail Market size and forecast, by country
5.2.4.5. Car Market size and forecast, by region
5.2.4.6. Car Market size and forecast, by country
5.3. Food and Lodging
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
5.4. Recreation
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis by country
CHAPTER 6: BUSINESS TRAVEL MARKET, BY TRAVELER
6.1. Overview
6.1.1. Market size and forecast
6.2. Group
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market share analysis by country
6.3. Solo
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market share analysis by country
CHAPTER 7: BUSINESS TRAVEL MARKET, BY REGION
7.1. Overview
7.1.1. Market size and forecast By Region
7.2. North America
7.2.1. Key trends and opportunities
7.2.2. Market size and forecast, by INDUSTRY
7.2.3. Market size and forecast, by SERVICE
7.2.3.1. North America Transportation Business Travel Market by Sub Type
7.2.4. Market size and forecast, by TRAVELER
7.2.5. Market size and forecast, by country
7.2.5.1. U.S.
7.2.5.1.1. Key market trends, growth factors and opportunities
7.2.5.1.2. Market size and forecast, by INDUSTRY
7.2.5.1.3. Market size and forecast, by SERVICE
7.2.5.1.3.1. U.S. Transportation Business Travel Market by Sub Type
7.2.5.1.4. Market size and forecast, by TRAVELER
7.2.5.2. Canada
7.2.5.2.1. Key market trends, growth factors and opportunities
7.2.5.2.2. Market size and forecast, by INDUSTRY
7.2.5.2.3. Market size and forecast, by SERVICE
7.2.5.2.3.1. Canada Transportation Business Travel Market by Sub Type
7.2.5.2.4. Market size and forecast, by TRAVELER
7.2.5.3. Mexico
7.2.5.3.1. Key market trends, growth factors and opportunities
7.2.5.3.2. Market size and forecast, by INDUSTRY
7.2.5.3.3. Market size and forecast, by SERVICE
7.2.5.3.3.1. Mexico Transportation Business Travel Market by Sub Type
7.2.5.3.4. Market size and forecast, by TRAVELER
7.3. Europe
7.3.1. Key trends and opportunities
7.3.2. Market size and forecast, by INDUSTRY
7.3.3. Market size and forecast, by SERVICE
7.3.3.1. Europe Transportation Business Travel Market by Sub Type
7.3.4. Market size and forecast, by TRAVELER
7.3.5. Market size and forecast, by country
7.3.5.1. Germany
7.3.5.1.1. Key market trends, growth factors and opportunities
7.3.5.1.2. Market size and forecast, by INDUSTRY
7.3.5.1.3. Market size and forecast, by SERVICE
7.3.5.1.3.1. Germany Transportation Business Travel Market by Sub Type
7.3.5.1.4. Market size and forecast, by TRAVELER
7.3.5.2. France
7.3.5.2.1. Key market trends, growth factors and opportunities
7.3.5.2.2. Market size and forecast, by INDUSTRY
7.3.5.2.3. Market size and forecast, by SERVICE
7.3.5.2.3.1. France Transportation Business Travel Market by Sub Type
7.3.5.2.4. Market size and forecast, by TRAVELER
7.3.5.3. Spain
7.3.5.3.1. Key market trends, growth factors and opportunities
7.3.5.3.2. Market size and forecast, by INDUSTRY
7.3.5.3.3. Market size and forecast, by SERVICE
7.3.5.3.3.1. Spain Transportation Business Travel Market by Sub Type
7.3.5.3.4. Market size and forecast, by TRAVELER
7.3.5.4. Italy
7.3.5.4.1. Key market trends, growth factors and opportunities
7.3.5.4.2. Market size and forecast, by INDUSTRY
7.3.5.4.3. Market size and forecast, by SERVICE
7.3.5.4.3.1. Italy Transportation Business Travel Market by Sub Type
7.3.5.4.4. Market size and forecast, by TRAVELER
7.3.5.5. Sweden
7.3.5.5.1. Key market trends, growth factors and opportunities
7.3.5.5.2. Market size and forecast, by INDUSTRY
7.3.5.5.3. Market size and forecast, by SERVICE
7.3.5.5.3.1. Sweden Transportation Business Travel Market by Sub Type
7.3.5.5.4. Market size and forecast, by TRAVELER
7.3.5.6. Greece
7.3.5.6.1. Key market trends, growth factors and opportunities
7.3.5.6.2. Market size and forecast, by INDUSTRY
7.3.5.6.3. Market size and forecast, by SERVICE
7.3.5.6.3.1. Greece Transportation Business Travel Market by Sub Type
7.3.5.6.4. Market size and forecast, by TRAVELER
7.3.5.7. Rest of Europe
