WASHINGTON, June 13, 2023 (GLOBE NEWSWIRE) -- Global Business Travel Market is valued at USD 742.9 Billion in 2022 and is projected to reach a value of USD 1964.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 14.9% over the forecast period 2023-2030.
One of the most significant economic areas is the Business Travel business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for business travel, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Business Travel market growth over the forecast period. One of the main factors favorably affecting the demand for Business Travel is the increasing globalization of business operations, which requires frequent travel between cities and countries.
We forecast that the online category in Business Travel market sales will account for more than 30% of total sales by 2028 due to the convenience and cost savings it offers. The rise of online booking platforms has made it easier for businesses to manage their travel expenses, streamline their travel processes, and access real-time data and analytics.
North America dominates the market, and this trend of dominance will continue throughout the projection period. Factors like the strong economy of the region, widespread use of technology, such as online booking platforms and mobile devices, well-established travel infrastructure, and a high number of business hubs and corporate headquarters drive increased demand for Business Travel in this region.
Market Dynamics
Increased Use of Technology and Automation to Drive the Market:
In order to streamline the entire travel experience, businesses are leveraging various technological tools and automation solutions such as mobile apps, online booking tools, virtual meetings, and artificial intelligence (AI) to simplify travel planning, booking, expense reporting, and other travel-related tasks.
Focus on Duty of Care to Promote Market Growth:
With rising security concerns, companies are increasingly focusing on the safety and well-being of their employees during business trips. As such, duty of care has become a top priority, and companies are investing in various solutions such as travel risk management programs, travel insurance, and emergency response plans.
Top Players in the Global Business Travel Market
- Airbnb Inc. (U.S.)
- American Express Company (U.S.)
- BCD Group (BCD TRAVEL) (Netherlands)
- Booking Holdings Inc. (U.S.)
- Carlson Wagonlit Travel (CWT) (U.S.)
- Corporate Travel Management (Australia)
- Expedia Inc. (U.S.)
- FAREPORTAL Inc. (U.S.)
- Flight Centre Travel Group Ltd. (Australia)
- Wexas Ltd. (UK)
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Top Trends in Global Business Travel Market
- One trend that Vantage Market Research (VMR) expects to see in the Business Travel industry is the rise of alternative accommodations. Business travelers are seeking more personalized and unique accommodations beyond traditional hotels. As such, alternative accommodations such as vacation rentals, serviced apartments, and home-sharing platforms are gaining popularity among business travelers.
- Another trend that VMR predicts will continue in the Business Travel industry is the growth of emerging markets. The rise of emerging markets, particularly in Asia and Africa, is driving the growth of the global business travel market. Companies are expanding their business operations in these regions, creating new travel opportunities and driving demand for business travel services.
Top Report Findings
- Based on Service, most of the Business Travel market's revenue is controlled by the Food & Lodging category. Factors include the increasing number of business travelers and the rise of online booking platforms driving its significant market share.
- Based on Industry, the corporate category dominated the Business Travel market. This trend is anticipated to continue because of the increasing globalization of business operations and the need for companies to stay competitive by expanding their reach in new markets.
- Based on Mode of Booking, the online category dominated the Business Travel market, and it is anticipated that this trend will continue due to the convenience and cost savings it offers.
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Global Business Travel Market Revenue Is Driven by Sales from Top Key Players Contributing Nearly Half the of The Total Market Share
Major players include Airbnb Inc. (U.S.), American Express Company (U.S.), BCD Group (BCD TRAVEL) (Netherlands), Booking Holdings Inc. (U.S.), Carlson Wagonlit Travel (CWT) (U.S.), Corporate Travel Management (Australia), Expedia Inc. (U.S.), FAREPORTAL Inc. (U.S.), Flight Centre Travel Group Ltd. (Australia), Wexas Ltd. (UK).These companies are expected to benefit from increased demand for their services, as well as growing investments in new products.
Corporate Category in Business Travel Market to Generate Over 30% Revenue
Vantage Market Research has analyzed the market for Business Travel to understand its current state and potential future growth factors. For better understanding, based on industry the Business Travel market is divided into: government and corporate.
During the forecast period, the market for corporate is anticipated to experience the highest CAGR due to companies of all sizes investing heavily in travel-related expenses to achieve their goals and objectives. Corporate travel is an essential component of conducting business in today's globalized economy. It enables companies to expand their operations, network with clients and partners, and gain a competitive edge in the market.
On the other hand, the government category is anticipated to grow significantly over the forecast period because government organizations are significant consumers of travel services. Government employees may travel domestically or internationally, and the expenses may be funded by the government or through reimbursement from the employee.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Business Travel Market Forecast Report (2023-2030).
Global Business Travel Market Segmentation
By Service
- Transportation
- Food & Lodging
- Business Activity
By Industry
- Government
- Corporate
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 742.9 Billion |
| Revenue Forecast by 2030 | USD 1964.1 Billion |
| CAGR | 14.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Airbnb Inc., American Express Company, BCD Group (BCD TRAVEL), Booking Holdings Inc., Carlson Wagonlit Travel (CWT), Corporate Travel Management, Expedia Inc., FAREPORTAL Inc., Flight Centre Travel Group Ltd., Wexas Ltd. |
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