Business Travel Market Size To Reach $2,749.46 Billion By 2030

Business Travel Market Growth & Trends

The global business travel market size is expected to reach USD 2,749.46 billion by 2030, growing at a CAGR of 9.1% during the forecast period, according to a new report by Grand View Research, Inc. Business travel, commonly referred to as business tourism, encompasses the practice of individuals journeying for a myriad of professional purposes such as attending meetings, engaging in negotiations, fostering networks, participating in trade shows, launching products, and executing marketing strategies.

The rising number of corporate travelers actively participating in events and exhibitions, alongside influential factors like bolstering employee engagement, serves as a driving force propelling the business travel industry to new heights. Employers increasingly recognize the pivotal role of cultivating employee engagement, understanding its significance in fostering motivation and fostering career progression within their respective organizations.

Moreover, the advent of flexible work arrangements has triggered a surge in leisure travel, thereby further stimulating growth within the business travel sector. This surge in leisure travel is not only indicative of evolving work-life balance priorities but also highlights a broader societal trend of prioritizing holistic well-being.

With the growing concerns regarding environmental sustainability, there has been a notable shift towards adopting eco-conscious travel practices, encompassing environmentally friendly lodging options, sustainable modes of transportation, and the adoption of paperless travel solutions.

For instance, Marriott International's pioneering "Serve 360" program stands as a testament to the hospitality industry's commitment to sustainability, marked by its implementation of green building practices, waste reduction strategies, and strategic partnerships with environmentally conscious suppliers.

Technology is poised to assume an increasingly central role, revolutionizing various facets of the travel experience. Innovations such as venue-sourcing platforms and immersive technologies like virtual reality (VR) and augmented reality (AR) for site visits are poised to enhance the efficacy and experiential quality of business travel.

Furthermore, the integration of artificial intelligence (AI) and machine learning within corporate travel management platforms promises to streamline logistical processes, optimize resource allocation, and furnish stakeholders with invaluable data-driven insights.

A significant development in business travel practices is the rising popularity of "bleisure" travel, a phenomenon wherein individuals intertwine professional obligations with leisure pursuits during their trips. This trend, particularly embraced by a burgeoning demographic of younger professionals, underscores a broader societal shift towards prioritizing holistic well-being and work-life balance.

Many organizations, such as Silicon Valley tech firms like Google and Facebook, are championing bleisure travel by affording employees the flexibility to extend business trips for leisure purposes and curating bespoke experiences that cater to diverse interests and preferences. In doing so, these organizations not only acknowledge the intrinsic value of employee satisfaction but also underscore their commitment to fostering a supportive and inclusive work environment conducive to holistic well-being.

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Business Travel Market Report Highlights

• The primary driving factor of business travel is the need for face-to-face interactions crucial for meetings, negotiations, and networking, which are essential for business growth and success in a globalized economy

• Employees travel to destinations for work meetings to often serve essential purposes such as decision-making, problem-solving, training, and project planning, which are typically more effectively conducted in person rather than through remote means.

• Business travel by government employees to other countries is typically undertaken for a variety of diplomatic, administrative, and collaborative purposes. This includes engaging in negotiations, representing their government at international forums or conferences, fostering bilateral relationships, conducting research, participating in cultural exchanges, providing technical assistance, and overseeing development projects.

• Asia Pacific is home to numerous emerging markets, vibrant business hubs, and dynamic industries, making it a focal point for international trade, investment, and collaboration. Moreover, advancements in technology and transportation infrastructure have made it easier for businesses to connect with partners, clients, and suppliers across the region.

Business Travel Market Segmentation

Grand View Research has segmented the global business travel market based on traveler, purpose, industry, and region:

Business Travel Traveler Outlook (Revenue, USD Billion, 2018 - 2030)

• Solo

• Group

Business Travel Purpose Outlook (Revenue, USD Billion, 2018 - 2030)

• Marketing

• Meetings

• Trade Shows/Exhibitions

• Product Launch

• Others

Business Travel Industry Outlook (Revenue, USD Billion, 2018 - 2030)

• Corporate

• Government

Business Travel Regional Outlook (Revenue, USD Billion; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • Australia & New Zealand

  • South Korea

• Central & South America (CSA)

  • Brazil

• Middle East & Africa (MEA)

  • South Africa 

List of Key Players in the Business Travel Market

• American Express Company

• BCD Group

• Booking Holdings

• Expedia, Inc.

• Corporate Travel Management

• Hogg Robinson Ltd 

• CWT Solutions

• Wexas Travel

• Frosch International Travel

• Travel Leaders Group