7.3.5.7.1. Key market trends, growth factors and opportunities
7.3.5.7.2. Market size and forecast, by INDUSTRY
7.3.5.7.3. Market size and forecast, by SERVICE
7.3.5.7.3.1. Rest of Europe Transportation Business Travel Market by Sub Type
7.3.5.7.4. Market size and forecast, by TRAVELER
7.4. Asia-Pacific
7.4.1. Key trends and opportunities
7.4.2. Market size and forecast, by INDUSTRY
7.4.3. Market size and forecast, by SERVICE
7.4.3.1. Asia-Pacific Transportation Business Travel Market by Sub Type
7.4.4. Market size and forecast, by TRAVELER
7.4.5. Market size and forecast, by country
7.4.5.1. China
7.4.5.1.1. Key market trends, growth factors and opportunities
7.4.5.1.2. Market size and forecast, by INDUSTRY
7.4.5.1.3. Market size and forecast, by SERVICE
7.4.5.1.3.1. China Transportation Business Travel Market by Sub Type
7.4.5.1.4. Market size and forecast, by TRAVELER
7.4.5.2. Japan
7.4.5.2.1. Key market trends, growth factors and opportunities
7.4.5.2.2. Market size and forecast, by INDUSTRY
7.4.5.2.3. Market size and forecast, by SERVICE
7.4.5.2.3.1. Japan Transportation Business Travel Market by Sub Type
7.4.5.2.4. Market size and forecast, by TRAVELER
7.4.5.3. India
7.4.5.3.1. Key market trends, growth factors and opportunities
7.4.5.3.2. Market size and forecast, by INDUSTRY
7.4.5.3.3. Market size and forecast, by SERVICE
7.4.5.3.3.1. India Transportation Business Travel Market by Sub Type
7.4.5.3.4. Market size and forecast, by TRAVELER
7.4.5.4. Rest of Asia-Pacific
7.4.5.4.1. Key market trends, growth factors and opportunities
7.4.5.4.2. Market size and forecast, by INDUSTRY
7.4.5.4.3. Market size and forecast, by SERVICE
7.4.5.4.3.1. Rest of Asia-Pacific Transportation Business Travel Market by Sub Type
7.4.5.4.4. Market size and forecast, by TRAVELER
7.5. LAMEA
7.5.1. Key trends and opportunities
7.5.2. Market size and forecast, by INDUSTRY
7.5.3. Market size and forecast, by SERVICE
7.5.3.1. LAMEA Transportation Business Travel Market by Sub Type
7.5.4. Market size and forecast, by TRAVELER
7.5.5. Market size and forecast, by country
7.5.5.1. Brazil
7.5.5.1.1. Key market trends, growth factors and opportunities
7.5.5.1.2. Market size and forecast, by INDUSTRY
7.5.5.1.3. Market size and forecast, by SERVICE
7.5.5.1.3.1. Brazil Transportation Business Travel Market by Sub Type
7.5.5.1.4. Market size and forecast, by TRAVELER
7.5.5.2. Turkey
7.5.5.2.1. Key market trends, growth factors and opportunities
7.5.5.2.2. Market size and forecast, by INDUSTRY
7.5.5.2.3. Market size and forecast, by SERVICE
7.5.5.2.3.1. Turkey Transportation Business Travel Market by Sub Type
7.5.5.2.4. Market size and forecast, by TRAVELER
7.5.5.3. South Africa
7.5.5.3.1. Key market trends, growth factors and opportunities
7.5.5.3.2. Market size and forecast, by INDUSTRY
7.5.5.3.3. Market size and forecast, by SERVICE
7.5.5.3.3.1. South Africa Transportation Business Travel Market by Sub Type
7.5.5.3.4. Market size and forecast, by TRAVELER
7.5.5.4. Saudi Arabia
7.5.5.4.1. Key market trends, growth factors and opportunities
7.5.5.4.2. Market size and forecast, by INDUSTRY
7.5.5.4.3. Market size and forecast, by SERVICE
7.5.5.4.3.1. Saudi Arabia Transportation Business Travel Market by Sub Type
7.5.5.4.4. Market size and forecast, by TRAVELER
7.5.5.5. Rest of LAMEA
7.5.5.5.1. Key market trends, growth factors and opportunities
7.5.5.5.2. Market size and forecast, by INDUSTRY
7.5.5.5.3. Market size and forecast, by SERVICE
7.5.5.5.3.1. Rest of LAMEA Transportation Business Travel Market by Sub Type
7.5.5.5.4. Market size and forecast, by TRAVELER
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top player positioning, 2021
CHAPTER 9: COMPANY PROFILES
9.1. BCD Group
9.1.1. Company overview
9.1.2. Key Executives
9.1.3. Company snapshot
9.1.4. Operating business segments
9.1.5. Product portfolio
9.1.6. Key strategic moves and developments
9.2. CWT Global B.V.
9.2.1. Company overview
9.2.2. Key Executives
