Business Travel Market Share & Size Analysis, Growth, Trends, Report, 2024-2032

The global business travel market size was valued at USD 1,380.00 billion in 2023. The market is expected to expand from USD 1,483.09 billion in 2024 to USD 2,765.34 billion by 2032, exhibiting a CAGR of 8.10% over the study period.

Business travel refers to touring individuals who belong to a business or organization for reasons pertaining to work, such as industry conferences, industry networking sessions, sealing business deals, training sessions, workshops, client meetings, and others. The increasing number of corporate events across the world is boosting market expansion. Corporate events are carried out to boost company morale, enhance team cohesion, boost staff motivation, celebrate team success, and establish brand awareness and external and internal relationships.

There was an adverse impact of the COVID-19 pandemic on the market. The implementation of travel restrictions, quarantine & gathering restrictions, and lockdown practices and shutdown of food & lodging services were observed by the market. The services of international and national traveling agencies were also discontinued.

Fortune Business Insights™ provides this information in its research report, titled "Business Travel Market".

𝐆𝐞𝐭 𝐀 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/business-travel-market-110564

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐌𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐓𝐫𝐚𝐯𝐞𝐥 𝗠𝗮𝗿𝗸𝗲𝘁 𝐑𝐞𝐩𝐨𝐫𝐭:
‣ American Express Global Business Travel (U.S.)
‣ BCD Travel (Netherlands)
‣ Booking Holdings Inc. (U.S.)
‣ Corporate Travel Management (Australia)
‣ TravelPerk (Spain)
‣ Frosch International Travel (U.S.)
‣ Navan (U.S.)
‣ Flight Centre Travel Group (Australia)
‣ World Travel, Inc. (U.S.)
‣ ITILITE Technologies Private Limited (India)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐓𝐫𝐚𝐯𝐞𝐥 𝗠𝗮𝗿𝗸𝗲𝘁
Surging Trend of Online Hotel Booking to Escalate Food & Lodging Segment Growth

By service, the market is classified into food & lodging, recreation, and transportation. The food & lodging segment accounts for the largest share, driven by the surging trend of online hotel booking through apps such as Agoda, goibibo, and others and corporate events at international and domestic levels.

Growth in Networking Opportunities to Propel Group Segment Expansion

With respect to traveler, the market is categorized into solo and group. The group segment is anticipated to witness the largest business travel market share during the assessment period due to its goal to assist collaboration, boost productivity by doing face-to-face interactions with team members and clients, and surge networking opportunities.

Corporate Segment Dominates Augmented by Expanding Number of Conferences

On the basis of industry type, the market is divided into government and
corporate. The corporate segment registers the largest share, fueled by a growth in the number of brand recognition activities, client visits, conferences, meetings, strategic planning, training & development, partnerships & collaborations, and others.

On the regional front, the market is divided into South America, North America, the Middle East & Africa, Europe, and Asia Pacific.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/business-travel-market-110564

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:

The report includes:
‣ Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
‣ Comprehensive insights into regional developments.
‣ List of major industry players.
‣ Key strategies adopted by the market players.
‣ Recent industry developments include product launches, partnerships, mergers, and acquisitions.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
Growing Technological Innovations to Drive Market Growth

The rise of technology has led to a profound transformation in varied elements of business travel. As technology has emerged, the landscape of business travel, now has enhanced efficiency, the travel experience of business travelers, and improved convenience. In addition, innovations in technology have enhanced booking processes and security and safety measures.

Despite such opportunities, increasing political crises globally, may impede business travel market growth.

𝗕𝗿𝗼𝘄𝘀𝗲 𝗗𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗦𝘂𝗺𝗺𝗮𝗿𝘆:
https://www.fortunebusinessinsights.com/business-travel-market-110564

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Asia Pacific Secures a Leading Position Fueled by Growth in the Number of Multinational Companies

Asia Pacific market occupies the largest share on account of a growth in the number of multinational companies, startups, and small and medium-sized enterprises (SMEs). The expanding business environment & infrastructure and heightened penetration of e-commerce further boost the market growth in the region.

North America is anticipated to depict a substantial CAGR during the study period, which can be attributed to robust growth in sectors, including healthcare, defense, e-commerce, technology, finance, and others. The growing innovations in technology are further contributing to regional growth.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
Top Players Emphasize Releasing Enhanced Products to Enhance Their Position

Prominent companies are emphasizing marketing and promotion strategies to establish robust brand awareness. Some of the other competitive strategies implemented by top companies include joint ventures, mergers, acquisitions, and partnerships. Several players are also prioritizing, releasing enhanced capabilities of products to strengthen their position.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Ecotourism Market
https://www.fortunebusinessinsights.com/ecotourism-market-108700

MICE Market
https://www.fortunebusinessinsights.com/mice-market-108653

Travel Retail Market
https://www.fortunebusinessinsights.com/travel-retail-market-104620

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
February 2024: Cleartrip, an online travel agency for booking train tickets, flights, hotel reservations, and others, released "Out of Office," which is a corporate travel management product. This product strives to offer unique travel behavior to businesses.

𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗨𝘀:
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
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This release was published on openPR.