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Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

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    Report

  • 148 Pages
  • June 2022
  • Region: Global
  • IMARC Group
  • ID: 5615048
The global business travel market is expected to reach a value of US$ 1.5 Trillion by 2027, exhibiting a CAGR of 8.49% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.



Business travel, also known as corporate travel, is a journey explicitly undertaken for work purposes or to expand business operations. It includes traveling to a different branch of the company, or to a different location to meet with suppliers and buyers, or for conferences and business events. In recent years, the rapidly globalizing world has accelerated the trend of business travel, which collectively includes client meetings, brand and product promotion, business expansion, and employee training and incentives.

The global market is primarily being influenced by the increasing digitization in the tourism and corporate sectors. In line with this, growing penetration of the Internet of Things (IoT) has enabled both the travelers and the travel operators to get things done swiftly and with ease. Along with this, the virtual reality (VR) technology also provides better, efficient and personalized customer experiences, thus bolstering the market growth. Apart from this, the rising trend of Bleisure travel, which incorporates business with pleasure elements and offers leisure or recreational activities to relieve stress and improve work efficiency, has provided a positive thrust to the market. Large-scale developments in the travel and tourism sector, an increase in small and medium enterprises (SMEs) and fast-paced globalization has led to a rise in the number of business travelers. This, along with tie-ups of several corporate organizations with the leading business travel companies to provide customized collaborative spaces and team-building exercises, is acting as another major growth-inducing factor.

Key Market Segmentation:


The publisher provides an analysis of the key trends in each sub-segment of the global business travel market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type and end-user.

Breakup by Type:

  • Managed Business Travel
  • Unmanaged Business Travel

Breakup by Purpose Type:

  • Marketing
  • Internal Meetings
  • Trade Shows
  • Product Launch
  • Others

Breakup by Expenditure:

  • Travel Fare
  • Lodging
  • Dining
  • Others

Breakup by Age Group:

  • Travelers Below 40 Years
  • Travelers Above 40 Years

Breakup by Service Type:

  • Transportation
  • Food and Lodging
  • Recreational Activities
  • Others

Breakup by Travel Type:

  • Group Travel
  • Solo Travel

Breakup by End-User:

  • Government
  • Corporate
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:


The report has also analysed the competitive landscape of the market with some of the key players being Airbnb Inc., American Express Company, BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, Wexas Ltd. etc.

Key Questions Answered in This Report

1. What is the expected growth rate of the global business travel market during 2022-2027?
2. What are the key factors driving the global business travel market?
3. What has been the impact of COVID-19 on the global business travel market?
4. What is the breakup of the global business travel market based on the type?
5. What is the breakup of the global business travel market based on the purpose type?
6. What is the breakup of the global business travel market based on the expenditure?
7. What is the breakup of the global business travel market based on the age group?
8. What is the breakup of the global business travel market based on the service type?
9. What is the breakup of the global business travel market based on the travel type?
10. What is the breakup of the global business travel market based on the end-user?
11. What are the key regions in the global business travel market?
12. Who are the key companies/players in the global business travel market?
Frequently Asked Questions about the Global Business Travel Market

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

The Global Business Travel Market was estimated to be valued at $0.92 Trillion in 2021.

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

The growth rate of the Global Business Travel Market is 8.4%, with an estimated value of $1.5 Trillion by 2027.

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

The Global Business Travel Market is estimated to be worth $1.5 Trillion by 2027.

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

Key companies in the Global Business Travel Market include Airbnb Inc., American Express Company, BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group and Travel Leaders Group LLC.