9.2.3. Company snapshot
9.2.4. Operating business segments
9.2.5. Product portfolio
9.2.6. Key strategic moves and developments
9.3. American Express Global Business Travel
9.3.1. Company overview
9.3.2. Key Executives
9.3.3. Company snapshot
9.3.4. Operating business segments
9.3.5. Product portfolio
9.3.6. Business performance
9.3.7. Key strategic moves and developments
9.4. Chase
9.4.1. Company overview
9.4.2. Key Executives
9.4.3. Company snapshot
9.4.4. Operating business segments
9.4.5. Product portfolio
9.5. Corporate Travel Management Limited
9.5.1. Company overview
9.5.2. Key Executives
9.5.3. Company snapshot
9.5.4. Operating business segments
9.5.5. Product portfolio
9.5.6. Business performance
9.5.7. Key strategic moves and developments
9.6. Flight Centre Travel Group Limited
9.6.1. Company overview
9.6.2. Key Executives
9.6.3. Company snapshot
9.6.4. Operating business segments
9.6.5. Product portfolio
9.6.6. Business performance
9.6.7. Key strategic moves and developments
9.7. Navan, Inc.
9.7.1. Company overview
9.7.2. Key Executives
9.7.3. Company snapshot
9.7.4. Operating business segments
9.7.5. Product portfolio
9.7.6. Key strategic moves and developments
9.8. TravelPerk S.L.U
9.8.1. Company overview
9.8.2. Key Executives
9.8.3. Company snapshot
9.8.4. Operating business segments
9.8.5. Product portfolio
9.9. Citibank, N.A.
9.9.1. Company overview
9.9.2. Key Executives
9.9.3. Company snapshot
9.9.4. Operating business segments
9.9.5. Product portfolio
9.9.6. Key strategic moves and developments
9.10. American Express Company
9.10.1. Company overview
9.10.2. Key Executives
9.10.3. Company snapshot
9.10.4. Operating business segments
9.10.5. Product portfolio
9.10.6. Business performance
9.10.7. Key strategic moves and developments
List of Tables
TABLE 01. GLOBAL BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 02. BUSINESS TRAVEL MARKET FOR GOVERNMENT, BY REGION, 2021-2031 ($BILLION)
TABLE 03. BUSINESS TRAVEL MARKET FOR CORPORATE, BY REGION, 2021-2031 ($BILLION)
TABLE 04. GLOBAL BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 05. BUSINESS TRAVEL MARKET FOR TRANSPORTATION, BY REGION, 2021-2031 ($BILLION)
TABLE 06. GLOBAL TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 07. BUSINESS TRAVEL MARKET FOR AIR, BY REGION, 2021-2031 ($BILLION)
TABLE 08. BUSINESS TRAVEL MARKET FOR RAIL, BY REGION, 2021-2031 ($BILLION)
TABLE 09. BUSINESS TRAVEL MARKET FOR CAR, BY REGION, 2021-2031 ($BILLION)
TABLE 10. BUSINESS TRAVEL MARKET FOR FOOD AND LODGING, BY REGION, 2021-2031 ($BILLION)
TABLE 11. BUSINESS TRAVEL MARKET FOR RECREATION, BY REGION, 2021-2031 ($BILLION)
TABLE 12. GLOBAL BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 13. BUSINESS TRAVEL MARKET FOR GROUP, BY REGION, 2021-2031 ($BILLION)
TABLE 14. BUSINESS TRAVEL MARKET FOR SOLO, BY REGION, 2021-2031 ($BILLION)
TABLE 15. BUSINESS TRAVEL MARKET, BY REGION, 2021-2031 ($BILLION)
TABLE 16. NORTH AMERICA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 17. NORTH AMERICA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 18. NORTH AMERICA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 19. NORTH AMERICA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 20. NORTH AMERICA BUSINESS TRAVEL MARKET, BY COUNTRY, 2021-2031 ($BILLION)
TABLE 21. U.S. BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 22. U.S. BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 23. U.S. TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 24. U.S. BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 25. CANADA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 26. CANADA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 27. CANADA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 28. CANADA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 29. MEXICO BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 30. MEXICO BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 31. MEXICO TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 32. MEXICO BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 33. EUROPE BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 34. EUROPE BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 35. EUROPE TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 36. EUROPE BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 37. EUROPE BUSINESS TRAVEL MARKET, BY COUNTRY, 2021-2031 ($BILLION)
