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Business Travel Market Size, Share, Competitive Landscape and Trend Analysis Report by INDUSTRY, by SERVICE, by TRAVELER : Global Opportunity Analysis and Industry Forecast, 2022-2031

CG : Travel & Luxury Travel

Report Code: A01280

Tables: 159

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Business Travel Market Research, 2031

The global business travel market size was valued at $689.7 billion in 2021, and is projected to reach $2.1 trillion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.

The business travel market is segmented into INDUSTRY, SERVICE and TRAVELER.

Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. The global travel & tourism industry is one of the largest industries with a global economic contribution of more than $9000 billion, in 2019.

According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $5.8 trillion to the global GDP (Gross Domestic Product) in 2021. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work. Travel & tourism includes leisure tourism, business tourism, medical tourism, and others. The factors that promote the growth of travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in accessibility of transport facilities, and surge in infrastructures, which in turn are expected to fuel the growth of the business travel market. Factors such as technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boost market growth. Continuous development in the travel & tourism industry and integration of various segments such as hospitality & infrastructure with government initiatives accelerate the growth of global travel & tourism industry, which in turn supplements the growth of the business travel market.

Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management. The growth of the global business travel market is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of meetings, incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector and increase in globalization of businesses. However, surge in adoption of advanced technology such as video conferencing hampers the market growth, as it is cost-effective and less time-consuming as compared to travelling.

Market Dynamics

SMEs (small and medium-sized enterprises) play a crucial role in the development of the economy. These firms offer numerous job opportunities, and therefore they are one of the significant sectors that aid in reducing unemployment, even when large enterprises are downsizing. However, certain challenges such as weak linkage with external market and limited SME financing act as restraints in the growth of the SMEs.

To sustain the economy, governments have started taking numerous initiatives such as Udayami Helpline, Skill India, District-level Incubation and Accelerator Program in India, SME Industrial Clustering in China, and other countries to promote the growth of the SME segment. Moreover, in 2021, there were approximately 400 million SMEs across the globe that constitute 95% of the global business firms. The growth of the SMEs has significantly promoted the growth of the business travel market, as business travelers in this sector frequently travel to seek every small opportunity to expand their market size in this large industry.

Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the business travel market. The outbreak of COVID-19 emerged as a major threat to the global travel & tourism industry that severely deteriorated the business travel industry. The pandemic led to cancellation of almost all the major business travel activities and MICE events across the globe.

Moreover, the wide spread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions is expected to compete with the players operating in the global business travel market in the future. The adoption of video conferencing platforms is serving the needs of many companies for meetings and conferences and is also adopted by them as a cost control measure as companies are avoiding the costly business travel expenses. In this way, COVID-19 has changed the competitive landscape of the global business travel market and is anticipated to have a long-term effect.

There are various technological advancements that emerged in the recent years and are being adopted by the business travel stakeholders. The popular technologies such as virtual reality, augmented reality, artificial intelligence, chat bots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the business travel market.

Voice search, chat bots are used in the websites to provide customers the convenience and ease of booking hotels and tickets. With the help of virtual reality, customers can take a 360 degree tour of the hotels, restaurants, and landscapes by sitting at the comfort of their home and decide whether to book a hotel or not. Moreover, robotics technology is also being used in hotels and restaurants. Robots can potentially be used in preparation of food and food services. Robots can be used in hotels for cleaning, luggage handling, and greeting guests that may help to attract customers. All these technologies are expected to drive the global business market in the upcoming future.

Public and private travel & tourism investment is necessary to support the ongoing growth of the sector. High investment is required to build structures and facilities to expand capacity and maintain & improve current infrastructure. However, some of the regions such as India, China, Saudi Arabia, and the UAE have witnessed a strong economic growth and notable development in business travel over the years. Thus, these countries focus on infrastructural development of roads, airports, and better hotels to cater to the demands of corporate and government travelers.

For example, Chinese government has increased its rail network to 132,000 km over the past decade. It also developed 5.9 km air route recently and has a total of 8.4 km air route network. The air passenger volume of China has now become the second largest across the globe. China has also invested heavily in developing high-speed rail system since 2008 and now China has around two-thirds of the global high-speed rail network. Therefore, rapid infrastructural development facilitates business and business tourism. These infrastructural developments has made China the leader in the business travel market.

The primary focus of every business is to achieve profit maximization at minimum cost. High investment often generates high revenue. However, economic uncertainty along with recession has degraded the consumption rate of the market, thereby declining the sales significantly. This has changed the pattern of investments for several companies, as they have started adopting cost-cutting strategies. However, business travel is an expensive affair, as it involves transportation such as flights & taxi, food & accommodation of the traveler, and the expense is significantly higher if it is an international trip.

This issue has been overcome with the help of technological advancements. Advancement such as online banking, phone calls, emails, and video conferences have made communication and transactions significantly cost-effective and easy in real time. Moreover, the emergence of real-time communication opportunity is encouraging companies to adopt several communication technologies such as video conferencing through online platforms such as Skype, FaceTime, Google Meet, and Zoom. Low cost and high effectiveness of such technology is acting as a major restraint for the business travel market growth.

Segment Overview

The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation. Furthermore, the transportation segment is categorized into air, rail, and car. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on the basis of traveler, is categorized into group and solo traveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

According to the business travel market forecast, based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 9.8% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.4% of the business travel market share in 2021. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is also forecasted to be the fastest-growing segment due to growth of business activities across the globe. The corporate segment accounted for around 65.9% market share in 2021 and is expected to witness growth at the highest CAGR of 9.8% during the forecast period.

Based on traveler, the group was the largest and the fastest-growing segment that garnered 59.9% market share in 2021 and is anticipated to grow at a significant CAGR of 9.9% in the upcoming future. The group segment is prospering as the cost involved in group tourism is lower. Further, the service providers offers discounted rates on accommodation and transportation for group travel.

Regional Analysis

Based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due to rapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.7% of the market in 2021 followed by North America and Europe that constituted 26.2% and 24.2% market share respectively in 2021. LAMEA is expected to show considerable growth due to growing business activities, growing government initiatives to attract FDIs (foreign direct investments), and continuous infrastructural development in the region.

Key Market Players

The players operating in the global business travel market have adopted various developmental strategies to expand their market share, explore the business travel market opportunities, and increase profitability in the market. The key players profiled in this report include American Express Company, BCD Group, CWT Global B.V., American Express Global Business Travel, Chase, Navan, Inc., TravelPerk S.L.U, Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Citi Bank N.A.

Some Examples of partnership in the market are:

• In August 2022, BCD Group (BCD Travel) extends partnership with FairFly to offer their APA solution to the entire global customer base. Through this, BCD Travel will leverage FairFly's technology and artificial intelligence to power their air price assurance (APA) solution.
• In July 2022, BCD Group (BCD Travel) partnered with Airbus, which is an aerospace products manufacturing company in order to service four European home markets namely, France, Germany, Spain and the UK.
• In December 2022, CWT Global B.V., expanded global partnership with Paramount Global, which is multinational media and entertainment conglomerate. Through this, it will manage Paramount's expanded travel business.

Some Examples of product launches in the market are:

• In July 2022, CWT Global B.V., announced to launch car rental and train booking capabilities to the mobile and web channels on its myCWT platform.

Some Examples of acquisitions in the market are:

• In February 2020, BCD Group (BCD Travel) acquired the Ventura Spa to extend its service such as corporate travel, meetings & events and travel consolidation services.
• In July 2022, Corporate Travel Management Limited acquired 1000 Mile Travel Group Ltd, in order to expand its interest in the business travel market through independent consultant model.
• In August 2020, Flight Centre Travel Group Limited acquired WhereTo, a San Francisco-based enterprise travel platform and technology company. This development done to include artificial intelligence technology so that it helps in recommending employees hotels, flights and ground transportation.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the business travel market analysis from 2021 to 2031 to identify the prevailing business travel market demand.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the business travel market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the business travel market statistics of the regional as well as global business travel market trends, key players, market segments, application areas, and market growth strategies.

  Business Travel Market Report Highlights

Analyst Review

The business travel industry has witnessed steady growth even under several turbulence such as global uncertainty, weakened global economy, terrorist attacks, world health issues, and others. This is attributed to the positive impact of business travel, which has a high return on investment, and further increases the interest of top-level management of business organizations across the world to invest heavily in this market.

According to the insights of the CXOs, Asia-Pacific region is expected to grow at a significant rate during the forecast period, owing to increase in government initiatives to carry out business activities conveniently. Moreover, economic development is a prime factor in business travel, as it plays a major role in managing relationships, investments, supply chains, and logistics, which further influences trade in the domestic & international markets. Rise in trend of online booking & fund transfer has increased the convenience and lowered the cost of travel expenses, thereby offering a pleasurable experience to the travelers.

• Travel Destinations
• Luxury Accommodations
• Travel Packages
• Travel Safety
• Luxury Travel Experiences
• Travel Planning
• Outdoor Activities

The global business travel market was valued at $689.7 billion in 2021, and is expected to reach $2,095.4 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. The global travel & tourism industry is one of the largest industries with a global economic contribution of more than $9000 billion, in 2019.

The business travel market report is available on request on the website of Allied Market Research.

The forecast period considered in the global business travel market report is from 2022 to 2031. The report analyzes the market sizes from 2022 to 2031 along with the upcoming market trends and opportunities. The report also covers the key strategies adopted by the key players operating in the market.

The players operating in the global business travel market have adopted various developmental strategies to expand their market share, explore the business travel market opportunity, and increase profitability in the market. The key players profiled in this report include American Express Company, BCD Group, CWT Global B.V., American Express Global Business Travel, Chase, Navan, Inc., TravelPerk S.L.U, Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Citi Bank N.A.

The outbreak of COVID-19 disease resulted in the global shutdown of economic activities causing severe damage to the tourism industry. According to the Global Business Travel Association (GBTA), global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. Business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacific by 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses for the players operating in the business travel market.

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Business Travel Market

Global Opportunity Analysis and Industry Forecast, 2022-2031

• Consumer Goods and Services
• Consumer Services

Business Travel Market

Global Business Travel Market Size, Share, Trends, Forecast: By Service: Transportation, Food and Lodging, Recreation; By Industry: Government, Corporate, Others; By Traveller: Group, Solo, Others; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Regional Analysis; Competitive Landscape; 2024-2032

• Report Summary
• Table of Contents
• Pricing Detail
• Request Sample

Global Business Travel Market Outlook

The global business travel market size reached a value of approximately USD 915.57 billion in 2023. The market is further projected to grow at a CAGR of 12% between 2024 and 2032, reaching a value of USD 2,538.94 billion by 2032.

Key Trends in the Market

Business travel refers to travelling activities undertaken for business- or work-related purposes. The various types of business travel include travelling to different locations to meet business partners and suppliers, travelling to a different branch of the company, or travelling for business and conference events.

• Increasing popularity of bleisure travel is a key trend propelling the growth of the global business travel market. The business travelling demographic often engages in leisure activities and participates in sight seeing. Engaging in such activities improves work efficiency and relieves stress and also provides travellers novel experience and opportunities to explore new destinations.
• Rising developments in travel and tourism sector and increasing presence of small and medium sized enterprises along with rapid globalisation have resulted in an increase in number of business travellers.
• Growing popularity of alternative accommodation facilities including Airbnb and home stays, among others due to unique customer experience, flexibility, and cost savings offered by them is further aiding the global business travel market expansion.

Market Analysis

On the basis of service, the market is divided into transportation, food and lodging, and recreation. Based on industry, the market is segregated into government and corporate, among others. By traveller, the market is classified into group and solo, among others. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global business travel market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Airbnb Inc.
• GBT Travel Services UK Limited
• Booking Holdings Inc.
• CWT Global B.V.
• Corporate Travel Management Limited
• Expedia Group, Inc.
• Fareportal, Inc.
• Flight Centre Travel Group Ltd.

Market Share by Service

The food and lodging segment is expected to witness significant growth over the forecast period. This growth can be attributed to the increasing availability of affordable hotel and guest houses and growing popularity of online booking. Increasing demand for hygienic food and convenient lodgings and increasing penetration of Airbnb and home stays is further aiding the segment growth. The business travel market expansion is further being aided by the increasing frequency of domestic and international business trips for attending conferences and meeting clients, among others.

Market Share by Region

The Asia Pacific is anticipated to account for a significant portion of the market in the coming years. This is due to the increasing government initiatives and policies to attract foreign investments, rapid infrastructural development, and availability of various sources such as skilled workforce to support business development. Increasing awareness about the various advantages associated with business travel such as exposure to newer environments and work culture and development of decision making and leadership skills is further aiding the business travel market growth in the region.

Competitive Landscape

Airbnb, Inc. was founded in 2007 and is based in California, United States. The company operates an online marketplace for long- and short-term homestays. Their unique experiences enable guests to connect with communities in an authentic manner.

BCD Group is a global corporate travel management company that was founded in 1975 and is headquartered in Utrecht, Netherlands. The company is known for providing support, advice, and travel services, including off-airport parking.

Expedia Group, Inc. is a technology, information, and internet company that was established in 1996 and is headquartered in Washington, United States. Their specialities include hospitality, travel, airfare, and business development, among others.

Other market players include GBT Travel Services UK Limited, Booking Holdings Inc., CWT Global B.V., Corporate Travel Management Limited, Fareportal, Inc., Flight Centre Travel Group Ltd., and Wexas Ltd., among others.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface     2    Report Coverage – Key Segmentation and Scope 3    Report Description     3.1    Market Definition and Outlook     3.2    Properties and Applications     3.3    Market Analysis     3.4    Key Players 4    Key Assumptions 5    Executive Summary     5.1    Overview     5.2    Key Drivers     5.3    Key Developments     5.4    Competitive Structure     5.5    Key Industrial Trends 6    Market Snapshot     6.1    Global     6.2    Regional 7    Opportunities and Challenges in the Market 8    Global Business Travel Market Analysis     8.1    Key Industry Highlights     8.2    Global Business Travel Historical Market (2018-2023)      8.3    Global Business Travel Market Forecast (2024-2032)     8.4    Global Business Travel Market by Service         8.4.1    Transportation             8.4.1.1    Historical Trend (2018-2023)             8.4.1.2    Forecast Trend (2024-2032)         8.4.2    Food and Lodging             8.4.2.1    Historical Trend (2018-2023)             8.4.2.2    Forecast Trend (2024-2032)         8.4.3    Recreation             8.4.3.1    Historical Trend (2018-2023)             8.4.3.2    Forecast Trend (2024-2032)     8.5    Global Business Travel Market by Industry         8.5.1    Government             8.5.1.1    Historical Trend (2018-2023)             8.5.1.2    Forecast Trend (2024-2032)         8.5.2    Corporate             8.5.2.1    Historical Trend (2018-2023)             8.5.2.2    Forecast Trend (2024-2032)         8.5.3    Others       8.6    Global Business Travel Market by Traveller         8.6.1    Group             8.6.1.1    Historical Trend (2018-2023)             8.6.1.2    Forecast Trend (2024-2032)         8.6.2    Solo             8.6.2.1    Historical Trend (2018-2023)             8.6.2.2    Forecast Trend (2024-2032)         8.6.3    Others       8.7    Global Business Travel Market by Region         8.7.1    North America             8.7.1.1    Historical Trend (2018-2023)              8.7.1.2    Forecast Trend (2024-2032)         8.7.2    Europe             8.7.2.1    Historical Trend (2018-2023)              8.7.2.2    Forecast Trend (2024-2032)         8.7.3    Asia Pacific             8.7.3.1    Historical Trend (2018-2023)              8.7.3.2    Forecast Trend (2024-2032)         8.7.4    Latin America             8.7.4.1    Historical Trend (2018-2023)              8.7.4.2    Forecast Trend (2024-2032)         8.7.5    Middle East and Africa             8.7.5.1    Historical Trend (2018-2023)              8.7.5.2    Forecast Trend (2024-2032) 9    North America Business Travel Market Analysis     9.1    United States of America          9.1.1    Historical Trend (2018-2023)          9.1.2    Forecast Trend (2024-2032)     9.2    Canada         9.2.1    Historical Trend (2018-2023)          9.2.2    Forecast Trend (2024-2032) 10    Europe Business Travel Market Analysis     10.1    United Kingdom         10.1.1    Historical Trend (2018-2023)          10.1.2    Forecast Trend (2024-2032)     10.2    Germany         10.2.1    Historical Trend (2018-2023)          10.2.2    Forecast Trend (2024-2032)     10.3    France         10.3.1    Historical Trend (2018-2023)          10.3.2    Forecast Trend (2024-2032)     10.4    Italy         10.4.1    Historical Trend (2018-2023)          10.4.2    Forecast Trend (2024-2032)     10.5    Others 11    Asia Pacific Business Travel Market Analysis     11.1    China         11.1.1    Historical Trend (2018-2023)          11.1.2    Forecast Trend (2024-2032)     11.2    Japan         11.2.1    Historical Trend (2018-2023)          11.2.2    Forecast Trend (2024-2032)     11.3    India         11.3.1    Historical Trend (2018-2023)          11.3.2    Forecast Trend (2024-2032)     11.4    ASEAN         11.4.1    Historical Trend (2018-2023)          11.4.2    Forecast Trend (2024-2032)     11.5    Australia         11.5.1    Historical Trend (2018-2023)          11.5.2    Forecast Trend (2024-2032)     11.6    Others 12    Latin America Business Travel Market Analysis     12.1    Brazil         12.1.1    Historical Trend (2018-2023)          12.1.2    Forecast Trend (2024-2032)     12.2    Argentina         12.2.1    Historical Trend (2018-2023)          12.2.2    Forecast Trend (2024-2032)     12.3    Mexico         12.3.1    Historical Trend (2018-2023)          12.3.2    Forecast Trend (2024-2032)     12.4    Others 13    Middle East and Africa Business Travel Market Analysis     13.1    Saudi Arabia         13.1.1    Historical Trend (2018-2023)          13.1.2    Forecast Trend (2024-2032)     13.2    United Arab Emirates         13.2.1    Historical Trend (2018-2023)          13.2.2    Forecast Trend (2024-2032)     13.3    Nigeria         13.3.1    Historical Trend (2018-2023)          13.3.2    Forecast Trend (2024-2032)     13.4    South Africa         13.4.1    Historical Trend (2018-2023)          13.4.2    Forecast Trend (2024-2032)     13.5    Others 14    Market Dynamics     14.1    SWOT Analysis         14.1.1    Strengths         14.1.2    Weaknesses         14.1.3    Opportunities         14.1.4    Threats     14.2    Porter’s Five Forces Analysis           14.2.1    Supplier’s Power         14.2.2    Buyer’s Power         14.2.3    Threat of New Entrants         14.2.4    Degree of Rivalry         14.2.5    Threat of Substitutes     14.3    Key Indicators for Demand     14.4    Key Indicators for Price   15    Competitive Landscape     15.1    Market Structure     15.2    Company Profiles         15.2.1    Airbnb Inc.             15.2.1.1    Company Overview             15.2.1.2    Product Portfolio             15.2.1.3    Demographic Reach and Achievements             15.2.1.4    Certifications         15.2.2    GBT Travel Services UK Limited             15.2.2.1    Company Overview             15.2.2.2    Product Portfolio             15.2.2.3    Demographic Reach and Achievements             15.2.2.4    Certifications         15.2.3    BCD Group             15.2.3.1    Company Overview             15.2.3.2    Product Portfolio             15.2.3.3    Demographic Reach and Achievements             15.2.3.4    Certifications         15.2.4    Booking Holdings Inc.             15.2.4.1    Company Overview             15.2.4.2    Product Portfolio             15.2.4.3    Demographic Reach and Achievements             15.2.4.4    Certifications         15.2.5    CWT Global B.V.             15.2.5.1    Company Overview             15.2.5.2    Product Portfolio             15.2.5.3    Demographic Reach and Achievements             15.2.5.4    Certifications         15.2.6    Corporate Travel Management Limited             15.2.6.1    Company Overview             15.2.6.2    Product Portfolio             15.2.6.3    Demographic Reach and Achievements             15.2.6.4    Certifications         15.2.7    Expedia Group, Inc.             15.2.7.1    Company Overview             15.2.7.2    Product Portfolio             15.2.7.3    Demographic Reach and Achievements             15.2.7.4    Certifications         15.2.8    Fareportal, Inc.             15.2.8.1    Company Overview             15.2.8.2    Product Portfolio             15.2.8.3    Demographic Reach and Achievements             15.2.8.4    Certifications         15.2.9    Flight Centre Travel Group Ltd.             15.2.9.1    Company Overview             15.2.9.2    Product Portfolio             15.2.9.3    Demographic Reach and Achievements             15.2.9.4    Certifications         15.2.10    Wexas Ltd.             15.2.10.1    Company Overview             15.2.10.2    Product Portfolio             15.2.10.3    Demographic Reach and Achievements             15.2.10.4    Certifications         15.2.11    Others   16    Key Trends and Developments in the Market