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Business Travel Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Managed Business Travel
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Unmanaged Business Travel
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Purpose Type
7.1 Marketing
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Internal Meetings
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Trade Shows
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Product Launch
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Expenditure
8.1 Travel Fare
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Lodging
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Dining
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Age Group
9.1 Travelers Below 40 Years
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Travelers Above 40 Years
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Service Type
10.1 Transportation
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Food and Lodging
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Recreational Activities
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Others
10.4.1 Market Trends
10.4.2 Market Forecast
11 Market Breakup by Travel Type
11.1 Group Travel
11.1.1 Market Trends
11.1.2 Market Forecast
11.2 Solo Travel
11.2.1 Market Trends
11.2.2 Market Forecast
12 Market Breakup by End-User
12.1 Government
12.1.1 Market Trends
12.1.2 Market Forecast
12.2 Corporate
12.2.1 Market Trends
12.2.2 Market Forecast
12.3 Others
12.3.1 Market Trends
12.3.2 Market Forecast
13 Market Breakup by Region
13.1 North America
13.1.1 United States
13.1.1.1 Market Trends
13.1.1.2 Market Forecast
13.1.2 Canada
13.1.2.1 Market Trends
13.1.2.2 Market Forecast
13.2 Asia Pacific
13.2.1 China
13.2.1.1 Market Trends
13.2.1.2 Market Forecast
13.2.2 Japan
13.2.2.1 Market Trends
13.2.2.2 Market Forecast
13.2.3 India
13.2.3.1 Market Trends
13.2.3.2 Market Forecast
13.2.4 South Korea
13.2.4.1 Market Trends
13.2.4.2 Market Forecast
13.2.5 Australia
13.2.5.1 Market Trends
13.2.5.2 Market Forecast
13.2.6 Indonesia
13.2.6.1 Market Trends
13.2.6.2 Market Forecast
13.2.7 Others
13.2.7.1 Market Trends
13.2.7.2 Market Forecast
13.3 Europe
13.3.1 Germany
13.3.1.1 Market Trends
13.3.1.2 Market Forecast
13.3.2 France
13.3.2.1 Market Trends
13.3.2.2 Market Forecast
13.3.3 United Kingdom
13.3.3.1 Market Trends
13.3.3.2 Market Forecast
13.3.4 Italy
13.3.4.1 Market Trends
13.3.4.2 Market Forecast
13.3.5 Spain
13.3.5.1 Market Trends
13.3.5.2 Market Forecast
13.3.6 Russia
13.3.6.1 Market Trends
13.3.6.2 Market Forecast
13.3.7 Others
13.3.7.1 Market Trends
13.3.7.2 Market Forecast
13.4 Latin America
13.4.1 Brazil
13.4.1.1 Market Trends
13.4.1.2 Market Forecast
13.4.2 Mexico
13.4.2.1 Market Trends
13.4.2.2 Market Forecast
13.4.3 Others
13.4.3.1 Market Trends
13.4.3.2 Market Forecast
13.5 Middle East and Africa
13.5.1 Market Trends
13.5.2 Market Breakup by Country
13.5.3 Market Forecast
14 SWOT Analysis
14.1 Overview
14.2 Strengths
14.3 Weaknesses
14.4 Opportunities
14.5 Threats
15 Value Chain Analysis
16 Porters Five Forces Analysis
16.1 Overview
16.2 Bargaining Power of Buyers
16.3 Bargaining Power of Suppliers
16.4 Degree of Competition
16.5 Threat of New Entrants
16.6 Threat of Substitutes
17 Competitive Landscape
17.1 Market Structure
17.2 Key Players
17.3 Profiles of Key Players
17.3.1 Airbnb Inc.
17.3.1.1 Company Overview
17.3.1.2 Product Portfolio
17.3.2 American Express Company
17.3.2.1 Company Overview
17.3.2.2 Product Portfolio
17.3.2.3 Financials
17.3.2.4 SWOT Analysis
17.3.3 BCD Travel
17.3.3.1 Company Overview
17.3.3.2 Product Portfolio
17.3.4 Booking Holdings Inc.
17.3.4.1 Company Overview
17.3.4.2 Product Portfolio
17.3.4.3 Financials
17.3.4.4 SWOT Analysis
17.3.5 Carlson Wagonlit Travel Inc.
17.3.5.1 Company Overview
17.3.5.2 Product Portfolio
17.3.6 Expedia Group Inc.
17.3.6.1 Company Overview
17.3.6.2 Product Portfolio
17.3.6.3 Financials
17.3.6.4 SWOT Analysis
17.3.7 Fareportal Inc.
17.3.7.1 Company Overview
17.3.7.2 Product Portfolio
17.3.8 Flight Centre Travel Group
17.3.8.1 Company Overview
17.3.8.2 Product Portfolio
17.3.8.3 Financials
17.3.9 Hogg Robinson Group
17.3.9.1 Company Overview
17.3.9.2 Product Portfolio
17.3.9.3 Financials
17.3.10 Travel Leaders Group LLC
17.3.10.1 Company Overview
17.3.10.2 Product Portfolio
17.3.11 Wexas Ltd.
17.3.11.1 Company Overview
17.3.11.2 Product Portfolio
List of Figures
Figure 1: Global: Business Travel Market: Major Drivers and Challenges
Figure 2: Global: Business Travel Market: Sales Value (in Trillion US$), 2016-2021
Figure 3: Global: Business Travel Market: Breakup by Type (in %), 2021
Figure 4: Global: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 5: Global: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 6: Global: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 7: Global: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 8: Global: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 9: Global: Business Travel Market: Breakup by End-User (in %), 2021
Figure 10: Global: Business Travel Market: Breakup by Region (in %), 2021
Figure 11: Global: Business Travel Market Forecast: Sales Value (in Trillion US$), 2022-2027
Figure 12: Global: Business Travel (Managed Business Travel) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 13: Global: Business Travel (Managed Business Travel) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 14: Global: Business Travel (Unmanaged Business Travel) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 15: Global: Business Travel (Unmanaged Business Travel) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 16: Global: Business Travel (Marketing) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 17: Global: Business Travel (Marketing) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 18: Global: Business Travel (Internal Meetings) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 19: Global: Business Travel (Internal Meetings) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 20: Global: Business Travel (Trade Shows) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 21: Global: Business Travel (Trade Shows) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 22: Global: Business Travel (Product Launch) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 23: Global: Business Travel (Product Launch) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 24: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 25: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 26: Global: Business Travel (Travel Fare) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 27: Global: Business Travel (Travel Fare) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 28: Global: Business Travel (Lodging) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 29: Global: Business Travel (Lodging) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 30: Global: Business Travel (Dining) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 