Business Travel Market By INDUSTRY (Government, Corporate), By SERVICE (Transportation, Food and Lodging, Recreation), By TRAVELER (Group, Solo): Global Opportunity Analysis and Industry Forecast, 2022-2031

Description

List of Tables

According to a new report published by Allied Market Research, 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.

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

Product Code: A01280

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