List of Key Figures and Tables

1.    Global Business Travel Market: Key Industry Highlights, 2018 and 2032  2.    Global Business Travel Historical Market: Breakup by Service (USD Billion), 2018-2023 3.    Global Business Travel Market Forecast: Breakup by Service (USD Billion), 2024-2032 4.    Global Business Travel Historical Market: Breakup by Industry (USD Billion), 2018-2023 5.    Global Business Travel Market Forecast: Breakup by Industry (USD Billion), 2024-2032 6.    Global Business Travel Historical Market: Breakup by Traveler Type (USD Billion), 2018-2023 7.    Global Business Travel Market Forecast: Breakup by Traveler Type (USD Billion), 2024-2032 8.    Global Business Travel Historical Market: Breakup by Region (USD Billion), 2018-2023 9.    Global Business Travel Market Forecast: Breakup by Region (USD Billion), 2024-2032 10.    North America Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 11.    North America Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 12.    Europe Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 13.    Europe Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 14.    Asia Pacific Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 15.    Asia Pacific Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 16.    Latin America Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 17.    Latin America Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 18.    Middle East and Africa Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 19.    Middle East and Africa Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 20.    Global Business Travel Market Structure

What was the global business travel market size in 2023?

The market reached a value of approximately USD 915.57 billion in 2023.

What is the growth rate of the business travel market?

The market is projected to grow at a CAGR of 12% between 2024 and 2032.

What is the forecast outlook of the business travel market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2,538.94 billion by 2032.

What are the major market drivers?

The major market drivers include growing requirement for business travel for brand and product promotion and rising adoption of green transportation and sustainable accommodations.

What are the key trends of the market?

The key trends fuelling the growth of the market include increasing popularity of bleisure travel, development of the travel and tourism sector, and growing popularity of Airbnb and home stays.

What are the major regions in the market for business travel, according to the EMR report?

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the various services available in the market?

The various services available in the market include transportation, food and lodging, and recreation.

Who are the key market players, according to the report?

The key players in the business travel market are Airbnb Inc., GBT Travel Services UK Limited, BCD Group, Booking Holdings Inc., CWT Global B.V., Corporate Travel Management Limited, Expedia Group, Inc., Fareportal, Inc., Flight Centre Travel Group Ltd., and Wexas Ltd., among others.

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Global Business Travel Market – Industry Trends and Forecast to 2030

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Market Size in USD Billion

CAGR :  6.73 %

Global Business Travel Market, By Type (Managed Business Travel, Unmanaged Business Travel), Purpose (Marketing, Internal Meetings, Trade Shows, Product Launch, Others), Expenditure (Travel Fare, Lodging, Dining, Others), Age Group (Travelers below 40 Years, Travelers above 40 Years), Traveller (Group Travel, Solo Travel), Service (Transportation, Food and Lodging, Recreation Activity), Industry (Government, Corporate) - Industry Trends and Forecast to 2030.

Business Travel Market Analysis and Size  

Business travel is a partition of regular tourism in which people travel for a business related purpose. In this includes business work, entertainment, transportation, accommodation, and other activities. Global business travel industry is one of the major industries with global economic contribution.

Data Bridge Market Research analyses that the global business travel market which was USD 1.56 billion in 2022, would rocket up to USD 2.62 billion by 2030, and is expected to undergo a CAGR of 6.73% during the forecast period of 2023 to 2030. “Food & lodging segment” dominates the service segment of the global business travel market part owing to growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food and lodging segment. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Business Travel Market Scope and Segmentation

Market Definition

Business or corporate travel is the tourism segment which focuses on the people who travel for professional purposes or work and the related tourism purposes. In this branch also includes the meeting sector, which refers to business congresses, trade fairs, events, conferences and exhibitions.

Global Business Travel Market Dynamics

• Rising Demand of Bleisure

Bleisure travel is the form of business + leisure. The growing trend of bleisure travel in which incorporates business offers leisure or recreational activities with pleasure elements to improve work efficiency and relieve stress. It has provided a positive growth to the market. The development of virtual reality  for hotel bookings, smart hotels and personalization are all the aspects which are boosting the business travel market

• Increasing Digitization and Penetration Towards Internet of Things

The growing digitization is initially influencing the global business travel market in the corporate and tourism sectors. Also, rising penetration of the Internet of Things (IoT) has allowed both the travel operators and the travellers to get things done swiftly and in easy way. These factors are the major reason which are expected to drive the growth of the business travel market

Opportunities

• Usage of Robotic Technology

The use of robotic technology can help to reduce human-to-human touch and could help the business travel market to flourish in the upcoming future. Robotics technology is a popular trend which attract customers to hotels. In hotels, robots are used to handle luggage, clean the rooms, greet guests and provide information. Robots could be used in food preparation and foodservice positions in restaurants

• Increased Government Initiative and Infrastructure Investment

Increased government initiatives are driving the business travel market due to the expansion of the events (MICE), meetings, incentives and conferences, and the small and medium-sized companies (SMEs) sector. Also, increased infrastructure investment and quick expansion in the travel retail industry will act as market drivers and further increase valuable opportunities for the market's growth rate

Restraint/Challenge

• Rise in the Advanced Technology

Rise in the advanced technology such as video conferencing is expected to hamper the growth of the business travel market globally because it is less time-consuming and cost-effective compared to travelling. Furthermore, the outbreak of COVID-19 implementing the lockdown globally is also expected to challenge the business travel market globally during the forecast period

Recent Developments

• In April 2021, Flight Centre Travel Group Company, which is famous as an Australian travel agency, and an Israeli travel technology developer of Gimmonix’s cutting-edge hotel management and distribution solutions, declared that their present partnership will continue to continue renovating the Flight Centre’s digital connectivity infrastructure

Global Business Travel Market Scope

The business travel market is segmented on the basis of type, purpose, expenditure, age group, traveller, service and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

• Managed Business Travel
• Unmanaged Business Travel
• Internal Meetings
• Trade Shows
• Product Launch

Expenditure

• Marketing Travel Fare
• Marketing Travel Fare Travelers Below 40 Years
• Travelers Above 40 Years
• Group Travel
• Solo Travel
• Food and Lodging
• Recreation Activity

Global Business Travel Market Regional Analysis/Insights

The business travel market is analysed and market size insights and trends are provided by type, purpose, expenditure, age group, traveller, service and industry as referenced above.

The countries covered in the business travel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the business travel market in terms of revenue and market share during the forecast period. This is due to the increasing demand for business travel in this region. The Asia-Pacific region leads the business travel market due to the strong economic growth, high penetration of technology and internet and rise in IoT, supporting both travel operators and travellers in this region.

During the projected period, North America is estimated to be the fastest developing region due to rising government initiatives to attract FDIs (foreign direct investments), increasing business activities, and continuous infrastructural development in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Business Travel Market Share Analysis

The global business travel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus related to global business travel market.

Some of the major players operating in the global business travel market are:

• ADEKA CORPORATION Airbnb, Inc. (U.S.)
• American Express Company (U.S.)
• BCD Group (Netherland)
• Booking Holdings (U.S.)
• CWT Solutions (U.S.)
• Corporate Travel Management (Australia)
• Expedia, Inc. (U.S.)
• Fareportal (U.S.)
• Flight Centre Travel Group Limited (formerly Flight Centre Limited) (U.S.)
• Wexas Travel (U.K.)
• Hogg Robinson Ltd (U.K.)
• Priceline (U.S.)
• Egencia LLC (U.S.)
• Frosch International Travel (U.K.)
• Ovation Travel Group (U.S.)
• Travel Leaders Group (U.S.)

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Business travel market size & share to surpass $1964.1 billion by 2030 | vantage market research.

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.

Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/business-travel-market-2161/request-sample

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

Transportation

Food & Lodging

Business Activity

By Industry

North America

Asia Pacific

Latin America

Middle East & Africa

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Scope of the Report:

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US Business Travel Market 2024–2033

Us business travel market size, trends and insights by type (luxury, business travel, cruise, specialty/activity/sports, budget), by age group (millennial, generation x, baby boomers), and by region - industry overview, statistical data, competitive analysis, share, outlook, and forecast 2024–2033.

Report Code: CMI27144

Published Date: July 2023

Pages: 220+

Category: USA

• Product Description

Table of Contents

• Methodology
• Key Players

Report Snapshot

Source: CMI

Major Players

• Expedia Inc.
• Booking Holdings Inc.
• American Express Global Business Travel (GBT)
• TCS World Travel
• Abercrombie & Kent USA LLC

Exclusive, in-depth market intelligence can help you increase your Revenue.

Reports Description

As per the current market research conducted by CMI Team, the US Business Travel Market is expected to record a CAGR of 10.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 201.3 Billion . By 2032, the valuation is anticipated to reach USD 359 Billion .

Corporate travel, commonly known as business travel, encompasses journeys taken for professional purposes or to enhance business activities. It entails visiting various company branches to engage with suppliers and clients, as well as participating in events like conferences and meetings. Furthermore, business travel involves additional elements such as client meetings, marketing and promotional activities, employee training and rewards, and business expansion.

The United States has witnessed an increasing demand for business travel throughout the country due to the digitalization of the tourism and corporate sectors. The main catalyst for the business travel market in the United States is the expanding emphasis on domestic networks. Moreover, the surge in interest in international travel routes, coupled with the decline in the value of the dollar, has motivated individuals to choose business travel within the United States.

As business activities continue to grow, numerous corporate entities have partnered with top business travel firms to offer tailored collaborative spaces and team-building activities, aiming to alleviate stress and enhance productivity at work.

US Business Travel Market – Significant Growth Factors

The business travel market in the United States is experiencing significant growth due to several key factors:

• Domestic Network Expansion : The focus on expanding domestic networks has played a crucial role in driving the growth of the US business travel market. With improved infrastructure and transportation options, companies are able to connect and conduct business more efficiently across different regions within the country.
• International Travel Demand : There has been an increasing demand for traveling on international routes among business travelers in the United States. This trend is driven by globalization, expanding business opportunities, and the need for companies to establish global partnerships and networks.
• Weakening Dollar : The weakening of the US dollar has made business travel more attractive for international visitors. A weaker currency makes travel expenses relatively more affordable, encouraging more foreign businesses and professionals to visit the United States for meetings, conferences, and other business-related activities.
• Technological Advancements : The advancements in technology have greatly facilitated business travel. From online booking platforms and travel management tools to virtual meetings and communication tools, technology has made it easier for businesses to plan and execute their travel arrangements efficiently.
• Collaborative Spaces and Team-Building Exercises : To improve work efficiency and employee satisfaction, many corporate organizations have partnered with leading business travel companies to provide customized collaborative spaces and team-building exercises. These initiatives help relieve stress, foster teamwork, and enhance productivity during business trips.

US Business Travel Market – Mergers and Acquisitions

The US business travel market has witnessed a notable trend of mergers and acquisitions, which have influenced its dynamics and landscape. Several key factors contribute to this trend:

• Market Consolidation : Mergers and acquisitions help consolidate the business travel market by combining the strengths and resources of different companies. This consolidation aims to create larger, more competitive entities that can offer a broader range of services and solutions to clients.
• Synergies and Cost Efficiencies : Mergers and acquisitions allow companies to achieve synergies and cost efficiencies by eliminating duplicate functions, streamlining operations, and leveraging shared resources. This can lead to improved profitability and competitive advantage in the market.
• Expansion into New Markets : Acquiring or merging with another business travel company can provide access to new markets, both domestically and internationally. This strategic expansion allows companies to broaden their customer base and tap into new revenue streams.
• Diversification of Service Offerings : Mergers and acquisitions enable companies to diversify their service offerings by incorporating new capabilities and expertise. This diversification allows them to better meet the evolving needs and preferences of their clients and stay ahead of the competition.
• Strategic Partnerships : In some cases, mergers and acquisitions in the business travel market are driven by the desire to form strategic partnerships. By joining forces, companies can combine their respective strengths and market positions to achieve mutual growth and gain a competitive edge.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

US Business Travel Market- Significant Threats

While the US business travel market presents significant opportunities, there are also various threats that can impact its growth and stability:

• Economic Downturns : Economic downturns, such as recessions or financial crises, pose a significant threat to the business travel market. During periods of economic uncertainty, companies may reduce their travel budgets, leading to a decline in business travel demand. Economic factors can also impact the overall business environment, affecting business expansion plans and investments.
• Geopolitical Instability : Geopolitical instability, such as political conflicts, trade disputes, or terrorism, can disrupt business travel. Heightened security measures, travel restrictions, and volatile business environments in certain regions can deter companies from sending their employees on business trips, affecting overall demand for corporate travel.
• Natural Disasters and Epidemics : Natural disasters, such as hurricanes, earthquakes, or wildfires, can disrupt travel infrastructure and impact business travel operations. Similarly, epidemics or pandemics, like the recent COVID-19 pandemic, can significantly impact the business travel market by leading to travel restrictions, event cancellations, and a general reluctance to engage in face-to-face business interactions.
• Technological Disruptions : Technological advancements, while providing opportunities, can also pose threats to the business travel market. The rise of virtual meetings, teleconferencing, and remote work capabilities may reduce the need for in-person business travel in certain instances. Additionally, disruptive technologies or platforms that offer alternative business travel solutions could disrupt traditional travel providers.
• Environmental Concerns : Growing environmental concerns, such as climate change and carbon emissions, have increased scrutiny on business travel’s environmental impact. Organizations and policymakers may implement stricter regulations or corporate sustainability policies that discourage or limit business travel. This could lead to a reduction in travel demand or a shift towards more sustainable travel options.
• Changing Traveler Preferences : Evolving traveler preferences and behaviors can also pose a threat to the business travel market. As younger generations enter the workforce, there is a growing demand for flexible work arrangements, remote work options, and a focus on work-life balance. This could potentially lead to a decrease in business travel demand if companies adapt to these preferences by promoting virtual meetings and remote collaboration.