TABLE 38. GERMANY BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 39. GERMANY BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 40. GERMANY TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 41. GERMANY BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 42. FRANCE BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 43. FRANCE BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 44. FRANCE TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 45. FRANCE BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 46. SPAIN BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 47. SPAIN BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 48. SPAIN TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 49. SPAIN BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 50. ITALY BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 51. ITALY BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 52. ITALY TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 53. ITALY BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 54. SWEDEN BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 55. SWEDEN BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 56. SWEDEN TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 57. SWEDEN BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 58. GREECE BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 59. GREECE BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 60. GREECE TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 61. GREECE BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 62. REST OF EUROPE BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 63. REST OF EUROPE BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 64. REST OF EUROPE TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 65. REST OF EUROPE BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 66. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 67. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 68. ASIA-PACIFIC TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 69. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 70. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY COUNTRY, 2021-2031 ($BILLION)
TABLE 71. CHINA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 72. CHINA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 73. CHINA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 74. CHINA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 75. JAPAN BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 76. JAPAN BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 77. JAPAN TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 78. JAPAN BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 79. INDIA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 80. INDIA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 81. INDIA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 82. INDIA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 83. REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 84. REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 85. REST OF ASIA-PACIFIC TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 86. REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 87. LAMEA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 88. LAMEA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 89. LAMEA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 90. LAMEA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 91. LAMEA BUSINESS TRAVEL MARKET, BY COUNTRY, 2021-2031 ($BILLION)
