Business Travel Market on Path to Hit $1605.12 Billion by 2029 at 12.3% CAGR

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Business Travel Market Outlook: What Size And CAGR Are Anticipated By 2025?
The size of the business travel market has been expanding at a swift pace in the past few years. It is projected to increase from $908.28 billion in 2024 to $1009.18 billion in 2025, experiencing a compound annual growth rate (CAGR) of 11.1%. The historical period's growth can be attributed to various factors such as the industrial revolution, the escalating interconnection of global economies, the proliferation of multinational corporation meetings, the increase in conferences and trade exhibitions, and the upsurge of technology companies.

What Is the Expected CAGR for the Business Travel Market Growth Through 2029?
In the ensuing years, the business travel market is projected to witness a rapid expansion. Predictions place its value at $1605.12 billion by 2029, with a compound annual growth rate (CAGR) of 12.3%. Factors contributing to this surge during the forecast period include a robust economy, an uptick in business operations, a willingness to invest more in business travels, liberalized travel policies, and the rising multinational corporate globalisation. In the forecast timeframe, the sector is set to see innovations in travel technology, improvements in online booking platforms, artificial intelligence integration, a focus on sustainability, and preferences for eco-conscious travel alternatives.

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What Are the Primary Drivers Behind Business Travel Market Growth?
The surging number of exhibitions is anticipated to spur the expansion of the business travel market. Exhibitions, defined as organized events for the public display of items like products, artworks, or information, have been on the rise. This boost is due to businesses increasingly acknowledging the importance of such events for establishing direct customer engagement and enhancing brand visibility amid market competition. These exhibitions have grown into crucial venues for business travel, enabling companies to participate in networking activities, demonstrate their products, and nurture client relationships worldwide. For example, a February 2024 report from UFI, the Global Association of the Exhibition Industry - a France-based global tradeshow organizer's network, suggested that after the pandemic-induced slump in 2023, the exhibition industry experienced a full recovery, with earnings equating the 2019 standard in most global markets. What's more, projections for 2024 hold a favorable outlook, with a presumed average revenue growth of 15%, priming the industry for its all-time peak in revenue generation. Thus, the proliferation of exhibitions is fueling the expansion of the business travel market.

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What Are the Key Segments Driving Business Travel Market Growth?
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

What Are the Technological Trends Impacting the Business Travel Market?
Key players in the business travel market, such as AI-powered flight sorting platforms, are introducing inventive products to improve the booking process, enhance customer satisfaction, and maximize cost-effectiveness. These digital tools use advanced AI algorithms to categorize and rank flight options based on factors such as safety measures, economical pricing, journey duration, and user preferences. For example, BCD Travel, a business travel firm based in the Netherlands, deployed GetGoing in July 2023; this comprehensive digital platform is custom-designed for small to medium-sized American businesses, merging self-service simplicity and professional support. GetGoing provides booking and policy automation, reporting, traveler safety aspects, and expertise. It simplifies travel management operations, offering uncomplicated booking and policy formulation, alongside real-time reports for cost reduction.

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Who Are the Major Competitors in the Global 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

Which Region Dominates the Business Travel Market Share in 2025?
Asia-Pacific was the largest region in the business travel market in 2024. The regions covered in the business travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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