Report Scope

Category-Wise Insights

Based on the Type:

In 2022, the luxury travel segment held the largest market share, accounting for over 33.04% of the market. The growth of this segment is primarily driven by increased disposable income among consumers in the United States and Canada. A report released by TripAdvisor in May 2021 highlighted that high-income millennials in the United States were significant contributors to luxury travel expenditure.

Many of them engaged in purpose-driven trips, focusing on self-care and relaxation, which further supports the growth of this segment. On the other hand, the budget travel segment is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period.

Based on Age Group:

The travel market in Canada and the United States is segmented based on age groups, namely millennials, baby boomers, and Generation X. Among these segments, millennials were the dominant group in 2022, capturing the largest market share of over 51.00% in terms of revenue. This age group is inclined towards value-driven trips and shows a preference for brands that offer affordability and convenience.

The popularity of such travel options is particularly high among millennials and younger travelers. In 2018, millennials in the United States alone spent USD 220 billion on travel, and this expenditure is expected to increase further during the forecast period.

US Business Travel Market 2023–2032 (By Billion)

US Business Travel Market – Regional Analysis

• Northeast Region : The Northeast region, which includes major business hubs like New York City, Boston, and Philadelphia, is a prominent center for business travel. It attracts a significant number of corporate travelers due to its concentration on financial institutions, tech companies, and professional services firms.
• Southeast Region : The Southeast region, encompassing cities such as Atlanta, Miami, and Charlotte, is also a significant contributor to the US business travel market . It is home to various industries, including manufacturing, healthcare, and tourism, which generate business travel demand.
• Midwest Region : The Midwest region, with cities like Chicago, Detroit, and Minneapolis, plays a crucial role in the business travel market. It is known for its diverse industrial sectors, including automotive, manufacturing, and agriculture, attracting business travelers for conferences, trade shows, and meetings.
• West Coast Region : The West Coast region, including cities like Los Angeles, San Francisco, and Seattle, is a thriving hub for technology, entertainment, and innovation. It hosts numerous conferences, conventions, and business events, drawing business travelers from various industries.
• Southwest Region : The Southwest region, which includes cities such as Houston, Dallas, and Phoenix, is known for its strong presence in the energy, aerospace, and healthcare sectors. These industries contribute to business travel demand in the region.
• Mountain Region : The Mountain region, encompassing areas like Denver, Salt Lake City, and Las Vegas, attracts business travelers for conferences, conventions, and outdoor recreational activities. It is known for its hospitality and tourism industry.
• Pacific Region : The Pacific region, including Hawaii and Alaska, presents unique business travel opportunities. Hawaii attracts business travelers for conferences, incentive trips, and meetings, while Alaska draws visitors for business-related activities in industries such as oil and gas, mining, and tourism.

US Business Travel Market 2023–2032 (By Age Group)

List of the prominent players in the US Business Travel Market :

• Exodus Travels Ltd.
• Intrepid Travel
• Topdeck Travel Ltd.

The US Business Travel Market is segmented as follows:

• Business Travel
• Specialty/Activity/Sports

By Age Group

• Generation X
• Baby Boomers

On the basis of US Geography

• Northeast Region
• Southeast Region
• Midwest Region
• West Coast Region
• Southwest Region
• Mountain States
• 1.1 Report Description and Scope
• 1.2 Research scope
• 1.3.1 Market Research Type
• 1.3.2 Market research methodology
• 2.1 US Business Travel Market, (2024 – 2033) (USD Billion)
• 2.2 US Business Travel Market : snapshot
• 3.1 US Business Travel Market: Market Dynamics
• 3.2.1 Domestic Network Expansion
• 3.2.2 International Travel Demand
• 3.2.3 Weakening Dollar
• 3.2.4 Technological Advancements
• 3.2.5 Collaborative Spaces and Team-Building Exercises.
• 3.3 Market Restraints
• 3.4 Market Opportunities
• 3.5 Market Challenges
• 3.6 Porter’s Five Forces Analysis
• 3.7.1 Market attractiveness analysis By Type
• 3.7.2 Market attractiveness analysis By Age Group
• 4.1.1 US Business Travel Market: company market share, 2022
• 4.2.1 Acquisitions & mergers
• 4.2.2 New Product launches
• 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
• 4.2.4 Research and development and Regional expansion
• 4.3 Price trend analysis
• 5.1.1 US Business Travel Market share, By Type , 2022 and – 2033
• 5.2.1 US Business Travel Market by Luxury, 2024 – 2033 (USD Billion)
• 5.3.1 US Business Travel Market by Business Travel, 2024 – 2033 (USD Billion)
• 5.4.1 US Business Travel Market by Cruise, 2024 – 2033 (USD Billion)
• 5.5.1 US Business Travel Market by Specialty/Activity/Sports, 2024 – 2033 (USD Billion)
• 5.6.1 US Business Travel Market by Budget, 2024 – 2033 (USD Billion)
• 6.1.1 US Business Travel Market share, By Age Group, 2022 and – 2033
• 6.2.1 US Business Travel Market by Millennial, 2024 – 2033 (USD Billion)
• 6.3.1 US Business Travel Market by Generation X, 2024 – 2033 (USD Billion)
• 6.4.1 US Business Travel Market by Baby Boomers, 2024 – 2033 (USD Billion)
• 7.1 US Business Travel Market Regional Overview
• 7.2 US Business Travel Market Share, by Region, 2022 & – 2033 (USD Billion)
• 8.1.1 Overview
• 8.1.2 Financials
• 8.1.3 Product Portfolio
• 8.1.4 Business Strategy
• 8.1.5 Recent Developments
• 8.2.1 Overview
• 8.2.2 Financials
• 8.2.3 Product Portfolio
• 8.2.4 Business Strategy
• 8.2.5 Recent Developments
• 8.3.1 Overview
• 8.3.2 Financials
• 8.3.3 Product Portfolio
• 8.3.4 Business Strategy
• 8.3.5 Recent Developments
• 8.4.1 Overview
• 8.4.2 Financials
• 8.4.3 Product Portfolio
• 8.4.4 Business Strategy
• 8.4.5 Recent Developments
• 8.5.1 Overview
• 8.5.2 Financials
• 8.5.3 Product Portfolio
• 8.5.4 Business Strategy
• 8.5.5 Recent Developments
• 8.6.1 Overview
• 8.6.2 Financials
• 8.6.3 Product Portfolio
• 8.6.4 Business Strategy
• 8.6.5 Recent Developments
• 8.7.1 Overview
• 8.7.2 Financials
• 8.7.3 Product Portfolio
• 8.7.4 Business Strategy
• 8.7.5 Recent Developments
• 8.8.1 Overview
• 8.8.2 Financials
• 8.8.3 Product Portfolio
• 8.8.4 Business Strategy
• 8.8.5 Recent Developments
• 8.9.1 Overview
• 8.9.2 Financials
• 8.9.3 Product Portfolio
• 8.9.4 Business Strategy
• 8.9.5 Recent Developments
• 8.10.1 Overview
• 8.10.2 Financials
• 8.10.3 Product Portfolio
• 8.10.4 Business Strategy
• 8.10.5 Recent Developments
• 8.11.1 Overview
• 8.11.2 Financials
• 8.11.3 Product Portfolio
• 8.11.4 Business Strategy
• 8.11.5 Recent Developments

List Of Figures

Figures No 1 to 17

List Of Tables

Tables No 1 to 2

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them. Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Market Analysis Matrix

Prominent Players

1 . Which are the driving factors of the US Business Travel Market?

The key factors driving the Market are Domestic Network Expansion, International Travel Demand, Weakening Dollar, Technological Advancements And Collaborative Spaces and Team-Building Exercises.

2 . Which type led the US Business Travel market?

The “Type” category dominated the market in 2022.

3 . Who are the key players in the US Business Travel market?

The key players in the market are Expedia Inc., Booking Holdings Inc., American Express Global Business Travel (GBT), TCS World Travel, Abercrombie & Kent USA LLC, Exodus Travels Ltd., BCD Travel, Intrepid Travel, Topdeck Travel Ltd., Trafalgar, Others.

4 . What is the growth rate of the US Business Travel market?

The market is projected to grow at a CAGR of 10.5% during the forecast period, 2023-2032.

5 . How much is the US Business Travel market?

The US Business Travel Market size was valued at USD 201.3 Billion in 2022.

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Business Travel Market by Application, Type, and Geography - Forecast and Analysis 2023-2027

• Published: Oct 2023
• SKU: IRTNTR44220

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Business Travel Market Size 2023-2027

The business travel market size is forecast to increase by USD 1,535.23 billion  at a CAGR of 24.42% between 2022 and 2027. Market expansion hinges on various factors, notably the rapid pace of technological advancement. Innovations continue to reshape the travel industry, particularly in digitalizing payment systems. This shift streamlines transactions, offering travelers convenience and security globally. Additionally, hotels increasingly offer comprehensive business services catering to corporate travelers' needs. This trend enhances the overall guest experience, driving satisfaction and loyalty. Moreover, the availability of these services aligns with broader industry shifts toward modernization and efficiency. As technology integrates further into travel experiences, businesses embracing these advancements benefit from increased operational efficiency and enhanced customer engagement. Thus, the convergence of technological innovation, digital payments, and enhanced hotel services collectively propels market growth, fostering a dynamic and competitive landscape.

What will be the Size of the Market During the Forecast Period?

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• Market Segmentation

In the realm of business travel , catering to the needs of business travelers is paramount. Efficient travel retail services and the integration of chat bots streamline business work logistics. Alongside regular tourism , these elements enhance the overall business travel experience, ensuring smooth transitions and optimized efficiency for all involved.

This market report extensively covers market segmentation by application (marketing, internal meeting, trade show, and product launch), type (travel fare, lodging, dining, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

By Application

The marketing segment   is estimated to witness significant growth during the forecast period. Business travel is a crucial part of the marketing strategies of small and large enterprises operating globally. International marketing, which is also known as global marketing, moreover the marketing of a company on its own overseas market for products and services.

Get a glance at the market contribution of various segments View the PDF Sample

The marketing segment   was the largest segment and was valued at  USD 140.84 billion  in 2017 .  The marketing of products in international markets enables companies to expand their customer base and build the reputation of their brands. With the help of a business trip undertaken by employees by the international market, the companies can have a better understanding of the sales strategies and can focus on the target customer base. 

For more insights on the market share of various regions Download PDF Sample now!

APAC  is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC held the highest revenue share of the global business travel market and is expected to hold its leading market position during the forecast period. In terms of quality, companies are making efforts to improve business travel for employees.

Moreover, the business travel market in APAC is becoming autonomous in terms of planning business travel, especially for booking flights and hotels, either from a pre-approved list of flights or without any restrictions. In addition, the market is continuing to grow, supported by favorable fares with minor increases for each fare class and route. Furthermore, the growing middle-class population, strong economy, and limited demand for new inventories are the factors responsible for the controlled hotel priceline.

Market Dynamics

In today's interconnected world, business travel continues to evolve with trends like bleisure travel and the integration of virtual reality in smart hotels . The digitization of services streamlines transportation and accommodation , catering to the needs of global travel . From business tourism to leisure tourism and medical tourism , diverse segments contribute to tourism expenditure . With a focus on workrelated trips , conferences , and congresses , the sector thrives on business-oriented services like efficient transport and streamlined hotel booking . Emerging technologies like augmented reality , artificial intelligence , and chatbots further enhance the travel experience , connecting travelers to roads and airports worldwide. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Growing technological advances are driving growth in the market. Technological advancements and solutions, which help travel agents and their clients in a variety of ways, play an important role in the market. such as accessing travel data , comparing reservation options, and booking the most efficient, economical, and comfortable option. Companies are using technologically advanced solutions like personal travel assistants to make business travel reservations efficient by providing a personalized experience to customers.

However, it offers customers an AI technology-enabled personal travel assistant that is always accessible. This market growth can be facilitated by the availability of technologically advanced features, as it saves time for companies to make travel arrangements . Therefore, factors like the growing technological advances will drive the growth of the market.

Significant Market Trends

The growing preference of consumers to book through online travel agencie s is a key trend in the market.  In travel booking, consumers have started to use Internet portals. It makes it possible for companies to schedule orders in an organized way . Traveling portals and agents are coming up with innovative schemes to promote their online portals further. 

For example, take booking.com, one of the prominent online booking portals, provides users with booking options depending on the type of business trip. The website also allows companies to select and shortlist hotels on the basis of available facilities. Therefore, the growing preferences of consumers to book through online travel agencies will significantly contribute to the growth of the market during the forecast period.

Major Market Challenge

The improper management of travel plans is a major challenge in the market. Many corporations have not made travel policies user-friendly, which is leading to confusion among employees, who are often not aware of the inclusions and exclusions of the services in their enterprise plans. This has a negative impact on the market.

In addition, the lack of an updated booking system c ontinues to hamper the management of business plans. Therefore, improper management of travel plans can negatively affect the growth of the market during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• ADTRAV Corp.-  The company offers business travel services such as 24 by 7 service, flexible booking, VIP services, and travel alerts.

The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Airbnb Inc.
• American Express Global Business Travel GBT
• ATG Travel Worldwide BV
• BCD Travel Services BV
• Booking Holdings Inc.
• Christopherson Business Travel
• CWT Global BV
• Direct Travel Inc.
• Fareportal Inc.
• FCM Travel Solutions
• Flight Centre Travel Group Ltd.
• JPMorgan Chase and Co.
• JTBUSA Inc.
• MakeMyTrip Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

• Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments.

• Internal meeting
• Product launch
• Travel fare
• Rest of Europe
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

Market Analyst Ovevriew:

The market thrives on the intersection of regular tourism and business work , driven by lifestyle changes and tourism promotion initiatives. Infrastructural investments in hotel and transport booking facilities bolster hospitality and infrastructure , enhancing the overall travel experience. However, challenges such as unemployment and SME financing constraints impact the sector, necessitating initiatives like the Udayami Helpline to support small businesses' infrastructures. Technological innovations like chat bots streamline travel retail and facilitate seamless booking experiences. Improved rail network  and air routes , including high-speed rail , ensure efficient connectivity for business travelers , while companies implement profit maximization and cost-cutting strategies to optimize corporate profitability in the competitive travel and tourism landscape.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

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1 Executive Summary

• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• Exhibit 12: Offerings of vendors included in the market definition
• Exhibit 13: Market segments
• 3.3 Market size 2022
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• Exhibit 18: Historic Market Size – Data Table on global business travel market 2017 - 2021 ($ billion)
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application
• Exhibit 34: Chart on Marketing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Marketing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Marketing - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Marketing - Year-over-year growth 2022-2027 (%)
• Exhibit 38: Chart on Internal meeting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Internal meeting - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Internal meeting - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Internal meeting - Year-over-year growth 2022-2027 (%)
• Exhibit 42: Chart on Trade show - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Trade show - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Trade show - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Trade show - Year-over-year growth 2022-2027 (%)
• Exhibit 46: Chart on Product launch - Market size and forecast 2022-2027 ($ billion)
• Exhibit 47: Data Table on Product launch - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Chart on Product launch - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Product launch - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Market opportunity by Application ($ billion)
• Exhibit 51: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by Type

• Exhibit 52: Chart on Type - Market share 2022-2027 (%)
• Exhibit 53: Data Table on Type - Market share 2022-2027 (%)
• Exhibit 54: Chart on Comparison by Type
• Exhibit 55: Data Table on Comparison by Type
• Exhibit 56: Chart on Travel fare - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Travel fare - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Travel fare - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Travel fare - Year-over-year growth 2022-2027 (%)
• Exhibit 60: Chart on Lodging - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Data Table on Lodging - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Chart on Lodging - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Lodging - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Chart on Dining - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Data Table on Dining - Market size and forecast 2022-2027 ($ billion)
• Exhibit 66: Chart on Dining - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Dining - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Market opportunity by Type ($ billion)
• Exhibit 73: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• Exhibit 74: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• Exhibit 75: Chart on Market share by geography 2022-2027 (%)
• Exhibit 76: Data Table on Market share by geography 2022-2027 (%)
• Exhibit 77: Chart on Geographic comparison
• Exhibit 78: Data Table on Geographic comparison
• Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 83: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 87: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 91: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 95: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)
• Exhibit 103: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on US - Year-over-year growth 2022-2027 (%)
• Exhibit 107: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 108: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 109: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 111: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 112: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 113: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 115: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 116: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 117: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 118: Data Table on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 119: Market opportunity by geography ($ billion)
• Exhibit 120: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers
• 10.2 Market challenges
• Exhibit 121: Impact of drivers and challenges in 2022 and 2027
• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview
• Exhibit 122: Overview on Criticality of inputs and Factors of differentiation
• Exhibit 123: Overview on factors of disruption
• Exhibit 124: Impact of key risks on business

