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2021
Business Travel Market

Business Travel Market

by Service (Transportation, Food & Lodging, and Recreation), Industry (Government and Corporate), Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast 2021-2028

Report Code: A01280
Pages: 240
Aug 2021 | 63435 Views
Author(s) : Aniket K , Roshan D
Tables: 131
Charts: 64
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COVID-19

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The global business travel market size was valued at $695.9 billion in 2020, and is expected treach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021-2028.

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. According tWorld Travel and Tourism Council (WTTC), the global travel & tourism sector contributed taround $9.2 trillion tthe global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required ttravel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work.

Business-Travel-Market-2021-2028

The trending factors responsible for fueling the business travel market include bleisure travel (business + leisure), IoT (internet of things), development of smart hotels, virtual reality for hotel bookings, and personalization. All these developments in hotels will lead tthe growth of the food & lodging segment as well as the overall business travel market in the upcoming future. Moreover, use of robotics technology is a trending factor that attracts customers thotels. Robots are being used in hotels for greeting guests, providing information, luggage handling, and cleaning purposes. In restaurants, robots can be potentially used in food service and food preparation roles. Moreover, travel agents use robots for pre-screening customers. Use of robotic technology is very helpful in reducing human-to-human contact that may foster the growth of the business travel market in the future.

Numerous companies operating in the global business travel market are trying tprovide well-managed and cost-effective programs tthe 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 videconferencing hampers the market growth, as it is costeffective and less time-consuming as compared ttravelling. Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated tprovide lucrative opportunities for the business travel market growth.

The outbreak of COVID-19 disease resulted in the global shutdown economic activities causing a severe damage tthe tourism industry. According tthe Global Business Travel Association (GBTA), the global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. The business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacific by 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses tthe players operating in the business travel market.

The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented inttransportation, food & lodging, and recreation. On the basis of industry, the business travel market is segmented intgovernment and corporate. The business travel market, on the basis of traveler, is categorized intgroup and soltraveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.  

According tthe business travel market forecast, based on service, the food & lodging segment is expected tbe the fastest-growing segment, growing at a CAGR of 14.2% during the forecast period. The food & lodging was alsthe dominating segment, garnering around 50.3% market share in 2020. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

Business Travel Market
By Service

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Food & Lodging segment is expected to grow at highest CAGR of 14.2% during the forecast period

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As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is alsforecasted tbe the fastest-growing segment due tgrowth of business activities across the globe. The corporate segment accounted for around 65.6% market share in 2020 and is expected twitness growth at the highest CAGR of 14.1% during the forecast period. 

Business Travel Market
By Industry

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Corporate segment is expected to grow at highest CAGR of 14.1% during the forecast period

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According tthe business travel market share analysis, based on traveler, the group was the largest and the fastest-growing segment that garnered 59.5% market share in 2020 and is anticipated tgrow at a significant CAGR of 14.3% 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. 

Business Travel Market
By Traveler

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Group segment is expected to grow at highest CAGR of 14.3% during the forecast period.

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As per the business travel market trends, based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due trapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.5% market in 2020 followed by North America and Europe that constituted 26.3% and 24.3% market share respectively in 2020. LAMEA is expected tshow considerable growth due tgrowing business activities, growing government initiatives tattract FDIs (foreign direct investments), and continuous infrastructural development in the region.

Business Travel Market
By Region

2028
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific is expected to grow at highest CAGR of 14.4% during the forecast period.

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The players operating in the global business travel industry have adopted various developmental strategies texpand their market share, exploit the business travel market opportunities, and increase profitability in the market. The key players profiled in this report include Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, Corporate Travel Management, Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, and Wexas Limited.

Key benefits for stakeholders

  • The study provides an in-depth analysis of the global business travel market, with current and future trends telucidate the imminent investment pockets in the market.
  • Current and future trends are outlined in the report tdetermine the overall market attractiveness and single out profitable trends tgain a stronger foothold in the market.
  • The report provides information regarding drivers, restraints, and opportunities with impact analysis.
  • A quantitative analysis of the current market and estimation for the same from 2020 t2028 is provided tshowcase the financial competency of the market.
  • Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
  • Competitive intelligence highlights the business practices followed by the leading market players across various regions.

Business Travel Market Report Highlights

Aspects Details
BY SERVICE
  • Transportation
  • Food & Lodging
  • Recreation
BY INDUSTRY
  • Government
  • Corporate
BY TRAVELER
  • Group
  • Solo
BY REGION
  • North America  (U.S, Canada, Mexico)
  • Europe  (UK, Germany, France, Spain, Italy, 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 AIRBNB INC, AMERICAN EXPRESS COMPANY, BCD GROUP (BCD TRAVEL), BOOKING HOLDINGS, INC, CARLSON WAGONLIT TRAVEL (CWT), CORPORATE TRAVEL MANAGEMENT, EXPEDIA, INC, FAREPORTAL, INC, FLIGHT CENTRE TRAVEL GROUP LIMITED, WEXAS LIMITED
 

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The business travel industry has witnessed steady growth even under several turbulence such as global uncertainty, weakened global economy, terrorist attacks, world health issues, and others. This is attributed to the positive impact of business travel, which has a high return on investment, and further increases the interest of top-level management of business organizations across the world to invest heavily in this market.

According to the insights of the CXOs, Asia-Pacific region is expected to grow at a significant rate during the forecast period, owing to increase in government initiatives to carry out business activities conveniently. Moreover, economic development is a prime factor in business travel, as it plays a major role in managing relationships, investments, supply chains, and logistics, which further influences trade in the domestic & international markets.

Rise in trend of online booking & fund transfer has increased the convenience and lowered the cost of travel expenses, thereby offering a pleasurable experience to the travelers.

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FREQUENTLY ASKED QUESTIONS?

A. The global business travel market is expected to reach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028. 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.

A. The global business travel market size was valued at $695.9 billion in 2020, and is expected to reach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028. The growth of small and medium-sized enterprises, increase in globalization, and growing government initiatives for the development of meetings, incentives, conferences, and events (MICE) is propelling the growth of the market.

A. Development of travel & tourism industry, rapidly increasing small & medium-sized enterprises, increase in globalization, growing government initiatives to attract foreign investments, and growing adoption of technology are the top impacting factors that is expected to fuel the growth of the global business travel industry during the forecast period.

A. The players operating in the global business travel industry have adopted various developmental strategies to expand their market share, exploit the business travel market opportunities, and increase profitability in the market. The key players profiled in this report include Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, Corporate Travel Management, Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, and Wexas Limited.

A. 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. 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.

A. The key strategies adopted by the key players operating in the global business travel market are acquisition, partnership, agreement, joint venture, and product launches. These strategies are adopted in order to exploit the market opportunities, increase market share, and dominate the global business travel market.

A. Based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 14.2% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.3% market share in 2020. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

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