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PUBLISHER: IMARC | PRODUCT CODE: 1291224
PUBLISHER: IMARC | PRODUCT CODE: 1291224
Business Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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Market Overview:
The global business travel market size reached US$ 1.0 Trillion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.
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:
IMARC Group provides an analysis of the key trends in each sub-segment of the global business travel market report, along with forecasts at the global, regional and country level from 2023-2028. 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:
- What is the expected growth rate of the global business travel market during 2023-2028?
- What are the key factors driving the global business travel market?
- What has been the impact of COVID-19 on the global business travel market?
- What is the breakup of the global business travel market based on the type?
- What is the breakup of the global business travel market based on the purpose type?
- What is the breakup of the global business travel market based on the expenditure?
- What is the breakup of the global business travel market based on the age group?
- What is the breakup of the global business travel market based on the service type?
- What is the breakup of the global business travel market based on the travel type?
- What is the breakup of the global business travel market based on the end-user?
- What are the key regions in the global business travel market?
- Who are the key companies/players in the global business travel market?
Product Code: SR112023A2130
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
- 13.1.1 United States
- 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
- 13.2.1 China
- 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
- 13.3.1 Germany
- 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
- 13.4.1 Brazil
- 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
- 17.3.1 Airbnb Inc.
Product Code: SR112023A2130
List of Figures
- Figure 1: Global: Business Travel Market: Major Drivers and Challenges
- Figure 2: Global: Business Travel Market: Sales Value (in Trillion US$), 2017-2022
- Figure 3: Global: Business Travel Market: Breakup by Type (in %), 2022
- Figure 4: Global: Business Travel Market: Breakup by Purpose Type (in %), 2022
- Figure 5: Global: Business Travel Market: Breakup by Expenditure (in %), 2022
- Figure 6: Global: Business Travel Market: Breakup by Age Group (in %), 2022
- Figure 7: Global: Business Travel Market: Breakup by Service Type (in %), 2022
- Figure 8: Global: Business Travel Market: Breakup by Travel Type (in %), 2022
- Figure 9: Global: Business Travel Market: Breakup by End-User (in %), 2022
- Figure 10: Global: Business Travel Market: Breakup by Region (in %), 2022
- Figure 11: Global: Business Travel Market Forecast: Sales Value (in Trillion US$), 2023-2028
- Figure 12: Global: Business Travel (Managed Business Travel) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 13: Global: Business Travel (Managed Business Travel) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 14: Global: Business Travel (Unmanaged Business Travel) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 15: Global: Business Travel (Unmanaged Business Travel) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 16: Global: Business Travel (Marketing) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 17: Global: Business Travel (Marketing) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 18: Global: Business Travel (Internal Meetings) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 19: Global: Business Travel (Internal Meetings) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 20: Global: Business Travel (Trade Shows) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 21: Global: Business Travel (Trade Shows) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 22: Global: Business Travel (Product Launch) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 23: Global: Business Travel (Product Launch) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 24: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 25: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 26: Global: Business Travel (Travel Fare) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 27: Global: Business Travel (Travel Fare) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 28: Global: Business Travel (Lodging) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 29: Global: Business Travel (Lodging) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 30: Global: Business Travel (Dining) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 31: Global: Business Travel (Dining) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 32: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 33: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 34: Global: Business Travel (Travelers Below 40 Years) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 35: Global: Business Travel (Travelers Below 40 Years) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 36: Global: Business Travel (Travelers Above 40 Years) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 37: Global: Business Travel (Travelers Above 40 Years) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 38: Global: Business Travel (Transportation) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 39: Global: Business Travel (Transportation) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 40: Global: Business Travel (Food and Lodging) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 41: Global: Business Travel (Food and Lodging) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 42: Global: Business Travel (Recreational Activities) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 43: Global: Business Travel (Recreational Activities) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 44: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 45: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 46: Global: Business Travel (Group Travel) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 47: Global: Business Travel (Group Travel) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 48: Global: Business Travel (Solo Travel) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 49: Global: Business Travel (Solo Travel) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 50: Global: Business Travel (Government) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 51: Global: Business Travel (Government) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 52: Global: Business Travel (Corporate) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 53: Global: Business Travel (Corporate) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 54: Global: Business Travel (Others) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 55: Global: Business Travel (Others) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 56: North America: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 57: North America: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 58: United States: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 59: United States: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 60: Canada: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 61: Canada: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 62: Asia Pacific: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 63: Asia Pacific: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 64: China: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 65: China: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 66: Japan: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 67: Japan: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 68: India: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 69: India: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 70: South Korea: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 71: South Korea: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 72: Australia: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 73: Australia: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 74: Indonesia: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 75: Indonesia: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 76: Others: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 77: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 78: Europe: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 79: Europe: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 80: Germany: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 81: Germany: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 82: France: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 83: France: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 84: United Kingdom: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 85: United Kingdom: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 86: Italy: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 87: Italy: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 88: Spain: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 89: Spain: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 90: Russia: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 91: Russia: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 92: Others: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 93: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 94: Latin America: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 95: Latin America: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 96: Brazil: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 97: Brazil: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 98: Mexico: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 99: Mexico: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 100: Others: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 101: Others: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 102: Middle East and Africa: Business Travel Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 103: Middle East and Africa: Business Travel Market Forecast: Sales Value (in Billion US$), 2023-2028
- 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, 2022 and 2028
- Table 2: Global: Business Travel Market Forecast: Breakup by Type (in Billion US$), 2023-2028
- Table 3: Global: Business Travel Market Forecast: Breakup by Purpose Type (in Billion US$), 2023-2028
- Table 4: Global: Business Travel Market Forecast: Breakup by Expenditure (in Billion US$), 2023-2028
- Table 5: Global: Business Travel Market Forecast: Breakup by Age Group (in Billion US$), 2023-2028
- Table 6: Global: Business Travel Market Forecast: Breakup by Service Type (in Billion US$), 2023-2028
- Table 7: Global: Business Travel Market Forecast: Breakup by Travel Type (in Billion US$), 2023-2028
- Table 8: Global: Business Travel Market Forecast: Breakup by End-User (in Billion US$), 2023-2028
- Table 9: Global: Business Travel Market Forecast: Breakup by Region (in Billion US$), 2023-2028
- Table 10: Global: Business Travel Market Structure
- Table 11: Global: Business Travel Market: Key Players
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