12 Vendor Analysis

• Exhibit 125: Vendors covered
• Exhibit 126: Matrix on vendor position and classification
• Exhibit 127: ADTRAV Corp. - Overview
• Exhibit 128: ADTRAV Corp. - Product / Service
• Exhibit 129: ADTRAV Corp. - Key offerings
• Exhibit 130: Airbnb Inc. - Overview
• Exhibit 131: Airbnb Inc. - Product / Service
• Exhibit 132: Airbnb Inc. - Key offerings
• Exhibit 133: American Express Global Business Travel GBT - Overview
• Exhibit 134: American Express Global Business Travel GBT - Product / Service
• Exhibit 135: American Express Global Business Travel GBT - Key offerings
• Exhibit 136: ATG Travel Worldwide BV - Overview
• Exhibit 137: ATG Travel Worldwide BV - Product / Service
• Exhibit 138: ATG Travel Worldwide BV - Key offerings
• Exhibit 139: BCD Travel Services BV - Overview
• Exhibit 140: BCD Travel Services BV - Product / Service
• Exhibit 141: BCD Travel Services BV - Key news
• Exhibit 142: BCD Travel Services BV - Key offerings
• Exhibit 143: Booking Holdings Inc. - Overview
• Exhibit 144: Booking Holdings Inc. - Product / Service
• Exhibit 145: Booking Holdings Inc. - Key offerings
• Exhibit 146: Christopherson Business Travel - Overview
• Exhibit 147: Christopherson Business Travel - Product / Service
• Exhibit 148: Christopherson Business Travel - Key offerings
• Exhibit 149: CWT Global BV - Overview
• Exhibit 150: CWT Global BV - Product / Service
• Exhibit 151: CWT Global BV - Key offerings
• Exhibit 152: Direct Travel Inc. - Overview
• Exhibit 153: Direct Travel Inc. - Product / Service
• Exhibit 154: Direct Travel Inc. - Key offerings
• Exhibit 155: Fareportal Inc. - Overview
• Exhibit 156: Fareportal Inc. - Product / Service
• Exhibit 157: Fareportal Inc. - Key offerings
• Exhibit 158: Flight Centre Travel Group Ltd. - Overview
• Exhibit 159: Flight Centre Travel Group Ltd. - Product / Service
• Exhibit 160: Flight Centre Travel Group Ltd. - Key offerings
• Exhibit 161: JPMorgan Chase and Co. - Overview
• Exhibit 162: JPMorgan Chase and Co. - Business segments
• Exhibit 163: JPMorgan Chase and Co. - Key offerings
• Exhibit 164: JPMorgan Chase and Co. - Segment focus
• Exhibit 165: JTBUSA Inc. - Overview
• Exhibit 166: JTBUSA Inc. - Product / Service
• Exhibit 167: JTBUSA Inc. - Key offerings
• Exhibit 168: MakeMyTrip Ltd. - Overview
• Exhibit 169: MakeMyTrip Ltd. - Business segments
• Exhibit 170: MakeMyTrip Ltd. - Key offerings
• Exhibit 171: MakeMyTrip Ltd. - Segment focus
• Exhibit 172: Travel Leaders Group Holdings LLC - Overview
• Exhibit 173: Travel Leaders Group Holdings LLC - Product / Service
• Exhibit 174: Travel Leaders Group Holdings LLC - Key offerings

13 Appendix

• 13.1 Scope of the report
• Exhibit 175: Inclusions checklist
• Exhibit 176: Exclusions checklist
• Exhibit 177: Currency conversion rates for US$
• Exhibit 178: Research methodology
• Exhibit 179: Validation techniques employed for market sizing
• Exhibit 180: Information sources
• Exhibit 181: List of abbreviations

Frequently Asked Questions?

How big is the business travel market market , what is the business travel market market growth, which segment accounted for the largest business travel market market share , who are the key players in the business travel market market , what are the factors driving the business travel market market .

• Growing technological advances
• Growing preference of consumers to book through online travel agencies

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United States Business Travel Market

United states business travel market report by type (managed business travel, unmanaged business travel), purpose type (marketing, internal meetings, trade shows, product launch, and others), expenditure (travel fare, lodging, dining, and others), age group (travelers below 40 years, travelers above 40 years), service type (transportation, food and lodging, recreational activities, and others), travel type (group travel, solo travel), end user (government, corporate, and others), and region 2024-2032.

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Market Overview:

The United States business travel market size reached US$ 221.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 484.1 Billion by 2032, exhibiting a growth rate (CAGR) of 8.82% during 2024-2032.

Business travel, or corporate travel, refers to trips undertaken for work or expanding business operations. The process involves traveling to different branch locations to meet with suppliers and buyers or attending events like conferences and business meetings. Business travel also includes several other components such as meeting clients, brand and production promotion, employee training and incentives, and business expansion. In the United States, digitization in the tourism and corporate sectors has led to the growing demand for business travel across the country.

The United States business travel market is primarily driven by the growing focus on domestic networks. Additionally, the increasing demand for traveling on international routes and the weakening of the dollar have encouraged visitors to opt for business travel in the United States. With a significant rise in the number of business activities, several corporate organizations have collaborated with the leading business travel companies to provide customized collaborative spaces and team-building exercises to relieve stress and improve work efficiency.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the United States business travel market report, along with forecasts at the country and regional levels from 2024-2032. Our report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type and end user.

Breakup by Type:

• Managed Business Travel
• Unmanaged Business Travel  

Breakup by Purpose Type:

• Internal Meetings
• Trade Shows
• Product Launch
• Others  

Breakup by Expenditure:

• Travel Fare

Breakup by Age Group:

• Travelers Below 40 Years
• Travelers Above 40 Years  

Breakup by Service Type:

• Transportation
• Food and Lodging
• Recreational Activities

Breakup by Travel Type:

• Group Travel
• Solo Travel  

Breakup by End User:

Breakup by Region:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key questions answered in this report:.

• How has the United States business travel market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the United States business travel market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the purpose type?
• What is the breakup of the market based on the expenditure?
• What is the breakup of the market based on the age group?
• What is the breakup of the market based on the service type?
• What is the breakup of the market based on the travel type?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the United States business travel market and who are the key players?
• What is the degree of competition in the industry?

India Dairy Market Report Snapshots Source:

Statistics for the 2022 India Dairy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 

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Business Travel Market

Business Travel Market Size by Service (Business Activity, Food & Lodging and Transportation), Industry (Corporate and Government), Traveller (Group and Solo), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

• Report ID: TBI-13914
• Published Date: Dec, 2023
• Category: Consumer Goods
• Format: PDF

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• Table of Content
• Market Segmentation

Methodology

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The global Business Travel market generated USD 901.53 billion revenue in 2022 and is projected to grow at a CAGR of 10.82% from 2023 to 2032. The market is expected to reach USD 2,518.61 billion by 2032. The surge in travel and tourism activities and the rapid growth of businesses globally are driving the robust expansion of the global business travel market. Technological advancements have played a pivotal role, facilitating convenient access to hotel and transport bookings through online portals contributing to the market's continued growth. Moreover, increased infrastructural investments by regional governments are expected to drive market expansion in the foreseeable future.

Market Introduction:

Business travel is the undertaking of journeys by individuals representing their organization for work-related purposes. This aspect involves physically relocating employees or professionals to destinations beyond their typical workplace, typically with the primary objective of carrying out business activities. These activities include attending meetings and conferences and engaging in tasks designed to contribute to the organization's operational objectives. Business travel is central to the functioning of organizations, catalyzing relationship-building, expanding market reach, and facilitating critical face-to-face interactions. These interactions are essential for effective collaboration, negotiation, and professional development. Business travel is a multifaceted practice that holds integral importance across various industries. It is characterized by its focus on advancing the organization's business interests and achieving specific operational goals. In essence, business travel is a dynamic and essential component of professional engagement, contributing significantly to organizational growth and success.

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Recent Development

• In November 2023: Flight Centre Travel Group (FCTG), a prominent global travel management company, has unveiled the creation of an 'AI Centre of Excellence.' This innovative global division is dedicated to advancing, embracing, and seamlessly incorporating artificial intelligence technologies across FCTG's corporate divisions. The 'AI Centre of Excellence's primary objective is to strategically leverage AI's capabilities, bringing about a transformative impact on FCTG's leading business travel segments, namely FCM and Corporate Traveller. Implementing AI aims to enhance customer experiences, elevate employee productivity, and drive overall organizational innovation.    
• In October 2023: Citi has officially launched a new travel and expense system in collaboration with Navan, a prominent modern travel and expense management solution. Specifically tailored for CCB (Citi Commercial Bank) cardholders, this joint venture combines the comprehensive features of Navan's compact solution with Citi Group's top commercial card solutions. The strategic partnership takes advantage of Navan Connect's creative card-link technology, creating a smooth digital experience for CCB cardholders. Distinguished as the industry's inaugural end-to-end corporate Travel and Expense (T&E) management collaboration on a substantial scale, the travel and expense system will initially be available exclusively to CCB clients based in the United States.
• In June 2023: Priceline and Google Cloud have unveiled a collaborative effort to introduce artificial intelligence chatbot technology into the travel booking experience. Leveraging Google's generative AI tools, this partnership enables potential travellers to engage with a chatbot during the planning phase. Beyond the chatbot functionality, Priceline is set to incorporate a map view powered by Google Cloud Vertex AI onto hotel details pages. This feature will give customers personalized neighbourhood insights, encompassing nearby attractions, local dining options, and events.

Market Dynamics:

Economic Growth and Corporate Profitability - Positive economic conditions and increased corporate profitability often result in higher business travel budgets. Companies are more willing to invest in travel for their employees when the overall economic outlook is favourable.

Industry-Specific Demands - Certain industries, such as finance, consulting, and sales, heavily rely on personal interactions. Professionals in these sectors frequently engage in business travel to meet clients, attend conferences, and participate in industry events.

Globalization and International Business Expansion - As businesses expand globally, face-to-face meetings, negotiations, and collaborations become crucial. Business travel facilitates direct communication, relationship building, and exploring new market opportunities.

Restraints:

Rising Costs - The increasing costs associated with business travel, including airfare, accommodation, and transportation, can act as a deterrent. Companies may seek cost-effective alternatives like virtual meetings to reduce overall travel expenses.

Remote Work Trends - The rise of work-from-home (WFH) and flexible work arrangements has reduced the necessity for physical presence in many business activities. Professionals can accomplish tasks remotely, minimizing the need for extensive travel.

Opportunities:

Technology Integration - Integrating advanced technologies within the business travel sector opens opportunities for improved efficiency and enhanced traveller experiences. Innovative technologies such as data analytics (DA), artificial intelligence (AI), and virtual reality (VR) can optimize travel processes, from itinerary planning to expense management.

Personalization and Customization - There is an opportunity for business travel services to focus on personalization and customization. Tailoring travel experiences to individual preferences and needs can enhance customer satisfaction and loyalty, creating a niche for specialized services in the market.

Sustainability Initiatives - The increasing emphasis on sustainability presents an opportunity for the business travel sector to adopt eco-friendly practices. Companies prioritizing sustainable travel options, such as carbon offset programs and green accommodations, can attract environmentally conscious clients.

Challenges:

Security and Safety Concerns - Security risks, including geopolitical tensions, terrorism, and civil unrest, pose challenges for business travellers. Companies and travel service providers must prioritize the safety of their clients, implement robust security measures, and stay abreast of global developments.

Regulatory Complexity - Navigating the complex web of international travel regulations, visa requirements, and compliance standards presents a significant challenge. Frequent changes in regulations and administrative hurdles can complicate travel planning and execution.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most prominent global Business Travel market, with a 44.26% market revenue share in 2022.

The Asia Pacific region has been undergoing robust economic growth, with several countries emerging as major global economic players. This growth has increased business activities, trade partnerships, and investments, driving the demand for business travel. Furthermore, many nations in the Asia Pacific are undergoing rapid urbanization and investing heavily in infrastructure development. The construction of business hubs, conference centres, and modern transportation facilities has made the region more attractive for business travellers. Additionally, the corporate sector in Asia Pacific has expanded significantly, driven by the growth of industries such as technology, finance, manufacturing, and services. Increased business activities and cross-border collaborations contribute to more business travel. North America held a significant position as the second-largest global business travel market in 2022. North America, especially Silicon Valley in California, is a global hub for technological innovation. The presence of major tech companies and the hosting of numerous industry events and conferences attract professionals worldwide, boosting business travel. Many multinational corporations and major industry players have their headquarters in North America. The need for executives, key personnel, and decision-makers to conduct business meetings and attend events contributes to substantial business travel. In addition, North America has a well-developed transportation infrastructure, including airports, highways, and public transportation systems. This factor facilitates easy connectivity and accessibility, making business travel more efficient.

Asia Pacific Region Business Travel Market Share in 2022 - 44.26%

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Service Segment Analysis

The service segment is classified into business activity, food & lodging and transportation. The food & lodging segment dominated the market, with a share of around 56.29% in 2022. Food and lodging are essential components of any business travel experience. Professionals travelling for business require accommodation for overnight stays and access to meals during their trips. The demand for these services is inherent to the nature of business travel. Business travellers often have specific expectations for comfort and convenience during their trips. Lodging services, including hotels and serviced apartments, offer a comfortable and secure environment, while food services ensure that travellers have convenient access to meals that suit their schedules. Additionally, business trips often involve networking, client meetings, and negotiations. Lodging services provide a central and professional meeting place; dining options are crucial for client entertainment. Hotels with conference facilities and on-site restaurants are preferred for such occasions.

Industry Segment Analysis

The industry segment includes corporate and government. The corporate segment dominated the market, with a share of around 66.72% in 2022. Corporations engage in business travel to conduct essential operations, including meetings, negotiations, and collaborations. As companies expand globally or operate in multiple locations, the need for executives and employees to travel becomes integral to sustaining and growing the business. Furthermore, face-to-face interactions are crucial in building and maintaining client relationships. The corporate sector heavily relies on personal meetings to discuss projects, address client needs, and foster long-term partnerships, necessitating frequent business travel. Also, high-level decision-making often requires executives to come together for strategy formulation, planning, and critical discussions. Corporate leaders frequently engage in business travel to ensure effective communication and alignment on key business initiatives.

Traveller Segment Analysis

The traveller segment is divided into group and solo. The group segment dominated the market, with a share of around 60.14% in 2022. Group travellers often consist of teams working on collaborative projects. Face-to-face interactions during project meetings and brainstorming sessions are vital for effective communication, fostering teamwork, achieving project milestones, and driving the demand for group business travel. Moreover, group travel is prevalent when companies attend conferences, seminars, and industry events. These gatherings provide opportunities for professional development, networking, and staying updated on industry trends. The collective attendance of teams amplifies the demand for business travel services. Besides, sales teams frequently travel in group business to meet clients, present pitches, and conduct negotiations. Group travel allows for cohesive client presentations and facilitates relationship-building efforts, particularly when multiple team members are involved in the sales process.

Some of the Key Market Players:

• ADEKA Corporation
• Airbnb, Inc.
• American Express Company
• Booking Holdings
• Carlson Holdings, Inc.
• CWT Solutions
• Corporate Travel Management
• Chase 
• Direct Travel, Inc.
• Egencia LLC
• Expedia, Inc.
• Frosch International Travel
• Flight Centre Travel Group Limited
• Hogg Robinson Ltd.
• Navan, Inc.
• Ovation Travel Group
• Travel Leaders Group
• TravelPerk S.L.U
• Wexas Travel

Report Description:

Frequesntly Asked Questions

What is the market size of the global business travel market.

As per The Brainy Insights, the size of the business travel market was valued at USD 901.53 billion in 2022 to USD 2,518.61 billion by 2032.

What is the market growth rate of the global business travel market?

The global business travel market is growing at a CAGR of 10.82% during the forecast period 2023-2032.

Which region dominates the global business travel market?

Asia Pacific became the largest market for business travel.

What is the significant driving factor for the business travel market?

Globalization and international business expansion are driving the market's growth.

