Business Travel Market Report Size, Growth And Forecast Report 2024 To 2033

The new report published by The Business Research Company, titled ""Business Travel Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the business travel market size has grown strongly in recent years. It will grow from $812.89 billion in 2023 to $913.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The business travel market size is expected to see rapid growth in the next few years. It will grow to $140.99 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.

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Increase In Exhibitions Driving Growth In The Business Travel Market
The increase in exhibitions is expected to propel the growth of the business travel market going forward. An exhibition is an organized event where items such as products, artworks, or information are displayed for public viewing. Exhibitions are experiencing growth as companies increasingly recognize their value in fostering direct engagement with customers and building brand awareness in competitive markets. Exhibitions serve as essential destinations within business travel, offering opportunities for companies to network, showcase products, and cultivate client relationships on a global scale. For instance, in February 2024, according to a report by UFI, the Global Association of the Exhibition Industry, a France-based association of the world's tradeshow organizers, the exhibition industry in most global markets had fully recovered from the pandemic slump in 2023, with revenues matching those of 2019 on average. Additionally, the outlook for 2024 is positive, with revenues expected to grow by an average of 15%, setting the industry up for its highest-ever revenue levels. Therefore, the increase in exhibitions is driving the growth of the business travel market.

Innovative AI Integration Revolutionizes Business Travel Management
Major companies operating in the business travel market are developing innovative products, such as AI-powered flight sorting platforms, to streamline booking processes, enhance traveler experiences, and optimize cost efficiency. AI-powered flight sorting platforms are digital tools that utilize artificial intelligence algorithms to analyze and prioritize flight options based on various factors such as safety, cost-effectiveness, travel time, and traveler preferences. For instance, in July 2023, BCD Travel, a Netherlands-based business travel company, launched GetGoing, an all-in-one digital platform tailored for small and midsize businesses in the U.S., combining self-service convenience with expert support. It offers booking, policy automation, reporting, traveler safety features, and expert assistance. GetGoing streamlines travel management processes, allowing easy booking and policy setup, along with real-time reporting for cost optimization.

The business travel market covered in this report is segmented -

1) By Type: Managed Business Travel, Unmanaged Business Travel
2) By Service: Transportation, Food And Lodging, Business Activity
3) By Age Group: Marketing Travel Fare Travelers Below 40 Years, Travelers Above 40 Years
4) By Purpose: Marketing, Meetings, Trade Shows Or Exhibitions, Product Launch, Other Purposes
5) By Industry: Government, Corporate

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Major companies operating in the business travel market are American Express Company, Delta Air Lines, United Airlines Inc., Lufthansa Ltd, British Airways plc, Travelport Worldwide Ltd, SAP Concur, Orbitz, BCD Group, Navan Inc., Carlson Wagonlit Travel (CWT), Upside Business Travel, Corporate Travel Management Ltd, Clarity Business Travel Agency, FCM Travel Solutions, Paxes, Deem Inc., TravelPerk, SOTC Travel Limited, Serko Ltd, Thomas Cook, Wexas Travel Management

Contents of the report:
1. Executive Summary
2. Business Travel Market Report Structure
3. Business Travel Market Trends And Strategies
4. Business Travel Market - Macro Economic Scenario
5. Business Travel Market Size And Growth
…..
27. Business Travel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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