Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "Business Travel Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The business travel market size has grown rapidly 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 $1.46 trillion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
The growth in the historic period can be attributed to the industrial revolution, the increasing interconnectedness of global economies, the rise of multinational corporation meetings, the rise in the number of conferences and trade shows, and the rise of technology companies.
The growth in the forecast period can be attributed to the growth of a strong economy, increased business activities, rise in investment in business travel, generous travel policies, and increasing globalization of multinational corporations. Major trends in the forecast period include innovations in travel technology, advancements in online booking platforms, integration of AI, prioritizing sustainability, and opting for eco-friendly travel options.
The surge in exhibitions is anticipated to drive the expansion of the business travel sector in the foreseeable future. Exhibitions, structured events where products, artworks, or information are showcased to the public, are witnessing a surge due to their recognized efficacy in facilitating direct interaction with customers and enhancing brand visibility in competitive markets.
These events serve as pivotal points within business travel, offering platforms for companies to network, exhibit products, and nurture client relationships globally. Moreover, the outlook for 2024 is optimistic, with revenues projected to grow by an average of 15%, positioning the industry for record-high revenue levels. Hence, the upsurge in exhibitions is propelling the expansion of the business travel market.
Major players within the business travel sector are pioneering innovative solutions, such as AI-driven flight organization platforms, to streamline reservation procedures, enrich traveler experiences, and maximize cost-effectiveness. These AI-driven flight organization platforms are digital solutions employing artificial intelligence algorithms to assess and prioritize flight alternatives based on criteria such as safety, affordability, travel duration, and traveler preferences.
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. The countries covered in the business travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Companies Featured
- 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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $913.21 Billion |
| Forecasted Market Value (USD) by 2028 | $1460.99 Billion |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Business Travel Market Characteristics
3. Business Travel Market Trends and Strategies
4. Business Travel Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Business Travel Market Size and Growth
5.1. Global Business Travel Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Business Travel Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Business Travel Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Business Travel Market Segmentation
6.1. Global Business Travel Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Managed Business Travel
- Unmanaged Business Travel
6.2. Global Business Travel Market, Segmentation by Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Transportation
- Food and Lodging
- Business Activity
6.3. Global Business Travel Market, Segmentation by Age Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Marketing Travel Fare Travelers Below 40 Years
- Travelers Above 40 Years
6.4. Global Business Travel Market, Segmentation by Purpose, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Marketing
- Meetings
- Trade Shows Or Exhibitions
- Product Launch
- Other Purposes
6.5. Global Business Travel Market, Segmentation by Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Government
- Corporate
7. Business Travel Market Regional and Country Analysis
7.1. Global Business Travel Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Business Travel Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/a1vs3g
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