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• Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
• Segmentation on the basis of any specific country or region
• Any segment can be classified on the basis of application
• Application segment can be further divided on the basis of companies
• The companies profiled are not limited, we can incorporate additional companies of your choice
• We can split the company market share on the basis of product, application and region
• Report can be prepared for any specific country/region/segment
• Customers can be added on the basis of regions and countries

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Business Travel market based on below-mentioned segments:

Global Business Travel Market by Service:

• Business Activity
• Food & Lodging
• Transportation

Global Business Travel Market by Industry:

• Corporate           

Global Business Travel Market by Traveller:

• Group           
• Solo         

Global Business Travel Market by Region:

• South Africa

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Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

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Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

• The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
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Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

• Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
• Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

• Evaluating the penetration level and usage rates of the product.
• Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

• Applying demographic along with psychographic segmentation for market evaluation
• Determining the Micro and Macro-economic indicators for each region 
• Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

• Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
• Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

• CXOs and VPs of leading companies’ specific to sector
• Purchasing managers, technical personnel, end-users
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Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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潔欠潮⁷潭敲愠潢瑵琠敨洠牡敫⁴灯潰瑲湵瑩敩⁳祢爠来潩湡⁤潣湵牴ⱹ挠楬正栠牥⁥潴䈠祵吠敨䌠浯汰瑥⁥敒潰瑲

• 獁慩潣湵牴敩ⱳ䤠摮慩䌠楨慮愠摮匠畯桴䔭獡⁴獁慩敲楧湯♳扮灳※牡⁥慬杲汥⁹灳湥楤杮漠牴癡汥愠摮琠畯楲浳‬楷桴椠瑮牥敮⁴数敮牴瑡潩景洠牯⁥桴湡㔠┰愠摮椠⁳慲楰汤⁹湩牣慥楳杮‮潍楢敬琠慲敶潢歯湩⁧獩愠獬慧湩湩⁧湩牣慥楳杮猠污獥瀠牥礠慥⁲湡⁤景敦楲杮漠灰牯畴楮楴獥映牯渠睥愠摮攠楸瑳湩⁧慭歲瑥瀠慬敹獲‮敒敳牡档猠祡♳扮灳※桴瑡琠敨洠扯汩⁥牴癡汥戠潯楫杮椠⁳景整獡潳楣瑡摥眠瑩⁨潣獮浵牥戠桥癡潩⁲湩潶癬湩⁧慬瑳洭湩瑵⁥潢歯湩Ⱨ猠浡ⵥ慤⁹潢歯湩Ⱨ愠摮渠硥⵴慤⁹潢歯湩⁧桷捩⁨慭敫⁳慷⁹潦⁲数獲湯污穩摥猠牥楶散⁳潦⁲畢楳敮獳琠慲敶潢歯湩⹧

畂楳敮獳吠慲敶慍歲瑥删獥牴楡瑮

• 牁畯摮㤠┴漠⁦牴癡汥洠湡条牥⁳獵⁥牴癡汥愠敧据敩⁳潦⁲潣灲牯瑡⁥牴癡汥爠煥極敲敭瑮⁳敬摡湩⁧潴甠潮杲湡穩摥椠獮杩瑨⁳湩琠牥獭漠⁦佒⁉湡⁤敤敶潬浰湥⹴吠敨猠慭瑲祬搠獥杩敮⁤潳瑦慷敲猠獹整獭甠敳琠捥湨汯杯敩⁳楬敫䄠⁉湡⁤敨灬洠歡⁥敤楣楳湯⁳慢敳⁤湯搠瑡⁡湩楳桧獴‮瑉漠捣牵⁳桴瑡愠潲湵⁤㐴‥景挠牯潰慲整漠杲湡穩瑡潩潷汵⁤敲畱物⁥潦浲污穩摥猠獹整獭琠獡敳獳琠慲敶硥数獮獥愠摮戠湥晥瑩⹳渦獢㭰
• 潍瑳漠⁦桴浥愠潲湵⁤㠶‥敲祬漠整灭牯牡⁹牴癡汥楬杮渠敥獤愠摮椠瑮極楴敶搠捥獩潩獮漠⁦畢楳敮獳琠慲敶汬湩⹧㜠┰漠⁦潣灲牯瑡獥愠敲氠潯楫杮映牯慷摲琠摡灯楴湯漠⁦整档潮潬楧獥琠慨⁴潣汵⁤楡⁤湩戠獵湩獥⁳牴癡汥搠捥獩潩獮琠慨⁴牡⁥敲畳瑬漭楲湥整⹤

敒畱獥⁴牆敥䌠獵潴業慺楴湯漠⁦桴獩爠灥牯⁴潴栠汥⁰獵琠敭瑥礠畯⁲畢楳敮獳漠橢捥楴敶⹳

畂楳敮獳吠慲敶慍歲瑥䌠浯数楴楴敶䰠湡獤慣数

• 汆杩瑨䌠湥牴⁥牔癡汥䜠潲灵
• 䍆⁍牔癡汥匠汯瑵潩獮
• 浏来⁡潗汲⁤牔癡汥
• 牔癡汥䰠慥敤獲䜠潲灵
• 牔癡汥愠摮吠慲獮潰瑲
• 潗汲⁤牔癡汥‬湉⹣
• 敗慸⁳牔癡汥
• 摁汥慭牔癡汥䜠潲灵

畂楳敮獳吠慲敶慍歲瑥删捥湥⁴敄敶潬浰湥獴

• 湏楬敮洠牡敫楴杮椠⁳捡散敬慲楴杮戠獵湩獥⁳牴癡汥戠潯楫杮‮湉爠捥湥⁴敹牡⁳湯楬敮洠牡敫楴杮椠⁳敢潣業杮瀠灯汵牡映牯戠獵湩獥⁳牴癡汥戠潯楫杮‬湉瑳条慲慷⁳桴⁥潭瑳攠晦捥楴敶挠慨湮汥椠〲ㄲ‮〶‥景瘠湥潤獲甠敳朠潯汧⁥摡ⱳ愠潲湵⁤〵┠甠敳䘠捡扥潯湡⁤睔瑩整⁲湡⁤〲㈭┵甠敳夠畯畔敢‬汢杯ⱳ愠摮漠桴牥⁳潦⁲牰浯瑯湩⁧桴楥⁲捡楴楶楴獥漠汮湩⹥
• 桔⁥敤慭摮映牯瀠牥潳慮楬敺⁤敳癲捩獥愠潭杮戠獵湩獥⁳牴癡汥牥⁳獩椠据敲獡湩⹧吠敨⁹牡⁥牦煥敵瑮‬潬慹湡⁤楨桧瘭污敵挠獵潴敭獲瀠牥潳慮楬慺楴湯渠敥獤挠畯摬戠⁥硥整摮摥愠獬硥整摮摥琠瑯敨⁲牡慥⁳景琠敨琠慲敶湩畤瑳祲‬湩汣摵湩⁧捡潣浭摯瑡潩Ɱ琠慲獮潰瑲瑡潩Ɱ愠摮氠硵牵⹹吠敨攠敭杲湥散漠⁦慤慴搭牥癩摥椠獮杩瑨⁳湡⁤潣獮浵牥戠桥癡潩⁲湡污獹獩愠汬睯⁳潦⁲湡攠桮湡散⁤畣瑳浯牥攠灸牥敩据⁥湡⁤敨据⁥湩牣慥楳杮挠獵潴敭⁲潬慹瑬⹹

畂楳敮獳吠慲敶慍歲瑥匠祫畑獥⁴湁污獹獩

歓兹敵瑳爦煳潵猻䄠䥂䅒⁗䄨癤湡散⁤畂楳敮獳䤠瑮汥楬敧据ⱥ删獥慥捲⁨愦灭※湁污獹獩圠湩⥧椠⁳畯⁲畢楳敮獳椠普牯慭楴湯猠牥楶散⁳整浡琠慨⁴潣汬捥獴‬潣汬瑡獥‬潣爭汥瑡獥‬湡⁤湡污獹獥琠敨搠瑡⁡潣汬捥整⁤祢洠慥獮漠⁦牰浩牡⁹硥汰牯瑡牯⁹敲敳牡档戠捡敫⁤祢琠敨爠扯獵⁴敳潣摮牡⁹敤歳爠獥慥捲⹨

湉㈠㈰ⰱ丠牯桴䄠敭楲慣搠浯湩瑡摥琠敨朠潬慢畢楳敮獳琠慲敶慭歲瑥漠楷杮琠桴⁥敲楧湯猧眠汥⵬捡潣浭摯瑡摥映捡汩瑩敩⁳湩挠畯瑮楲獥氠歩⁥敎⁷潙牵‬慳牆湡楣捳Ɐ愠摮䰠獡嘠来獡愠摮攠灸湥楤畴敲⁳湯戠獵湩獥⁳牴癡汥楬杮戠⁹整档朠慩瑮⹳䔠灸湥楤畴敲爠捥牯敤⁤潦⁲畢楳敮獳琠慲敶汬湩⁧湩琠敨唠⁓浡畯瑮⁳潴唠⑓ㄠ㤰㐮戠汩楬湯

潔朠瑥愠映敲⁥牴慩捡散獳琠畯⁲汰瑡潦浲眠楨档椠⁳⁡湯⁥瑳灯猠汯瑵潩潦⁲污潹牵搠瑡⁡敲畱物浥湥獴映牯焠極正牥搠捥獩潩慭楫杮‮桔獩瀠慬晴牯污潬獷礠畯琠潣灭牡⁥慭歲瑥ⱳ挠浯数楴潴獲眠潨愠敲瀠潲業敮瑮椠桴⁥慭歲瑥‬湡⁤敭慧琠敲摮⁳桴瑡愠敲椠普畬湥楣杮琠敨搠湹浡捩⁳湩琠敨洠牡敫⹴䄠獬Ɐ朠瑥愠捣獥⁳潴搠瑥楡敬⁤歓兹敵瑳攠捸畬楳敶洠瑡楲⹸

畂⁹桔⁥潃灭敬整删灥牯⁴潴爠慥⁤桴⁥湡污穹摥猠牴瑡来敩⁳摡灯整⁤祢琠敨琠灯瘠湥潤獲攠瑩敨⁲潴爠瑥楡牯朠楡慭歲瑥猠慨敲

慔汢⁥晏䌠湯整瑮

• 硅楨楢㩴䔠數畣楴敶匠浵慭祲鎀䐠瑡⁡慔汢⁥湯䴠牡敫⁴癏牥楶睥
• 硅楨楢㩴䔠數畣楴敶匠浵慭祲鎀䌠慨瑲漠畂楳敮獳吠慲敶慍歲瑥䌠慨慲瑣牥獩楴獣
• 硅楨楢㩴䔠數畣楴敶匠浵慭祲鎀䌠慨瑲漠湉牣浥湥慴片睯桴

慐敲瑮䴠牡敫⁴湁污獹獩

• 䔨桸扩瑩›敄慴汩摥嘠污敵䌠慨湩倠敲敳瑮瑡潩⥮
• 硅楨楢㩴倠牡湥⁴慍歲瑥䔠潣祳瑳浥䴠牡敫⁴湁污獹獩
• 硅楨楢㩴䴠牡敫⁴桃牡捡整楲瑳捩⁳景倠牡湥⁴慍歲瑥
• 䔨桸扩瑩›慄慴吠扡敬›浅牥楧杮猠慴瑲灵⁳敤慴汩⥳
• 䔨桸扩瑩›慄慴吠扡敬›慎敭漠⁦潣灭湡敩⁳湡⁤楰数楬敮瀠潲畤瑣ⱳ爠来潩慮慭灰湩⥧
• 慍牣敯潣潮業⁣湉楤慣潴獲

佃䥖⁄䵉䅐呃

• 湉牴摯捵楴湯
• 硅楨楢㩴䐠瑡⁡湯䜠偄ⴠ夠慥⵲癯牥礭慥⁲牧睯桴㈠㄰ⴶ〲㈲⠠⤥
• 硅楨楢㩴䄠慮祬楳⁳湯欠祥猠牴瑡来敩⁳摡灯整⁤祢挠浯慰楮獥

• 硅楨楢㩴䌠浯数楴楴敶爠癩污祲䤠灭捡⁴景欠祥映捡潴獲‬〲ㄲ
• 硅楨楢㩴吠牨慥⁴景匠扵瑳瑩瑵⁥牐摯捵獴䤠灭捡⁴景欠祥映捡潴獲‬〲ㄲ
• 硅楨楢㩴戠祵牥⁳慢杲楡楮杮瀠睯牥䤠灭捡⁴景欠祥映捡潴獲‬〲ㄲ
• 潐楬楴慣浉慰瑣
• 敔档楮慣浉慰瑣
• 湅楶潲浮湥慴浉慰瑣
• 敌慧浉慰瑣

• 桃牡⁴湯䴠牡敫⁴桳牡⁥祢朠潥牧灡票㈠㈰ⴱ〲㜲⠠⤥
• 慄慴吠扡敬漠慍歲瑥猠慨敲戠⁹敧杯慲桰⁹〲ㄲ㈭㈰⠷⤥
• 桃牡⁴湯䴠牡敫⁴桳牡⁥祢挠畯瑮祲㈠㈰ⴱ〲㜲⠠⤥
• 慄慴吠扡敬漠慍歲瑥猠慨敲戠⁹潣湵牴⁹〲ㄲ㈭㈰⠷⤥
• 硅楨楢㩴䌠慨瑲漠慍歲瑥猠慨敲㈠㈰ⴱ〲㜲⠠⤥

䕋⁙佃偍乁⁙剐䙏䱉卅

• 硅楨楢㩴挠浯慰楮獥挠癯牥摥椠桴⁥敲潰瑲‬〲ㄲ
• 硅楨楢㩴倠敩挠慨瑲愠慮祬楳⁳湯挠浯慰祮洠牡敫⁴桳牡ⱥ㈠㈰⠱⤥

⸱䤠普牯慭楴湯倠潲畣敲敭瑮›桔獩猠慴敧椠癮汯敶⁤桴⁥牰捯牵浥湥⁴景䴠牡敫⁴慤慴漠⁲敲慬整⁤湩潦浲瑡潩楶⁡牰浩牡⁹湡⁤敳潣摮牡⁹潳牵散⹳吠敨瘠牡潩獵猠捥湯慤祲猠畯捲獥甠敳⁤湩汣摵摥瘠牡潩獵挠浯慰祮眠扥楳整ⱳ愠湮慵敲潰瑲ⱳ琠慲敤搠瑡扡獡獥‬湡⁤慰摩搠瑡扡獡獥猠捵⁨獡䠠潯敶❲ⱳ䈠潬浯敢杲䈠獵湩獥ⱳ䘠捡楴慶‬湡⁤癁湥楴湯‮畏⁲整浡搠摩㐠‵牰浩牡⁹湩整慲瑣潩獮䜠潬慢汬⁹桷捩⁨湩汣摵摥猠癥牥污猠慴敫潨摬牥⁳畳档愠⁳慭畮慦瑣牵牥ⱳ挠獵潴敭獲‬敫⁹灯湩潩敬摡牥ⱳ攠捴‮癏牥污ⱬ椠普牯慭楴湯瀠潲畣敲敭瑮眠獡漠敮漠⁦桴⁥潭瑳攠瑸湥楳敶猠慴敧⁳湩漠牵爠獥慥捲⁨牰捯獥⹳

⸲䤠普牯慭楴湯䄠慮祬楳㩳吠楨⁳瑳灥椠癮汯敶⁤牴慩杮汵瑡潩景搠瑡⁡桴潲杵⁨潢瑴浯甭⁰湡⁤潴⵰潤湷愠灰潲捡敨⁳潴攠瑳浩瑡⁥湡⁤慶楬慤整琠敨琠瑯污猠穩⁥湡⁤畦畴敲攠瑳浩瑡⁥景琠敨䈠獵湩獥⁳牔癡汥䴠牡敫⹴

⸳删灥牯⁴潆浲汵瑡潩㩮吠敨映湩污猠整⁰湥慴汩摥琠敨瀠慬散敭瑮漠⁦慤慴瀠楯瑮⁳湩愠灰潲牰慩整䴠牡敫⁴灳捡獥椠湡愠瑴浥瑰琠敤畤散瘠慩汢⁥潣据畬楳湯⹳

楗桴琠敨朠癩湥洠牡敫⁴慤慴‬畯⁲敤楤慣整⁤整浡漠⁦湡污獹獴挠湡漠晦牥礠畯琠敨映汯潬楷杮挠獵潴業慺楴湯漠瑰潩獮愠敲愠慶汩扡敬映牯琠敨䈠獵湩獥⁳牔癡汥䴠牡敫㩴

潃灭瑥瑩癩⁥湁污獹獩›敄慴汩摥愠慮祬楳⁳湡⁤牰景汩湩⁧景愠摤瑩潩慮慍歲瑥瀠慬敹獲☠挠浯慰慲楴敶愠慮祬楳⁳景挠浯数楴楴敶瀠潲畤瑣⹳

潇琠慍歲瑥匠牴瑡来㩹䘠湩⁤桴⁥楨桧札潲瑷⁨档湡敮獬琠湩敶瑳礠畯⁲慭歲瑥湩⁧晥潦瑲⁳湡⁤湩牣慥敳礠畯⁲畣瑳浯牥戠獡⹥

慃整潧祲䤠瑮汥楬敧据㩥䌠獵潴業敺⁤湩整汬杩湥散琠慨⁴獩爠汥癥湡⁴潴琠敨物猠灵汰⁹慍歲瑥⁳楷汬攠慮汢⁥桴浥琠慭敫猠慭瑲牥猠畯捲湩⁧敤楣楳湯⁳湡⁤浩牰癯⁥桴楥⁲慣整潧祲洠湡条浥湥⹴

• 汇扯污䈠獵湩獥⁳牔癡汥䌠浯慰楮獥
• 汇扯污䈠獵湩獥⁳牔癡汥䴠牡敫⁴楓敺
• 汇扯污䈠獵湩獥⁳牔癡汥䴠牡敫⁴湁污獹獩
• 汇扯污䈠獵湩獥⁳牔癡汥䜠潥牧灡楨⁣湁污獹獩
• 汇扯污䈠獵湩獥⁳牔癡汥䴠牡敫⁴敎獷

慗瑮琠畣瑳浯穩⁥桴獩爠灥牯㽴

桗瑡椠⁳桴⁥慭歲瑥猠穩⁥景䈠獵湩獥⁳牔癡汥䴠牡敫㽴

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Global Business Travel Market Size, Segmentation, Trends and Growth Analysis Forecast by 2031

•   DLR5320
•   March, 2024
•   Pages: 130
•  Global
• Description
• Table of Content
• List of Figures
• Research Methodology
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Business Travel Market Overview and Analysis:

The Global Business Travel Market is currently valued at USD 902.1 billion in 2023 and is poised to register a CAGR of 12.43% over the forecast period, 2024-2031.

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The global business travel market has long been a dynamic and integral component of the travel and hospitality industry. This segment caters specifically to professionals and corporate travellers, encompassing a wide range of services such as flights, accommodation, transportation, and related amenities tailored to the needs of business trips. Characterized by the pursuit of efficiency, convenience, and connectivity, the business travel market thrives on the demands of a corporate landscape that values face-to-face interactions, networking opportunities, and the exploration of new business prospects.