TABLE 92. BRAZIL BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 93. BRAZIL BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 94. BRAZIL TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 95. BRAZIL BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 96. TURKEY BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 97. TURKEY BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 98. TURKEY TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 99. TURKEY BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 100. SOUTH AFRICA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 101. SOUTH AFRICA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 102. SOUTH AFRICA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 103. SOUTH AFRICA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 104. SAUDI ARABIA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 105. SAUDI ARABIA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 106. SAUDI ARABIA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 107. SAUDI ARABIA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 108. REST OF LAMEA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021-2031 ($BILLION)
TABLE 109. REST OF LAMEA BUSINESS TRAVEL MARKET, BY SERVICE, 2021-2031 ($BILLION)
TABLE 110. REST OF LAMEA TRANSPORTATION BUSINESS TRAVEL MARKET, BY SUB TYPE, 2021-2031 ($BILLION)
TABLE 111. REST OF LAMEA BUSINESS TRAVEL MARKET, BY TRAVELER, 2021-2031 ($BILLION)
TABLE 112. BCD GROUP: KEY EXECUTIVES
TABLE 113. BCD GROUP: COMPANY SNAPSHOT
TABLE 114. BCD GROUP: SERVICE SEGMENTS
TABLE 115. BCD GROUP: PRODUCT PORTFOLIO
TABLE 116. BCD GROUP: KEY STRATERGIES
TABLE 117. CWT GLOBAL B.V.: KEY EXECUTIVES
TABLE 118. CWT GLOBAL B.V.: COMPANY SNAPSHOT
TABLE 119. CWT GLOBAL B.V.: SERVICE SEGMENTS
TABLE 120. CWT GLOBAL B.V.: PRODUCT PORTFOLIO
TABLE 121. CWT GLOBAL B.V.: KEY STRATERGIES
TABLE 122. AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL: KEY EXECUTIVES
TABLE 123. AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL: COMPANY SNAPSHOT
TABLE 124. AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL: SERVICE SEGMENTS
TABLE 125. AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL: PRODUCT PORTFOLIO
TABLE 126. AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL: KEY STRATERGIES
TABLE 127. CHASE: KEY EXECUTIVES
TABLE 128. CHASE: COMPANY SNAPSHOT
TABLE 129. CHASE: SERVICE SEGMENTS
TABLE 130. CHASE: PRODUCT PORTFOLIO
TABLE 131. CORPORATE TRAVEL MANAGEMENT LIMITED: KEY EXECUTIVES
TABLE 132. CORPORATE TRAVEL MANAGEMENT LIMITED: COMPANY SNAPSHOT
TABLE 133. CORPORATE TRAVEL MANAGEMENT LIMITED: SERVICE SEGMENTS
TABLE 134. CORPORATE TRAVEL MANAGEMENT LIMITED: PRODUCT PORTFOLIO
TABLE 135. CORPORATE TRAVEL MANAGEMENT LIMITED: KEY STRATERGIES
TABLE 136. FLIGHT CENTRE TRAVEL GROUP LIMITED: KEY EXECUTIVES
TABLE 137. FLIGHT CENTRE TRAVEL GROUP LIMITED: COMPANY SNAPSHOT
TABLE 138. FLIGHT CENTRE TRAVEL GROUP LIMITED: SERVICE SEGMENTS
TABLE 139. FLIGHT CENTRE TRAVEL GROUP LIMITED: PRODUCT PORTFOLIO
TABLE 140. FLIGHT CENTRE TRAVEL GROUP LIMITED: KEY STRATERGIES
TABLE 141. NAVAN, INC.: KEY EXECUTIVES
TABLE 142. NAVAN, INC.: COMPANY SNAPSHOT
TABLE 143. NAVAN, INC.: SERVICE SEGMENTS
TABLE 144. NAVAN, INC.: PRODUCT PORTFOLIO
TABLE 145. NAVAN, INC.: KEY STRATERGIES
TABLE 146. TRAVELPERK S.L.U: KEY EXECUTIVES
TABLE 147. TRAVELPERK S.L.U: COMPANY SNAPSHOT
TABLE 148. TRAVELPERK S.L.U: SERVICE SEGMENTS
TABLE 149. TRAVELPERK S.L.U: PRODUCT PORTFOLIO
TABLE 150. CITIBANK, N.A.: KEY EXECUTIVES
TABLE 151. CITIBANK, N.A.: COMPANY SNAPSHOT
TABLE 152. CITIBANK, N.A.: SERVICE SEGMENTS
TABLE 153. CITIBANK, N.A.: PRODUCT PORTFOLIO
TABLE 154. CITIBANK, N.A.: KEY STRATERGIES
TABLE 155. AMERICAN EXPRESS COMPANY: KEY EXECUTIVES
TABLE 156. AMERICAN EXPRESS COMPANY: COMPANY SNAPSHOT
TABLE 157. AMERICAN EXPRESS COMPANY: SERVICE SEGMENTS
TABLE 158. AMERICAN EXPRESS COMPANY: PRODUCT PORTFOLIO
