Business Travel Management Service Market Expansion Continues, with Forecast Valuation of $10.68 Billion by 2029

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What Is the Expected CAGR for the Business Travel Management Service Market Through 2025?
In the past few years, there has been significant growth in the market size of business travel management service. Expected to increase from $8.05 billion in 2024 to $8.53 billion in 2025, this market is projected to witness a 5.9% Compound Annual Growth Rate (CAGR). This growth during the historic period can be credited to factors such as a surge in the global compliance and regulatory requirements related to business travel, a rise in leisure travel, heightened attention to employee health and safety, an increase in corporate travel budgets, and a surge in globalization.

What's the Projected Size of the Global Business Travel Management Service Market by 2029?
The market for business travel management services is projected to experience robust growth in the forthcoming years, escalating to a value of $10.68 billion by 2029 with a compound annual growth rate (CAGR) of 5.8%. This growth within the projected period is anticipated to result from increased demands for superior travel services and economical solutions, a rise in business travel, proliferating governmental efforts towards the progress of MICE, a surge in cost-effective and efficient business trips, and an escalating number of corporate travellers and frequent business flyers. Key trends during this forecast period entail technological innovation, customization, mobile apps, hybrid meetings, and leisure travel.

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Top Growth Drivers in the Business Travel Management Service Industry: What's Accelerating the Market?
The business travel management services market is expected to grow due to the expansion of the travel and tourism industry. The latter consists of a variety of enterprises, services, and activities associated with travel, tourism, and hospitality. It encompasses both domestic and international travelers. The increase in the accessibility, affordability, and attractiveness of travel has led to a surge in travel and tourism. Business travel management services play a critical role in this industry by offering specialized services that improve the efficacy, cost savings, and overall experience of corporate travel. For example, in 2023, Condor Ferries Limited, a US-based travel services firm, reported that 59% of US tourists went to aquariums, 56% to science museums, 49% to historical and cultural locations, and 46% to sightseeing tours. Moreover, the International Trade Administration, a US intergovernmental organization, stated in July 2022 that the total number of foreign visitors to the US was 5.21 million, a 160.8% increase from July 2021. As a result, the growth of the travel and tourism industry is propelling the expansion of the business travel management services market.

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Which Emerging Trends Are Transforming the Business Travel Management Service Market in 2025?
Leading firms in the business travel management services sector are introducing innovative technologies and developing new applications to make business travel more streamlined and efficient. These applications serve as a unified platform enabling users to conveniently manage and control their whole travel itinerary, ranging from flight and hotel bookings to arranging meetings and transportation. For example, Trip.Biz, a digital travel management firm from Singapore and a part of the Trip.com Group, introduced the Trip.Biz application in April 2024. The app, which places emphasis on user-friendly technology and sustainability, is designed to simplify the intricate aspects of business travel. It provides round-the-clock customer service in several languages, ensuring a hassle-free experience for users sorting out their corporate travel requirements.

What Are the Main Segments in the Business Travel Management Service Market?
The business travel management service market covered in this report is segmented -

1) By Type: Consulting Services, Transportation And Accommodation, Meetings And Events Management, Other Types
2) By Service: Transportation, Food And Lodging, Recreation
3) By Application: Large Enterprises, Small And Medium-Sized Enterprise (SMEs), Governments And Non-Profits

Subsegments:
1) By Consulting Services: Travel Policy Consulting, Cost Optimization Consulting, Risk Management Consulting, Sustainability Consulting
2) By Transportation And Accommodation: Air Travel Booking, Rail And Ground Transportation, Hotel And Accommodation Booking, Car Rental Services
3) By Meetings And Events Management: Corporate Event Planning, Conference And Seminar Management, Incentive Travel Programs, Venue Sourcing And Coordination
4) By Other Types: Expense Management And Reporting, Travel Technology Solutions, Traveler Support And Assistance Services, Visa And Documentation Assistance

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Which Top Companies are Driving Growth in the Business Travel Management Service Market?
Major companies operating in the business travel management service market are American Express Company, Booking Holdings Inc., Expedia Group Inc., Carlson Wagonlit Travel, BCD Travel, GBT Travel Services UK Limited, Christopherson Business Travel, Flight Centre Travel Group Limited, Fareportal Inc., Direct Travel Inc., Travel Leaders Group LLC, Corporate Travel Management Limited, FCM Travel Solutions, Adelman Travel Group, Safe Harbors Business Travel Inc., JTB Business Travel, Corporate Travel Planners Inc., Cain Travel & Events, ARTA Travel, Radius Travel, GTI Travel, Egencia

Which Regions Will Dominate the Business Travel Management Service Market Through 2029?
North America was the largest region in the business travel management service market in 2024. The regions covered in the business travel management service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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