The market has evolved in response to technological advancements, with digital tools and platforms streamlining booking processes and providing real-time information to enhance the overall travel experience. However, the business travel sector has faced challenges, particularly amid the COVID-19 pandemic, with travel restrictions, remote work trends, and health concerns reshaping the landscape. As the global economy rebounds, the business travel market is poised for transformation, integrating innovative solutions to meet the evolving needs of corporate travelers in a post-pandemic era. The growth of the global business travel market is propelled by several driving factors, with economic expansion and globalization playing a pivotal role. As businesses expand their operations across borders, the need for face-to-face interactions, meetings, and collaborations becomes increasingly critical. The continuous growth of international trade and investments fosters a demand for efficient and reliable business travel services. Moreover, advancements in technology contribute to the sector's growth, with digital platforms streamlining booking processes, providing real-time information, and enhancing the overall travel experience. The advent of sophisticated tools, mobile applications, and virtual conferencing solutions further augments the efficiency and convenience of business travel. Additionally, a rising trend in workforce mobility and a growing emphasis on cultivating business relationships contribute to the sustained demand for business travel services. Overall, the confluence of economic development, technological innovation, and evolving corporate needs acts as a driving force behind the expansion of the global business travel market.

Market Segmentation: The Global Business Travel Market Is Segmented by Traveler Type (Corporate Travelers, Government Official, Small and Medium Enterprises (SMEs), and Large Enterprises), Mode of Transportation (Air Travel, Rail Travel, Road Travel and Sea Travel) and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The market size and forecasts are provided in terms of value (in USD million) for all the above segments.

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Business Travel Market Trends:

The global business travel market is witnessing notable trends that reflect the evolving landscape of corporate travel. One prominent trend is the increasing integration of technology to enhance the overall travel experience. From advanced booking platforms and mobile applications to seamless expense management systems, businesses are embracing digital solutions to streamline and automate various aspects of travel planning. Another significant trend is the growing emphasis on sustainability within business travel practices. With a heightened awareness of environmental concerns, companies are exploring eco-friendly travel options, promoting carbon footprint reduction, and implementing green initiatives. Additionally, the rise of remote and flexible work arrangements has given way to a hybrid model, influencing travel trends as businesses seek a balance between in-person engagements and virtual collaboration. As the business travel landscape continues to evolve, these trends reflect the industry's response to technological advancements, environmental considerations, and shifts in working norms.

Market Drivers:

Economic Expansion and Globalization

The ongoing expansion of economies and globalization has led to increased business activities across borders. As companies extend their operations internationally, there is a rising demand for business travel to facilitate meetings, negotiations, and collaborations. Emerging markets, in particular, are becoming major hubs for business, driving the need for executives and professionals to travel for networking, market exploration, and partnership development.

Technological Advancements in Travel Services

The continuous advancement of technology plays a pivotal role in driving the business travel market. Online booking platforms, mobile applications, and travel management software have become integral tools for businesses, making it easier to plan, book, and manage travel arrangements. The integration of artificial intelligence and data analytics further enhances travel efficiency, providing personalized recommendations, cost-saving strategies, and real-time updates, contributing to the overall growth and convenience of business travel.

Market Restraints:

The global business travel market faces several challenges that act as restraining factors, influencing its dynamics and growth trajectory. One significant restraint is the increasing adoption of virtual communication tools and remote collaboration platforms. The rise of advanced technologies for virtual meetings, video conferences, and telecommuting has reduced the necessity for frequent business travel. With improved connectivity and seamless communication channels, companies are increasingly opting for cost-effective and sustainable alternatives to traditional face-to-face interactions, impacting the demand for business travel services.Moreover, geopolitical uncertainties and security concerns pose another set of challenges for the business travel sector. Political instability, terrorism threats, and health crises, such as the COVID-19 pandemic, have disrupted global travel patterns and created a sense of insecurity among business travellers. Companies are compelled to reassess their travel policies and risk management strategies, sometimes leading to a reduction in international business trips. Additionally, the environmental impact of frequent air travel has become a growing concern. With the increasing emphasis on corporate social responsibility and sustainable practices, companies are under pressure to minimize their carbon footprint. This has led to a shift in mindset, with organizations exploring ways to reduce travel-related emissions by encouraging remote work and exploring eco-friendly alternatives.

COVID-19 Impact on Business Travel Market:

The global business travel market has undergone a profound transformation due to the unprecedented impact of the COVID-19 pandemic. The virus, along with associated travel restrictions and health concerns, has led to a substantial decline in business travel activities. Governments worldwide implemented stringent measures such as lockdowns, quarantine requirements, and border closures to curb the spread of the virus, disrupting the usual flow of corporate travel.The pandemic accelerated the adoption of remote work and virtual communication tools, prompting companies to reassess the necessity of traditional business trips. Travel restrictions and health protocols have compelled organizations to prioritize employee safety, often opting for virtual meetings, webinars, and online conferences as viable alternatives. This shift in behavior has prompted a reevaluation of corporate travel policies and a likely long-term impact on the demand for business travel services.The uncertainty surrounding the duration and recurrence of the pandemic has further contributed to a cautious approach among businesses, leading to deferred or canceled travel plans. The economic repercussions of the pandemic have prompted companies to focus on cost-saving measures, affecting discretionary spending, including travel budgets.As the business travel sector grapples with these challenges, it has also presented an opportunity for the industry to innovate and adapt. Enhanced health and safety measures, flexible booking policies, and the integration of technology for contactless travel experiences have become focal points for the revival of business travel post-pandemic.In summary, the COVID-19 pandemic has had a profound and enduring impact on the global business travel market, reshaping traditional practices and driving a shift towards more flexible, technology-driven, and health-conscious approaches to corporate travel. The industry's recovery will depend on its ability to address these changes and provide solutions that align with the evolving needs and expectations of businesses in the post-pandemic era.

Segmental Analysis:

Corporate Travelers Segment is Expected to Witness Significant Growth Over the Forecast Period

Corporate travellers, those individuals who travel for business purposes on behalf of their company, enjoy several advantages that make their journeys more efficient and comfortable. One of the primary benefits is access to specialized services tailored to their needs, such as dedicated booking platforms, priority check-in, and exclusive lounges at airports. These perks help streamline the travel process, saving time and reducing stress. Corporate travellers also benefit from greater flexibility in travel arrangements, often being able to change or cancel bookings with minimal fees. This flexibility is essential for business trips, which may need to be adjusted at short notice due to changing schedules or unforeseen circumstances. Furthermore, many companies offer rewards programs or loyalty schemes for their corporate travellers, allowing them to accumulate points or miles that can be redeemed for future travel or other benefits. These programs can help reduce travel costs for both the traveller and the company. Thus, the advantages of corporate travel for travellers include convenience, flexibility, and cost savings, making business trips more efficient and enjoyable.

Rail Travel Segment is Expected to Witness Significant Growth Over the Forecast Period

Rail travel remains a popular mode of transportation worldwide, offering several advantages that contribute to its high use. One of the key factors driving rail travel is its efficiency, especially for short to medium distances. Trains often provide a faster and more direct route compared to road travel, particularly in congested urban areas. Rail travel is also valued for its convenience and accessibility. Many major cities have well-developed rail networks that connect key destinations, making it easy for travelers to reach their desired locations. Additionally, trains offer comfortable seating, onboard amenities, and the ability to move around during the journey, enhancing the overall travel experience. Moreover, rail travel is often considered more environmentally friendly than other modes of transportation, such as cars or planes, due to lower carbon emissions per passenger mile. This aspect of sustainability is increasingly important to travellers seeking eco-friendly options. Furthermore, rail travel is often perceived as safer and more reliable than other modes of transportation, particularly in regions where road conditions or air travel infrastructure may be less developed. This reliability is crucial for business travellers and tourists alike, who value punctuality and consistency in their travel plans. Thus, the high use of rail travel can be attributed to its efficiency, convenience, sustainability, and safety, making it a preferred choice for many travellers around the world.

North America Region is Expected to Witness Significant Growth Over the Forecast Period

Business travel in North America is prevalent due to several factors. Firstly, the region's large and diverse economy fosters extensive business activity, necessitating frequent travel for meetings, conferences, and negotiations. North America is home to many multinational corporations and major industries, such as technology, finance, and manufacturing, which require employees to travel regularly to conduct business. The region's well-developed transportation infrastructure, including airports, highways, and rail networks, makes travel convenient and efficient. Major cities like New York, Los Angeles, Chicago, and Toronto serve as key business hubs, attracting a significant volume of business travellers. Additionally, North America's cultural and linguistic diversity contributes to the need for business travel, as companies seek to expand their markets and establish international partnerships. The region's political stability and business-friendly environment also make it an attractive destination for business travellers. Moreover, advancements in technology, such as video conferencing and online collaboration tools, have complemented rather than replaced business travel. Face-to-face interactions remain essential for building relationships, closing deals, and fostering trust, driving continued demand for business travel in North America.

Business Travel Market Competitive Landscape:

The analyzed market exhibits a high degree of fragmentation, primarily attributable to the presence of numerous players operating on both a global and regional scale. The competitive landscape is characterized by a diverse array of companies, each contributing to the overall market dynamics. This fragmentation arises from the existence of specialized solution providers, established industry players, and emerging entrants, all vying for market share. The diversity in market participants is underscored by the adoption of various strategies aimed at expanding the company presence. On a global scale, companies within the studied market are strategically positioning themselves through aggressive expansion initiatives. This often involves entering new geographical regions, targeting untapped markets, and establishing a robust global footprint. The pursuit of global expansion is driven by the recognition of diverse market opportunities and the desire to capitalize on emerging trends and demands across different regions. Simultaneously, at the regional level, companies are tailoring their approaches to align with local market dynamics. Regional players are leveraging their understanding of specific market nuances, regulatory environments, and consumer preferences to gain a competitive edge. This regional focus allows companies to cater to the unique needs of local clientele, fostering stronger market penetration. To navigate the complexities of the fragmented market, companies are implementing a range of strategies. These strategies include investments in research and development to stay at the forefront of technological advancements, mergers and acquisitions to consolidate market share, strategic partnerships for synergies, and innovation to differentiate products and services. The adoption of such multifaceted strategies reflects the competitive nature of the market, with participants continually seeking avenues for growth and sustainability. In essence, the high fragmentation in the studied market not only signifies the diversity of players but also underscores the dynamism and competitiveness that drive ongoing strategic manoeuvres. As companies explore various avenues for expansion, the market continues to evolve, presenting both challenges and opportunities for industry stakeholders.

Some of the major players operating in the global business travel market are:

• ADEKA CORPORATION Airbnb, Inc. (U.S.)
• American Express Company (U.S.)
• BCD Group (Netherland)
• Booking Holdings (U.S.)
• CWT Solutions (U.S.)
• Corporate Travel Management (Australia)
• Expedia, Inc. (U.S.)
• Fareportal (U.S.)
• Flight Centre Travel Group Limited (formerly Flight Centre Limited) (U.S.)
• Wexas Travel (U.K.)
• Hogg Robinson Ltd (U.K.)

Recent Development:

1) In April 2021, Flight Centre Travel Group, a renowned Australian travel agency, announced the continuation of its partnership with Gimmonix, an Israeli travel technology developer. This partnership focuses on further enhancing Flight Centre's digital connectivity infrastructure by leveraging Gimmonix's advanced hotel management and distribution solutions. By integrating Gimmonix's technology, Flight Centre aims to streamline its hotel inventory management, distribution, and pricing strategies, ultimately improving the booking experience for its customers. Gimmonix's solutions provide real-time data and analytics, enabling Flight Centre to make informed decisions and offer competitive pricing. Additionally, the partnership enables Flight Centre to expand its hotel inventory and provide a wider range of accommodation options to its customers. Overall, the collaboration between Flight Centre and Gimmonix underscores a commitment to innovation and digital transformation in the travel industry.

2) In August 2023, Google joined the sustainable aviation fuel (SAF) program initiated by American Express Global Business Travel (Amex GBT) and Shell Aviation. This collaboration aims to underscore the private sector's commitment to sustainable aviation and its role in financing the aviation industry's decarbonization efforts. The program, launched in the previous year, operates on a book-and-claim basis, with one million gallons of SAF initially allocated for corporate customers. This volume is sufficient to fuel nearly 15,000 transatlantic flights. By participating in this program, companies like Google demonstrate a clear demand for SAF, encouraging the development and adoption of sustainable aviation solutions. Google's involvement in the SAF program not only highlights its commitment to sustainability but also sets an example for other businesses. This initiative not only benefits the environment by reducing carbon emissions but also contributes to the evolution of business travel programs, emphasizing the importance of sustainability in corporate travel strategies.

Frequently Asked Questions (FAQ) :

Q1. What was the Business Travel Market size in 2023?

As per Data Library Research the Global Business Travel Market is currently valued at USD 902.1 billion in 2023.

Q2. At what CAGR is the Business Travel Market projected to grow within the forecast period?

Business Travel Market is poised to register a CAGR of 12.43% over the forecast period.

Q3. What are the factors driving the Business Travel Market ?

Key factors that are driving the growth include the Economic Expansion and Globalization and Technological Advancements in Travel Services.

Q4. Which region has the largest share of the Business Travel Market ? What are the largest region's market size and growth rate?

North America has the largest share of the market. For detailed insights on the largest region's market size and growth rate request a sample here.

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Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.

In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization

Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.

In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.

It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.

Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.

Both, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.

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Business Travel Market Size & Share to Surpass $1964.1 Billion by 2030 | Vantage Market Research

June 13, 2023 11:09 ET | Source: Vantage Market Research Vantage Market Research

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

• Transportation
• Food & Lodging
• Business Activity

By Industry

• North America
• Asia Pacific
• Latin America
• Middle East & Africa

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Scope of the Report:    

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The global business travel market is currently experiencing moderate growth. Looking forward, the global business travel market to grow at a CAGR of 7.6% during 2021-2026.

Business travel, also known as corporate travel, is a journey explicitly undertaken for work purposes or to expand business operations. It includes traveling to a different branch of the company, or to a different location to meet with suppliers and buyers, or for conferences and business events. In recent years, the rapidly globalizing world has accelerated the trend of business travel, which collectively includes client meetings, brand and product promotion, business expansion, and employee training and incentives.

The global market is primarily being influenced by the increasing digitization in the tourism and corporate sectors. In line with this, growing penetration of the Internet of Things (IoT) has enabled both the travelers and the travel operators to get things done swiftly and with ease.

Along with this, the virtual reality (VR) technology also provides better, efficient and personalized customer experiences, thus bolstering the market growth. Apart from this, the rising trend of Bleisure travel, which incorporates business with pleasure elements and offers leisure or recreational activities to relieve stress and improve work efficiency, has provided a positive thrust to the market.

Large-scale developments in the travel and tourism sector, an increase in small and medium enterprises (SMEs) and fast-paced globalization has led to a rise in the number of business travelers.

This, along with tie-ups of several corporate organizations with the leading business travel companies to provide customized collaborative spaces and team-building exercises, is acting as another major growth-inducing factor.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being

• Airbnb Inc.
• American Express Company
• Booking Holdings Inc.
• Carlson Wagonlit Travel Inc.
• Expedia Group Inc.
• Fareportal Inc.
• Flight Centre Travel Group
• Hogg Robinson Group
• Travel Leaders Group LLC
• Wexas Travel

Key Topics Covered:

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Business Travel Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakup by Type

6.1 Managed Business Travel

6.2 Unmanaged Business Travel

7 Market Breakup by Purpose Type

7.1 Marketing

7.2 Internal Meetings

7.3 Trade Shows

7.4 Product Launch

8 Market Breakup by Expenditure

8.1 Travel Fare

8.2 Lodging

9 Market Breakup by Age Group

9.1 Travelers Below 40 Years

9.2 Travelers Above 40 Years

10 Market Breakup by Service Type

10.1 Transportation

10.2 Food and Lodging

10.3 Recreational Activities

11 Market Breakup by Travel Type

11.1 Group Travel

11.2 Solo Travel

12 Market Breakup by End-User

12.1 Government

12.2 Corporate

13 Market Breakup by Region

14 SWOT Analysis

15 Value Chain Analysis

16 Porters Five Forces Analysis

17 Competitive Landscape

17.1 Market Structure

17.2 Key Players

17.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/miir82

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Global Business Travel Market Size By Service (Transportation, Food And Lodging), By Industry (Government, Corporate), By Traveller (Group, Solo), By Geographic Scope And Forecast

• Description
• Table of Contents
• Methodology

Business Travel Market Size And Forecast

Business Travel Market size was valued at USD 787.76 Billion in 2021 and is projected to reach USD 2404.42 Billion by 2030 , growing at a CAGR of 13.20% from 2023 to 2030.

The Global Business Travel Market has witnessed strong growth owing to the increase in travel & tourism and the accelerated development of businesses across the globe. An improvement in infrastructural investments by regional governments and accelerated growth in the Business Travel Market is also driving the market growth. The Global Business Travel Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Global Business Travel Market Definition

Business traveling defines as traveling for business or professional purposes, rather than several sorts of enjoyment or leisure purposes, everyday commutes, leisure trips, or holidays. One of the principal reasons why business travel is necessary is the individual interaction that builds good support for a future or existing relationship. These are ordinarily done to meet the customers, meet at another company, to attend any worksite, build new partnerships, establish relations between companies, or for the improvement of any product.

Nowadays, conference rooms and meeting rooms are there in the hotel itself so that a meeting can be held there. This can also decrease miscommunication, and support almost a feeling of unity. Business travel has many definite benefits for employees the largest being the possibility to see parts of the world at the company’s investment. Additionally, it’s normal to see doctors, nurses, and other medical professionals flying for the profession. Frequently lawyers, polibook more than a million properties from multiple sources.

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Global Business Travel Market Overview

The Global Business Travel Market is predominantly driven by an improvement in travel & tourism and the accelerated development of businesses across the globe. When it comes to business travel, including domestic or international trips by employees or organizations, emerging countries are developing as the fastest-expanding Business Travel Market. Spending on business travel has been speeding up for the past few years. The variety of free services offered by hotels like free Wi-Fi, electronic devices to allow teleconferencing and video conferencing, and discussion rooms to help people conduct business activities is attracting businessmen consumers.