TABLE 159. AMERICAN EXPRESS COMPANY: KEY STRATERGIES
List of Figures
FIGURE 01. BUSINESS TRAVEL MARKET, 2021-2031
FIGURE 02. SEGMENTATION OF BUSINESS TRAVEL MARKET, 2021-2031
FIGURE 03. TOP INVESTMENT POCKETS IN BUSINESS TRAVEL MARKET (2022-2031)
FIGURE 04. MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 05. MODERATE BARGAINING POWER OF BUYERS
FIGURE 06. MODERATE THREAT OF SUBSTITUTES
FIGURE 07. MODERATE THREAT OF NEW ENTRANTS
FIGURE 08. HIGH INTENSITY OF RIVALRY
FIGURE 09. DRIVERS, RESTRAINTS AND OPPORTUNITIES: GLOBALBUSINESS TRAVEL MARKET
FIGURE 10. BUSINESS TRAVEL MARKET, BY INDUSTRY, 2021(%)
FIGURE 11. COMPARATIVE SHARE ANALYSIS OF BUSINESS TRAVEL MARKET FOR GOVERNMENT, BY COUNTRY 2021 AND 2031(%)
FIGURE 12. COMPARATIVE SHARE ANALYSIS OF BUSINESS TRAVEL MARKET FOR CORPORATE, BY COUNTRY 2021 AND 2031(%)
FIGURE 13. BUSINESS TRAVEL MARKET, BY SERVICE, 2021(%)
FIGURE 14. COMPARATIVE SHARE ANALYSIS OF BUSINESS TRAVEL MARKET FOR TRANSPORTATION, BY COUNTRY 2021 AND 2031(%)
FIGURE 15. COMPARATIVE SHARE ANALYSIS OF BUSINESS TRAVEL MARKET FOR FOOD AND LODGING, BY COUNTRY 2021 AND 2031(%)
FIGURE 16. COMPARATIVE SHARE ANALYSIS OF BUSINESS TRAVEL MARKET FOR RECREATION, BY COUNTRY 2021 AND 2031(%)
FIGURE 17. BUSINESS TRAVEL MARKET, BY TRAVELER, 2021(%)
FIGURE 18. COMPARATIVE SHARE ANALYSIS OF BUSINESS TRAVEL MARKET FOR GROUP, BY COUNTRY 2021 AND 2031(%)
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF BUSINESS TRAVEL MARKET FOR SOLO, BY COUNTRY 2021 AND 2031(%)
FIGURE 20. BUSINESS TRAVEL MARKET BY REGION, 2021
FIGURE 21. U.S. BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 22. CANADA BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 23. MEXICO BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 24. GERMANY BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 25. FRANCE BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 26. SPAIN BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 27. ITALY BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 28. SWEDEN BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 29. GREECE BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 30. REST OF EUROPE BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 31. CHINA BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 32. JAPAN BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 33. INDIA BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 34. REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 35. BRAZIL BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 36. TURKEY BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 37. SOUTH AFRICA BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 38. SAUDI ARABIA BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 39. REST OF LAMEA BUSINESS TRAVEL MARKET, 2021-2031 ($BILLION)
FIGURE 40. TOP WINNING STRATEGIES, BY YEAR
FIGURE 41. TOP WINNING STRATEGIES, BY DEVELOPMENT
FIGURE 42. TOP WINNING STRATEGIES, BY COMPANY
FIGURE 43. PRODUCT MAPPING OF TOP 10 PLAYERS
FIGURE 44. COMPETITIVE DASHBOARD
FIGURE 45. COMPETITIVE HEATMAP: BUSINESS TRAVEL MARKET
FIGURE 46. TOP PLAYER POSITIONING, 2021
FIGURE 47. AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL: NET REVENUE, 2019-2021 ($MILLION)
FIGURE 48. AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL: RESEARCH & DEVELOPMENT EXPENDITURE, 2019-2021 ($MILLION)
FIGURE 49. CORPORATE TRAVEL MANAGEMENT LIMITED: NET REVENUE, 2020-2022 ($MILLION)
FIGURE 50. CORPORATE TRAVEL MANAGEMENT LIMITED: REVENUE SHARE BY SEGMENT, 2022 (%)
FIGURE 51. FLIGHT CENTRE TRAVEL GROUP LIMITED: NET REVENUE, 2020-2022 ($MILLION)
FIGURE 52. FLIGHT CENTRE TRAVEL GROUP LIMITED: REVENUE SHARE BY SEGMENT, 2022 (%)
FIGURE 53. FLIGHT CENTRE TRAVEL GROUP LIMITED: REVENUE SHARE BY REGION, 2022 (%)
FIGURE 54. AMERICAN EXPRESS COMPANY: NET REVENUE, 2019-2021 ($MILLION)
FIGURE 55. AMERICAN EXPRESS COMPANY: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 56. AMERICAN EXPRESS COMPANY: REVENUE SHARE BY REGION, 2021 (%)

