Global Business Travel Market Growth (Status and Outlook) 2023-2029

Global Business Travel Market Growth (Status and Outlook) 2023-2029

Business travel refers to domestic or international trips made by an employee for several business-related purposes, including the organization of trade shows, marketing of the company, product launches, and internal meetings. Tourism is one of the major sources of revenue for a number of countries and has a positive impact on the economy of both the source and host countries. The tourism industry has experienced a high growth in the last six decades, especially in regions like Europe that host a large number of international travelers on short breaks. Tourists usually have high budgets and a preference for good food and luxury accommodations. However, these preferences may differ from one tourist to another. For instance, some tourists prefer simple beach vacations, while others want family-oriented holidays at quieter resorts, uncommercialized places, or niche market-targeted destination hotels.

LPI (LP Information)' newest research report, the “Business Travel Industry Forecast” looks at past sales and reviews total world Business Travel sales in 2022, providing a comprehensive analysis by region and market sector of projected Business Travel sales for 2023 through 2029. With Business Travel sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Business Travel industry.

This Insight Report provides a comprehensive analysis of the global Business Travel landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Business Travel portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Business Travel market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Business Travel and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Business Travel.

The global Business Travel market size is projected to grow from US$ 1156290 million in 2022 to US$ 1465670 million in 2029; it is expected to grow at a CAGR of 3.4% from 2023 to 2029.

One of the major drivers for this market is the growing technological advances. The business travel market relies on technologically advanced solutions that aid travel agents and their clients access the travel data; compare reservation options; and book the most efficient, economical, and comfortable option. Furthermore, advances in artificial intelligence (AI) have helped automate the travel booking process, eliminating the need to re-enter the employee travel preferences and, in turn, saving time and energy.

This report presents a comprehensive overview, market shares, and growth opportunities of Business Travel market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Consulting Services
Transportation & Accommodation Management
Meetings & Events Management
Others

Segmentation by application
Large Enterprises
SMEs
Government & Nonprofits

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Corporate Travel Management (CTM)
CWT
FCM Travel Solutions
Direct Travel
GBT
ARTA Travel
BCD Group
Business Tavel
Cain Travel & Events
CorpTrav (FROSCH)
Enterprise Holdings
GTI Travel
JTB Business Travel
National Express
Radius Travel
Safe Harbors Business Travel
Teplis Travel Service

Please note: The report will take approximately 2 business days to prepare and deliver.