Moreover, the development in the globalization of businesses and the continued growth of SMEs supplement the market growth. Besides, an improvement in infrastructural investments by regional governments and accelerated growth in the Business Travel Market are expected to fuel the growth of the global market during the forecast period. The influx of the younger generation in the Business Travel Market is combining leisure time with business trips. This group optimizes its business travel by employing additional time for a personal holiday.

Leisure travel allows the employees to expand the culture of the company with others and decrease the stress of the trip. Thus, the increasing demand for leisure travel is recognized to be one of the key trends according to the Business Travel Market growth. However, the expanded adoption of technology hinders market growth, as the SMEs favor video conferencing over traveling. Moreover, channel leakage, privacy, and security risks are also limiting the global Business Travel Market to a remarkable extent.

Global Business Travel Market Segmentation Analysis

The Global Business Travel Market is segmented on the basis of Service, Industry, Traveller, And Geography.

Business Travel Market, By Service

• Transportation
• Food & Lodging
• Business Activity

Based on Service, the market is bifurcated into Transportation, Food & Lodging, and Business Activity. The food and lodging industry is expected to grow at the fastest rate over the projected period. The factors that can be attributed to the growth of the segment are associated with the huge presence of affordable hotels and the rise in online booking trends that have lowered the cost of the stay. The business activity category is also predicted to develop significantly throughout the projection period.

Business Travel Market, By Industry

Based on Industry, the market is bifurcated into Government and Corporate. The Corporate segment is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to the growth of the segment are associated with the increasing business travel amongst corporate people for business or professional purposes. This segment does business travel for attending the conference, meeting clients, meeting with other companies, and other business proposals.

Business Travel Market, By Traveller

Based on Traveller, the market is bifurcated into Group and Solo. The solo segment is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to the growth of the segment are associated with channel leakage, privacy, and security risks. Owing to the above-mentioned concern people use to prefer solo business travel.

Business Travel Market, By Geography

• North America
• Asia Pacific
• Rest of the world

Based on Regional Analysis, the Global Business Travel Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia-Pacific is the most extended Business Travel Market across the globe, owing to steady economic growth. Besides, huge penetration of the internet & technology in densely populated nations encourages the growth of the market. Furthermore, the rise in penetration of IoT is helping both travelers and travel executives in handling different operations related to business travel such as planning, booking, and being updated with the recent status of their journey plans.

Key Players

The “Global Business Travel Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as C arlson Holdings, Inc., American Express Company, Expedia Group, Inc., Airbnb, Flight Centre Travel Group, the Priceline Group, Wexas Travel, and BCD Group .

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In December 2021, Sabre Corporation and American Express Global Business Travel (GBT) established a multifaceted strategic relationship aimed at creating technology that will allow the future of corporate travel distribution.
• In April, 2021 Flight Centre Travel Group, a well-known Australian travel agency, and Gimmonix, an Israeli travel technology developer of cutting-edge hotel distribution and management solutions, have announced that their current partnership will be expanded to continue transforming Flight Centre’s digital connectivity infrastructure. The new infrastructure will use Gimmonix’s cutting-edge technology to power FCTG’s tour operator and package-based agency models, as well as strengthen the company’s competitiveness and stake in the consumer facing space.
• In January 2021, America Express global business travel, a leading business partner for managed travel, has acquired Ovation travel group. The combination will have access to the global tech, technology and expertise that comes with powerful backing of American Express GBT.
• Airbnb is expanding its presence even more by acquiring Urbandoor, a purchase that puts the home-sharing giant’s toes in the corporate travel industry. Airbnb’s own Airbnb for Work platform, one of the fastest-growing segments of the San Francisco company’s overall business, is expected to profit from the acquisition of San Francisco-based Urbandoor, a platform that allows business travellers to stay for prolonged periods of time.
• Intent Media, a data science firm that works with the world’s biggest online travel providers, announced a new agreement with Priceline.com in April 2018. Priceline will have access to Intent Media’s unique data science tools and services as part of the deal, which creates a collaborative test environment.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as  Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Business Travel Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Business Travel Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors • Provision of market value (USD Billion) data for each segment and sub-segment • Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled • Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players • The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions • Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis • Provides insight into the market through Value Chain • Market dynamics scenario, along with growth opportunities of the market in the years to come • 6-month post-sales analyst support

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What is the projected market size & growth rate of the business travel market, what are the key driving factors for the growth of the business travel market, what are the top players operating in the business travel market, what segments are covered in the business travel market report, how can i get a sample report/company profiles for the business travel market.

1. INTRODUCTION OF GLOBAL BUSINESS TRAVEL MARKET 1.1. Overview of the Market 1.2. Scope of Report 1.3. Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH 3.1. Data Mining 3.2. Validation 3.3. Primary Interviews 3.4. List of Data Sources

4. GLOBAL BUSINESS TRAVEL MARKET OUTLOOK 4.1. Overview 4.2. Market Dynamics 4.2.1. Drivers 4.2.2. Restraints 4.2.3. Opportunities 4.3. Porters Five Force Model 4.4. Value Chain Analysis

5. GLOBAL BUSINESS TRAVEL MARKET, BY SERVICE 5.1. Overview 5.2. Transportation 5.3. Food & Lodging 5.4. Business Activity

6. GLOBAL BUSINESS TRAVEL MARKET, BY INDUSTRY 6.1. Overview 6.2. Government 6.3. Corporate

7. GLOBAL BUSINESS TRAVEL MARKET, BY TRAVELLER 7.1. Overview 7.2. Group 7.3. Solo

8. GLOBAL BUSINESS TRAVEL MARKET, BY GEOGRAPHY 8.1. Overview 8.2. North America 8.2.1. U.S. 8.2.2. Canada 8.2.3. Mexico 8.3. Europe 8.3.1. Germany 8.3.2. U.K. 8.3.3. France 8.3.4. Rest of Europe 8.4. Asia Pacific 8.4.1. China 8.4.2. Japan 8.4.3. India 8.4.4. Rest of Asia Pacific 8.5. Rest of the World 8.5.1. Latin America 8.5.2. Middle East & Africa

9. GLOBAL BUSINESS TRAVEL MARKET COMPETITIVE LANDSCAPE 9.1. Overview 9.2. Company Market Ranking 9.3. Key Development Strategies

10. COMPANY PROFILES

10.1. Carlson Holdings, Inc. 10.1.1 Overview 10.1.2 Financial Performance 10.1.3 Product Outlook 10.1.4 Key Developments

10.2. American Express Company 10.2.1. Overview 10.2.2. Financial Performance 10.2.3. Product Outlook 10.2.4. Key Developments

10.3. Expedia Group 10.3.1. Overview 10.3.2. Financial Performance 10.3.3. Product Outlook 10.3.4. Key Developments

10.4. Airbnb 10.4.1. Overview 10.4.2. Financial Performance 10.4.3. Product Outlook 10.4.4. Key Developments

10.5. Flight Centre Travel Group 10.5.1. Overview 10.5.2. Financial Performance 10.5.3. Product Outlook 10.5.4. Key Developments

10.6. the Priceline Group 10.6.1. Overview 10.6.2. Financial Performance 10.6.3. Product Outlook 10.6.4. Key Developments

10.7. Wexas Travel. 10.7.1. Overview 10.7.2. Financial Performance 10.7.3. Product Outlook 10.7.4. Key Developments

10.8. BCD Group 10.8.1. Overview 10.8.2. Financial Performance 10.8.3. Product Outlook 10.8.4. Key Developments

11 KEY DEVELOPMENTS 11.1 Product Launches/Developments 11.2 Mergers and Acquisitions 11.3 Business Expansions 11.4 Partnerships and Collaborations

12. Appendix 12. Related Research

Report Research Methodology

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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

Econometrics and data visualization model.

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

• Established market players
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The aims of doing primary research are:

• Verifying the collected data in terms of accuracy and reliability.
• To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Business Travel Market

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Global Business Travel Market Report By Service (Transportation, Food & Lodging, Recreation), By Industry (Government, Corporate), By Traveller (Group, Solo) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2023-2032

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Amex Global Business Travel Sees Big Gains From Tech Customers

Dennis Schaal , Skift

May 7th, 2024 at 4:52 PM EDT

Big companies are on the move again, but the business travel growth engine — small- to medium-sized businesses — took a step back because of high interest rates and inflation.

Dennis Schaal

Much of the discussion about business travel revolves around large corporations that have strict managed-travel policies. They require employees to book trips through sanctioned tools and at hotels and airlines that give corporations volume discounts.

In the first quarter, those corporations delivered significant gains for American Express Global Business Travel, the world’s largest travel-management company.

AmexGBT saw strength in transactions from global multinational corporations — tech companies in particular, with 30% growth. Other sectors turned in double-digit growth too, including pharmaceuticals, mining, energy and utilities.

But there was a downside: Small- to medium-sized businesses offer the largest opportunity in winning new business and they showed a decline in transaction growth of 3 percentage points in the fourth and first quarters.

These smaller businesses spend $30 million or less on travel annually and mostly let their employees book wherever they want.

They may not need a travel management company like Amex GBT. What’s more, they’ve been hit hard in recent months by higher inflation and interest costs, leading to tighter travel budgets.

Amex GBT CEO Paul Abbott told analysts during the earnings call Tuesday that of the $900 billion in total transaction value in play in business travel annually, “$300 billion sits with, if you like, professional managed-travel programs, and $600 billion in unmanaged.”

The entire business travel market is worth $1.4 trillion, he said, and “SME is the biggest opportunity within that.”

Amex GBT Is Poised to Acquire CWT in the Second Half of 2024

The earnings call took place with some unfinished business on the agenda — the $570 million acquisition of CWT , which officials said is poised to close in the second half of 2024.

Abbott said the companies’ integration teams are “established.”

He said the acquisition would increase company revenue by one-third and it would have the potential to be a “significant” contributor to earnings in the long run. There would be $155 million in “annual run rate cost synergies,” Abbott said. Meaning layoffs and trimming other redundant operations.

American Express Global Business Travel stated that a recent survey of its top 100 customers found they expect their travel spend to rise 8% in 2024.

Net Loss Narrowed, Positive Free Cash Flow

In the first quarter, the company narrowed its net loss to $19 million from a loss of $27 million in the year-ago period.

Revenue rose 6% in the first quarter to $610 million.

One of the brighter metrics was that free cash flow hit $24 million in the first quarter, up from minus $109 million a year earlier.

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Tags: AmexGBT , business travel , corporate travel , cwt , earnings , hotels , mergers , mergers and acquisitions , Travel Trends

Photo credit: A business traveler about to catch a flight. Pxfuel

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RTO Boosts Business Travel, Puts A Dent In Domestic Leisure Traffic As Hotel Demand 'Normalizes'

Business travel is back big, but as Americans trickle back to the office, that gain has brought some pain on the leisure side, according to executives at some of the nation's largest hotel chains and hospitality REITs.

Across the board, hospitality executives projected confidence in the strength of business and group travel demand to investors during their latest round of quarterly earnings calls. But they were less certain about leisure trends, characterizing the first quarter as a return to normalcy after travelers flocked to resorts and urban centers  in the wake of pandemic restrictions lifting worldwide.

Leisure demand was roughly flat or down year-over-year for a majority of hospitality companies in the quarter, a slowdown largely attributed to poor weather, the Easter holiday falling earlier in the year than usual and greater numbers of workers doing business at the office rather than at home or on the go.

“We believed and expected that the leisure markets would soften as you started to see people finally getting back into the office and working and eventually transitioning that leisure-oriented travel to be more business travel,” Dennis Craven, chief operating officer at Chatham Lodging Trust , said during the company’s  earnings call May 6 . “That's essentially what we saw.”

Executives' observations were in line with a Q1 JLL report finding that “U.S. hotel performance is normalizing” from spikes in 2022 and 2023 driven by pent-up demand. But pricier average daily rates due to limited new hotel growth saw revenue per available room, a key industry metric, rising nearly 14% over pre-pandemic levels in 2019, according to JLL.

While Marriott International ’s leisure RevPAR in the U.S. and Canada was flat compared to Q1 2023, its global holdings buoyed its overall leisure RevPAR, company president and CEO Tony Capuano said on the company’s  earnings call May 1 . Marriott’s leisure RevPar was up 4% year-over-year, its group RevPAR rose 6% globally and its business RevPar was up 1%. 

Capuano said he was encouraged by the strength of domestic group and business travel, buoyed by strong trade with big corporations. Large corporate business with Marriott’s top 100 accounts enjoyed the strongest consecutive improvement it has seen in the last eight quarters, Capuano said.   

“Throw all of that in the blender, and it does feel a little more like settling into a more normalized pattern versus a really systemic falling off the cliff,” Capuano said. 

Hilton Worldwide CEO Chris Nassetta  agreed that leisure was normalizing from “super high levels” and Hilton had “tough” year-over-year comparisons in that area. Yet leisure RevPAR still exceeded the company’s expectations given “continued strength in international markets and holiday shifts,” he said during the  company’s April 24 earnings call .

Even so, demand for leisure travel is not evenly divided between urban and resort properties, with travelers preferring big city vacations in the first part of the year.

RLJ Lodging Trust  reported healthy leisure demand, pointing to a 2% increase in revenue during the first quarter, driven primarily by the strength of urban leisure, which increased by 3%.

A “robust volume of social events” such as concerts and sporting events continues to bolster demand for urban getaways,  Leslie Hale , president and CEO of RLJ Lodging Trust, said on its  earnings call May 2 .

Hale said urban leisure for the company remains healthy, given its footprint and the demand dynamics. Breaking down leisure further into rate versus demand, Hale said she expected resorts would pull back from rate peaks, but urban leisure rates would stay at or near peak.

“Leisure still continues to be a tale of two cities,” Hale said.  

This lines up with figures from Pebblebrook Hotel Trust , which saw its urban properties increase RevPAR by almost 5% year-over-year, offsetting a 4.4% decline in RevPAR across the company’s resort portfolio.

Weekday occupancy for Pebblebrook’s properties improved 3 points year-over-year, demonstrating the continued recovery of business travel, Pebblebrook CEO Jon Bortz said during its earnings call April 24.

“Business transient travel continues to recover and it's noticeable,” Bortz said. “It's represented in the stronger weekday occupancy numbers.” 

On the mergers and acquisitions front, Hilton Worldwide struck the quarter’s largest agreement when it announced in March that it would pay $210M to acquire all rights to the Graduate Hotels brand. Graduate has over 30 hotels in university-anchored towns and will give the hotelier an opportunity to serve guests in markets where it previously lacked a presence, Nassetta said. 

A far larger proposed deal fell through in March when  Choice Hotels International   gave up  on its $8B bid for a hostile takeover of Wyndham Hotels & Resorts. The lengthy pursuit began in April 2023 and ended after  Choice said it didn’t see a reasonable path to acquiring Wyndham due to its “refusal to constructively and substantively engage on terms.” 

Wyndham Chief Financial Officer Michele Allen said costs related to Choice’s failed takeover of the company will tally about $50M in total. 

Since the failed takeover, Wyndham CEO Geoff Ballotti said the company is seeing less uncertainty from members of the development community who were reluctant to engage while Choice was in hot pursuit. Ballotti pointed to the company’s 11 hotel conversions under the newly created WaterWalk Extended Stay by Wyndham brand in the quarter as evidence of improved sentiment.

“With the deal noise dissipating, owners who were uncertain on committing to deals with us, those who did not want to wind up in the Choice system, have agreed to sign,” Ballotti said. “The pause, if there was one out there, has reversed.”  

Four hospitality companies — Wyndham, Choice, Marriott and Pebblebrook — also decided to allocate capital toward buying back some of their own stock, financing it through a variety of means and for different reasons. 

Bortz said Pebblebrook has been buying back its stock instead of investing in additional resort or urban properties because the company likes its current portfolio mix and wants to own a greater percentage of assets under its flag. 

Wyndham bought back $57M of shares in Q1, and its board increased its repurchase authorization by $400M. Allen said the company believes its stock is significantly undervalued at the current trading levels, representing a compelling investment opportunity.

Q1 was a period of recovery for some REITs, including Host Hotels & Resorts, which suffered substantial fallout from the August 2023 Maui wildfires . The impact is still hitting Host's bottom line, with an estimated decline of 310 basis points in first-quarter RevPAR, factoring in previous growth projections.

The company has three resorts on Maui and is still working through the “evolving nature” of demand on the island, said Jim Risoleo , Host CEO and executive director. 

Air capacity to the island is still down and consistent with where it was in the aftermath of the fires last year, Risoleo said. 

“When the wildfires occurred, devastating wildfires occurred, those folks who might have been new to Maui … they listened to the governor, and the governor said, ‘Stay away from Maui,’” Risoleo said. “Travelers took the governor at his word.”

Those warnings have now been tempered, and Maui hotel owners are working together to put a marketing plan in place, he added.

“We've got to get people back to the island,” Risoleo said. “We have to sell the beauty of Maui and the experiences that they can get.”  

Natural disasters aside, hotel operators are also hoping to recover from an economic environment some fear could stall travel momentum.

Hale said she was concerned about the impact the Federal Reserve may have on slowing the economy, though she has yet to see an impact in the numbers and trends she’s analyzing today. 