Executive Summary

According to a new report, titled, 'Business Travel Market,' The business travel market was valued at $689.70 billion in 2021, and is estimated to reach $2095.4 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.

People who travel for business purposes are engaging in a subset of ordinary tourism known as business travel. It covers travel, lodging, work-related activities, entertainment, and other pursuits. With a global economic impact of more than $9,000 billion in 2019, the travel and tourism sector is one of the biggest sectors.

With the increase in demand for business travel management, numerous organizations active in the global business travel market are attempting to offer consumers well-managed and affordable programs. The expansion of the travel and tourism sector, the rise in government initiatives to develop the meetings, incentives, conferences, and events (MICE) sector and the small and medium-sized enterprises (SMEs) sector, and the acceleration of business globalization are the key factors driving the growth of the global business travel market. However, the market's growth is being hampered by the rapid use of cutting-edge technologies like video conferencing, which is less expensive and time-consuming than travel.

On the other hand, the corporate travel market is expected to benefit greatly from increased infrastructure investment and the rapid expansion of the travel retail industry. The worldwide travel & tourism industry faced serious danger from COVID-19, which significantly damaged the business travel sector. Nearly all significant MICE events and business travel were canceled as a result of the epidemic.

The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation. Furthermore, the transportation segment is categorized into air, rail, and car. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on the basis of traveler, is categorized into group and solo traveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

According to the business travel market forecast, based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 9.8% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.4% market share in 2021. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is also forecasted to be the fastest-growing segment due to growth of business activities across the globe. The corporate segment accounted for around 65.9% market share in 2021 and is expected to witness growth at the highest CAGR of 9.8% during the forecast period.
  • Based on traveler, the group was the largest and the fastest-growing segment that garnered 59.9% market share in 2021 and is anticipated to grow at a significant CAGR of 9.9% in the upcoming future. The group segment is prospering as the cost involved in group tourism is lower. Further, the service providers offers discounted rates on accommodation and transportation for group travel.
  • Based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due to rapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.7% of the market in 2021 followed by North America and Europe that constituted 26.2% and 24.2% market share respectively in 2021. LAMEA is expected to show considerable growth due to growing business activities, growing government initiatives to attract FDIs (foreign direct investments), and continuous infrastructural development in the region.
The players operating in the global business travel market have adopted various developmental strategies to expand their market share, explore the business travel market opportunity, and increase profitability in the market. The key players profiled in this report include American Express Company, BCD Group, CWT Global B.V., American Express Global Business Travel, Chase, Navan, Inc., TravelPerk S.L.U, Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Citi Bank N.A.

Key findings of the study

The business travel market was valued at $689.7 billion in 2021, and is estimated to reach $2,095.4 billion by 2031, growing at a CAGR of 9.5% during the forecast period.
  • By service, the food & lodging segment is estimated to witness the fastest growth, registering a CAGR of 9.8% during the forecast period.
In 2021, depending on industry, the corporate segment was valued at $454.5 billion, accounting for 65.9% of the global business travel market share.

In 2021, the U.S. was the most prominent market in North America, and is projected to reach $374.5 billion by 2031, growing at a CAGR of 8.7% during the forecast period.

Companies Mentioned

  • Flight Centre Travel Group Limited
  • American Express Global Business Travel
  • Chase
  • Navan, Inc.
  • CWT Global B.V.
  • American Express Company
  • Corporate Travel Management Limited
  • Citibank, N.A.
  • TravelPerk S.L.U
  • BCD Group

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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