31: Global: Business Travel (Dining) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 32: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 33: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 34: Global: Business Travel (Travelers Below 40 Years) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 35: Global: Business Travel (Travelers Below 40 Years) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 36: Global: Business Travel (Travelers Above 40 Years) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 37: Global: Business Travel (Travelers Above 40 Years) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 38: Global: Business Travel (Transportation) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 39: Global: Business Travel (Transportation) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 40: Global: Business Travel (Food and Lodging) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 41: Global: Business Travel (Food and Lodging) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 42: Global: Business Travel (Recreational Activities) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 43: Global: Business Travel (Recreational Activities) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 44: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 45: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 46: Global: Business Travel (Group Travel) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 47: Global: Business Travel (Group Travel) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 48: Global: Business Travel (Solo Travel) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 49: Global: Business Travel (Solo Travel) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 50: Global: Business Travel (Government) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 51: Global: Business Travel (Government) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 52: Global: Business Travel (Corporate) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 53: Global: Business Travel (Corporate) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 54: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 55: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 56: North America: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 57: North America: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 58: United States: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 59: United States: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 60: Canada: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 61: Canada: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 62: Asia Pacific: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 63: Asia Pacific: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 64: China: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 65: China: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 66: Japan: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 67: Japan: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 68: India: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 69: India: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 70: South Korea: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 71: South Korea: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 72: Australia: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 73: Australia: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 74: Indonesia: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 75: Indonesia: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 76: Others: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 77: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 78: Europe: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 79: Europe: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 80: Germany: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 81: Germany: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 82: France: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 83: France: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 84: United Kingdom: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 85: United Kingdom: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 86: Italy: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 87: Italy: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 88: Spain: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 89: Spain: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 90: Russia: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 91: Russia: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 92: Others: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 93: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 94: Latin America: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 95: Latin America: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 96: Brazil: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 97: Brazil: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 98: Mexico: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 99: Mexico: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 100: Others: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 101: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 102: Middle East and Africa: Business Travel Market: Sales Value (in Billion US$), 2016 & 2021
Figure 103: Middle East and Africa: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 104: Global: Business Travel Industry: SWOT Analysis
Figure 105: Global: Business Travel Industry: Value Chain Analysis
Figure 106: Global: Business Travel Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Business Travel Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Business Travel Market Forecast: Breakup by Type (in Billion US$), 2022-2027
Table 3: Global: Business Travel Market Forecast: Breakup by Purpose Type (in Billion US$), 2022-2027
Table 4: Global: Business Travel Market Forecast: Breakup by Expenditure (in Billion US$), 2022-2027
Table 5: Global: Business Travel Market Forecast: Breakup by Age Group (in Billion US$), 2022-2027
Table 6: Global: Business Travel Market Forecast: Breakup by Service Type (in Billion US$), 2022-2027
Table 7: Global: Business Travel Market Forecast: Breakup by Travel Type (in Billion US$), 2022-2027
Table 8: Global: Business Travel Market Forecast: Breakup by End-User (in Billion US$), 2022-2027
Table 9: Global: Business Travel Market Forecast: Breakup by Region (in Billion US$), 2022-2027
Table 10: Global: Business Travel Market Structure
Table 11: Global: Business Travel Market: Key Players

Companies Mentioned

  • Airbnb Inc.
  • American Express Company
  • BCD Travel
  • Booking Holdings Inc.
  • Carlson Wagonlit Travel Inc.
  • Expedia Group Inc.
  • Fareportal Inc.
  • Flight Centre Travel Group
  • Hogg Robinson Group
  • Travel Leaders Group LLC
  • Wexas Ltd. etc.

Methodology

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