“The fact of the matter is the Fed is trying to slow the economy,” Hale said. “We see that reflected in the lower end of the consumer spectrum, whether it's in the form of their spending, their credit and/or what's happening in the economy sector for hotels. If the Fed is successful in slowing the economy, travel will not be immune to the impact of that.”

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Summer 2024: Uber launches shuttle service for airports, concerts, games

Uber eats is also partnering with costco and will launch the service in select locations.

Uber is a world-leading, long-term asset: Mark Mahaney

Evercore ISI senior managing director Mark Mahaney makes the case for raising Uber's price target and explains why he's staying away from Snap Inc. on 'Varney & Co.'

Uber is broadening its portfolio of services at a time when the economy is still tough on consumers, with the launch of a new shuttle service for travelers headed to the airport, concert or game. 

"Uber Shuttle is our answer to providing an easy, affordable, and convenient way to get around. As a truly global solution, it looks different in different places," Uber Shuttle General Manager Anthony le Roux said, adding that the service has already been launched in Egypt and India.

This move comes as Uber has actively worked to expand its range of affordable services, which includes Wait and Save, Group Rides and UberX Share, to cater to different budgets. 

UBER DEPLOYS RIDES WITH CAR SEATS FOR KIDS: 'SIMPLE AND STRESS FREE'

The new shuttle service, which will launch in Miami, Chicago, Pittsburgh, Charlotte this summer before expanding around the nation, is touted as being "a fraction of the price of an UberX." Rides also won't be affected by surge pricing because they are booked in advance, according to Uber.

It comes as Americans are still contending with the impact of inflation , which has fallen considerably from a peak of 9.1% in 2022, but progress has largely flatlined since the summer. Consumers also anticipate that inflation will remain abnormally high in the coming years, according to a key Federal Reserve Bank of New York survey published Monday.

Uber will launch a shuttle service in select cities this summer. (Uber)

With the service, customers can reserve up to five seats to and from the airport or major events up to seven days in advance.

Riders will also be able to track the location of the shuttle. When it arrives, they will be required to show a QR-code ticket in order to get on. Uber said its partnering with local fleet providers, who employ commercially licensed drivers, and that the vehicle capacity will range from 14 to 55 seats. 

UBER, LYFT TO LEAVE MINNEAPOLIS DUE TO MINIMUM WAGE LAW

The company did not specify the exact launch date for the service, but it is timed to kick off this summer as the bustling travel season gets underway. It's seemingly planned so that the ride-sharing giant can capitalize on a time when airlines are bracing for a record number of passengers.

Airlines for America – the industry trade organization for leading U.S. airlines – projected that airlines will carry 271 million passengers worldwide between June 1 and August 31. It's a 6.3% increase from last summer and surpassed the previous record set in summer 2023, when 255 million customers flew. 

Uber Eats is partnering with membership warehouse Costco. (Uber)

The company will also partner with Miami’s Hard Rock Stadium to provide shuttle service for popular events. Aside from being the home of the Miami Dolphins and the Formula One Crypto.com Miami Grand Prix, Taylor Swift is slated to perform at the stadium three times in October. 

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The shuttle service is one of the products the company is announcing Wednesday. 

It announced that Uber Eats, its food delivery arm, is also partnering with Costco , so customers can order from the membership warehouse through the app without a membership. 

In exchange, Costco members will be able to get an annual Uber One membership for 20% off.

That product will launch in select locations across the country, Uber said without specifying a specific date. 

FOX Business' Megan Henney contributed to this report. 

Stock market today: Wall Street edges back from…

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Stock market today: Wall Street edges back from records after Dow briefly tops 40,000

Currency traders work near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 16, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 16, 2024. (AP Photo/Ahn Young-joon)

Banners for Pinterest, displayed to mark the fifth anniversary of the company’s listing, hang on the front of the New York Stock Exchange in New York on Wednesday, May 15, 2024. U.S. stocks are rising toward records with hope that inflation is heading back in the right direction. (AP Photo/Peter Morgan)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 16, 2024. (AP Photo/Ahn Young-joon)

A person passes an entrance to the Wall Street subway station in New York on Wednesday, May 15, 2024. Trading on Wall Street is muted early ahead of the U.S. government’s latest reports on inflation and retail sales. (AP Photo/Peter Morgan)

NEW YORK (AP) — U.S. stocks edged back from their record heights Thursday after the Dow Jones Industrial Average briefly topped the 40,000 level for the first time.

The Dow slipped 38.62 points, or 0.1%, to 39,869.38. The S&P 500 index, which is much more widely followed on Wall Street, dipped 11.05, or 0.2%, to 5,297.10, and the Nasdaq composite fell 44.07, or 0.3%, to 16,698.32. All three indexes had rallied on Wednesday to all-time highs.

Deere weighed on the market and sank 4.7% despite reporting stronger profit for its latest quarter than expected. It cut its forecast for upcoming profit this fiscal year, below analysts’ estimates, as farmers buy fewer tractors and other equipment.

Homebuilders also helped drag the market lower following a weaker-than-expected report on the housing industry. They gave back some of their big gains from the day before, when hopes for lower mortgage rates had sent them sharply higher. D.R. Horton sank 4.2%, Lennar fell 3.3% and PulteGroup dropped 2.8%.

Also sinking were GameStop and AMC Entertainment, which slid for a second straight day following their jaw-dropping starts to the week . They’ve been moving more on excitement drummed up by investors than any changes to their financial prospects.

GameStop fell 30%, though it’s still up nearly 59% for the week so far. AMC Entertainment lost 15.3%.

Such drops helped offset a 7% jump for Walmart, which reported stronger profit for the latest quarter than analysts expected. The retailer also said its revenue for the year could top the forecasted range it had earlier given.

Walmart’s strength could be an encouraging signal for the broader economy. Worries have been rising about whether U.S. households can keep up with still-high inflation and more expensive credit-card payments, particularly households at the lower end of the income spectrum .

Target, which reports its quarterly results next week, climbed following Walmart’s report, along with other retailers like Dollar General and Dollar Tree. Each added at least 2%.

Chubb rose 4.7% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer.

Under Armour swung between losses and gains after it warned that its revenue will be likely down by “a low double-digit percentage rate” this upcoming fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.”

The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock. It dropped 1.3%.

Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes have broadly jumped through May to records following a tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once this year. The Fed has been keeping its federal funds rate at the highest level in more than two decades.

A string of worse-than-expected reports on inflation at the start of the year had put the potential for such cuts in jeopardy, but some more encouraging data has since arrived.

Treasury yields have largely eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough because of high interest rates to stifle inflation but not so much that it causes a bad recession.

Yields rose Thursday following some mixed data on the economy, including the report that hurt homebuilder stocks, which showed the industry broke ground on fewer projects than expected.

One report showed slightly more workers applied for unemployment benefits last week than economists expected, though the number remains low compared with history. Others said manufacturing growth in the mid-Atlantic region was weaker than hoped and import prices rose more than forecast.

“Today’s numbers were in line with the overall theme of the week — nothing dramatic, but showing signs of a steady-to-cooling economy,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

The yield on the 10-year Treasury climbed to 4.37% from 4.35% late Wednesday. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.79% from 4.72%.

In stock markets abroad, indexes were modestly lower in much of Europe after mostly rising in Asia. Hong Kong’s Hang Seng jumped 1.6% after reopening following a holiday, while Japan’s Nikkei 225 rose 1.4%.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

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Emirates recognised for excellence with nine wins at the 2024 Business Traveller Awards, World Travel Awards and International Loyalty Awards 2024

DUBAI, UAE, 9 May 2024:  Emirates took home top honours at the Business Travel Middle East Awards (BTME), World Travel Awards (WTA) 2024, and International Loyalty Awards 2024, a testament to its ongoing investments and initiatives to provide customers with the best-in-industry travel experiences, in the air and on the ground.

The prestigious travel awards ceremonies were held on the sidelines of the Arabian Travel Market in Dubai this week and attended by industry leaders and professionals from across the world participating in the region’s biggest travel trade event.

Business Traveller Middle East Awards 2024

Emirates was named ‘Best Airline Worldwide’ at the Business Traveller Middle East Awards 2024 and scooped up four additional gongs for: ‘Airline with the Best Premium Economy Class’; ‘Airline with the Best First Class’; ‘Best Airport Lounge in the Middle East’; and ‘Airline with the Best Frequent Flyer Programme’.

Adil Al Ghaith, Emirates’ Senior Vice President, Commercial Operations, Gulf, Middle East and Central Asia, and Dr Nejib Ben Khedher, Divisional Senior Vice President, Skywards, received the awards on behalf of the airline.

World Travel Awards 2024

At the World Travel Awards, Emirates took home top accolades for: ‘Middle East’s Leading Airline 2024’; ‘Middle East's Leading Airline - First Class 2024’; and Middle East’s Leading Airline Rewards Programme 2024 – Skywards.

International Loyalty Awards 2024

Emirates Skywards also won “Global Loyalty Programme of the Year Middle East” at the International Loyalty Awards 2024 – one of the most significant and prestigious awards within the industry. With more than 30 million members worldwide – Emirates Skywards continues to be one of the most valued and recognised loyalty programmes in the world.  

Over the years, Emirates has earned a reputation for providing world class products and services to customers across all classes of travel, both onboard and on the ground.  In just the past year, the airline had introduced a slew of product enhancements, notably the introduction of complimentary loungewear and meal pre-ordering for Business Class travellers, the re-opening of 8 dedicated Emirates Lounges around the world after a full facility refresh, and the roll-out of 16 more A380s offering the latest cabin interiors after a nose-to-tail retrofit.

This week at ATM, Emirates announced it will add 71 A380s and Boeing 777s to its multi-billion dollar retrofit programme, expanding it to 191 aircraft, nearly its entire passenger fleet, to ensure Emirates customers continue to “fly better” for years to come. 

The airline will offer its popular Premium Economy product to customers in 42 cities by February 2025 as the first batch of A350 aircraft join its fleet from September, in addition to newly retrofitted aircraft equipped with Premium Economy re-entering service.

More Information

About emirates.

The Emirates story started in 1985 when we launched operations with just two aircraft. Today, we fly the world’s biggest fleets of Airbus A380s and Boeing 777s, offering our customers the comforts of the latest and most efficient wide-body aircraft in the skies.

We inspire travelers around the world with our growing network of worldwide destinations, industry leading inflight entertainment, regionally inspired cuisine, and world-class service.

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Travel & Tourism - Worldwide

• The Travel & Tourism market is projected to experience a significant increase in revenue in the coming years worldwide.
• By 2024, revenue is estimated to reach US$927.30bn and is projected to grow annually at a rate of 3.47%, resulting in a market volume of US$1,063.00bn by 2028.
• The largest market within Travel & Tourism is the Hotels market, which is projected to reach a market volume of US$446.50bn in 2024.
• Looking ahead, the number of users in the Hotels market is expected to increase to 1,397.00m users by 2028.
• In 2024, the user penetration rate was 25.9%, and it is expected to reach 28.1% by 2028.
• The average revenue per user (ARPU) is projected to reach US$0.46k.
• Online sales are expected to account for 76% of total revenue in the Travel & Tourism market by 2028.
• It is worth noting that United States is expected to generate the most revenue in this market, reaching US$199bn in 2024.
• Following the profound ramifications of the COVID-19 pandemic, the travel and tourism sector demonstrates robust indications of resurgence.

Key regions: Malaysia , Europe , Singapore , Vietnam , United States

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

The market consists of five further markets.

• The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
• The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
• The Hotels market includes stays in hotels and professionally run guest houses.
• The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
• The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

• Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

out-of-scope

• Business trips
• Other forms of trips (e.g. excursions, etc.)

Travel & Tourism

• Vacation Rentals
• Package Holidays
• Analyst Opinion

The Travel & Tourism market has been experiencing significant growth worldwide, driven by various factors such as increasing disposable income, ease of travel, and desire for unique experiences. Customer preferences: Travelers are increasingly seeking authentic and unique experiences, moving away from traditional tourist attractions to more off-the-beaten-path destinations. This shift in preferences has led to the rise of experiential travel, where immersive cultural experiences and interactions with locals are highly valued. Trends in the market: In the United States, there has been a noticeable trend towards sustainable and eco-friendly travel practices. Travelers are becoming more conscious of their environmental impact and are actively seeking out destinations and accommodations that prioritize sustainability. This has led to the growth of eco-tourism initiatives and the popularity of destinations known for their conservation efforts. Local special circumstances: In Europe, the rise of budget airlines and the Schengen Area agreement have made travel within the region more affordable and convenient. This has resulted in a significant increase in intra-European tourism, with travelers exploring multiple countries in a single trip. The diverse cultural offerings and close proximity of European countries make it an attractive destination for those seeking a mix of history, art, and culinary experiences. Underlying macroeconomic factors: The Asia-Pacific region has seen a surge in outbound tourism, driven by a growing middle class with higher disposable incomes. Countries like China and India have witnessed a significant increase in international travel, with travelers from these markets exploring destinations beyond their borders. This rise in outbound tourism has also led to an influx of international visitors to Asia-Pacific countries, boosting the tourism industry in the region.

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• Sales Channels
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An American couple built a $1 million portfolio and retired in their 40s. Here's how they did it.

• Jim White retired at 43 with his wife after years of saving with a net worth of over $1 million.
• White said he wanted to spend more time with his family and valued having more freedom in life.
• The family moved to Panama and then traveled around the US while homeschooling their daughter.

Jim White started dreaming about retiring early when his daughter was born in 2010. Like many new fathers in the US , he took just a week off from his office job to spend time with his newborn.

"My heart broke," he told Business Insider. "I wanted to be with her as she grew up and felt like work was in the way."

White, who worked as an engineering manager for an IT company in Ohio, told BI he couldn't see how he'd be able to quit his job without being "filthy rich."

He came across a blog by Joe Udo called " Retire by 40 " in 2014. Udo, who was around the same age as White, detailed how he planned to retire early by aggressively saving and investing his 9-to-5 salary. If Udo could do it, White thought, maybe he could too.

They saved and invested better

White started researching the FIRE movement — Financial Independence, Retire Early — and pitched his plan to his wife, Lisa, who worked for a nonprofit.

The couple had already been saving but decided to ramp up their savings and investments. White was making $107,000 a year in 2014.

The couple had a net worth of $813,000 but started following the 4% rule , which says you should only retire early if you can live off 4% of your savings each year.

If they could build a portfolio of $1 million, they'd be able to use $40,000 a year on living expenses.

The couple built a portfolio of over $1 million

White said the main change he made was adjusting his investments.

"Although I had been socking away a lot of money into the 401(k) plan at work, I had just picked random mutual funds that seemed good because they showed some good performance in prior years," he added.

Analyzing his plan, he discovered one fund he was investing in was "very high cost" and switched from mutual funds to lower-cost index funds. By tweaking the funds he included in his plan, he told BI he saved around $65,000.

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The hardest part was waiting, White said. Once they'd cut their expenses and changed their investments, they had to wait for their savings to accumulate. They also started saving 60% of his pay and living off the rest.

They retired and moved to Panama

By 2018, they had investments, assets, and savings worth over $1 million, according to financial documents BI has viewed.

They sold their house for $267,800 in 2018 and rented a nearby apartment for a few months. White retired at the end of the year aged 43 — Lisa had already left her job.

With their newfound freedom, the couple decided to relocate to Boquete, a small town in Panama, because of its warmer climate. "I've lived in Ohio pretty much my whole life, and I can't stand the winters," White said. "We moved to the mountains of Panama, and it was 75 degrees every day of the year."

They sold their car and most of their belongings and packed the rest into a storage unit. The family moved with their daughter, then nine, in July 2019. They rented a three-bedroom house in a gated community for $1,100 a month and didn't need a car. "We'd walk every day," he said.

They started homeschooling their daughter, intending to place her in an international school later. But, they ended up homeschooling her for the three years they lived in Panama, because of the COVID-19 pandemic.

They lived off around $50,000 a year, slightly higher than anticipated.

The couple moved back to the US to travel in an RV

They moved back to the US in April 2022. Since October, the family has been traveling around Tennessee, Louisiana, Georgia, Indiana, Texas, and Arizona in an RV, which they bought but plan to sell after their trip.

"We've been spending incredible amounts of time as a family, just like I wanted, ever since," he said. "It's really been a dream come true."

When they're finished with their travels, they plan to move back to Ohio to give their daughter, who is now 14, some stability. "We've had our quality time together, and now she wants to spend more time with her friends," White told BI.

Lisa wants to live near family again and plans to return to work part-time.

For now, White is content to spend his time on hobbies like coding, learning Spanish, and writing his blog, "Route to Retire."

"Just because we're not working right now doesn't mean we don't plan to ever work again," White said. "It's just that we have that choice."

Watch: Millions of homes could flood the US housing market thanks to boomers

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• MakeMyTrip ends FY2024 with record gross bookings & profit

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• Updated On May 16, 2024 at 01:43 AM IST

Search & Booking trends for Summer 2024: Family travel grows by 20%

According to MakeMyTrip's data, the top searched domestic destinations include Ayodhya, Lakshadweep, Nandi Hills, Chalakudy, Chevella, and others, contributing significantly to the overall search volume. Goa retains its position as the most searched domestic destination, while Srinagar and Udaipur have witnessed remarkable growth in search interest. Internationally, destinations like Baku, Phuket, Abu Dhabi, Bangkok, and Kuala Lumpur are capturing the attention of Indian travelers, with Baku, Almaty, and Nagoya experiencing substantial growth in search queries.

• By Online Bureau ,
• Published On May 16, 2024 at 01:43 AM IST

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