Leading Element Driving Change in the Business Travel Market in 2025: Increase In Exhibitions Driving Growth In The Business Travel Market Driver

How Are the key drivers contributing to the expansion of the business travel market?
Expectations of growth in the business travel market are being propelled by escalating numbers of exhibitions. Exhibitions, which are organized events presenting products, artwork, or other information to the public, are witnessing a surge as businesses are increasingly recognizing their crucial role in instigating direct interaction with customers and raising brand awareness in cutthroat markets. Within the business travel context, exhibitions serve as vital points of reach, allowing firms to expand their network, flaunt their products, and nurture international customer relationships. For instance, in February 2024, a report from UFI, the Global Association of the Exhibition Industry based in France, indicated that the exhibition industry had fully rebounded from the pandemic-induced downturn in 2023 in most global markets, achieving revenue levels commensurate with those seen in 2019. Looking forward to 2024, projections are promising, with revenues predicted to increase on average by 15%, setting the industry on track for record-breaking revenue levels. Thus, the surge in exhibitions is fueling the growth of the business travel market.

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What growth opportunities are expected to drive the business travel market's CAGR through 2034?
The size of the business travel market has seen swift expansion in the past few years. The market is projected to escalate from $908.28 billion in 2024 to $1015.71 billion in 2025, registering a compound annual growth rate (CAGR) of 11.8%. Factors contributing to this growth during the historical period include the industrial revolution, heightened global economic interconnections, the surge of meetings involving multinational corporations, the increased number of conferences and exhibitions, along with the emergence of technology firms.

It is anticipated that the business travel market will experience swift expansion in the coming years, expecting to reach $1606.58 billion by 2029 with a compound annual growth rate (CAGR) of 12.1%. A robust economy, amplified business operations, escalated investments in business travel, liberal travel regulations, and growing global operations of multinational corporations are all contributing factors to the growth expected in the forecast period. The prediction also considers key trends like technological advancements in travel, online booking platform improvements, integration of artificial intelligence, a focus on sustainability, and a shift towards eco-friendly travel alternatives.

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What are the emerging trends shaping the future of the business travel market?
Leading enterprises in the business travel market are creating novel products such as AI-based flight categorization systems to simplify reservation procedures, improve travel experiences, and maximize cost effectiveness. AI-enabled flight categorization systems are digital solutions that use artificial intelligence algorithms to analyze and rank flight choices on different factors like safety, cost efficiency, journey duration, and traveler preferences. For example, in July 2023, BCD Travel, a business travel firm based in the Netherlands, introduced GetGoing, a comprehensive digital platform designed specifically for small to medium-sized businesses in the U.S., merging self-service ease with professional help. This platform provides functionalities such as booking, policy automation, reporting, traveler safety measures, and expert help. GetGoing smoothens travel management procedures, facilitates straightforward booking and policy setup, along with real-time reporting for cost optimization.

Which growth-oriented segments of the business travel market are leading the industry's development?
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

Subsegments:
1) By Managed Business Travel: Corporate Travel Programs, Travel Management Companies (Tmcs), Online Booking Tools (Obts)
2) By Unmanaged Business Travel: Self-Booking, Direct Supplier Booking, Ad-Hoc Travel

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Asia-Pacific was the largest region in the business travel market in 2023. The regions covered in the business travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the business travel market?
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

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What Is Covered In The Business Travel Global Market Report?

•Market Size Forecast: Examine the business travel market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the business travel market for a structured understanding.
•Key Players Overview: Analyze major players in the business travel market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the business travel market.
•Segment Contributions: Evaluate how different segments drive overall growth in the business travel market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the business travel market.
•Industry Challenges: Identify potential risks and obstacles affecting the business travel market.
•Competitive Landscape: Review strategic developments in the business travel market, including expansions, agreements, and new product launches.

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