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2021
Business Travel Market

Business Travel Market by Service (Transportation, Food & Lodging, and Recreation), Industry (Government and Corporate), Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast 2021–2028

A01280
Pages: 240
Aug 2021 | 45850 Views
   
Author(s) : Aniket Kadam , Roshan Deshmukh
Tables: 131
Charts: 64
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global business travel market size was valued at $695.9 billion in 2020, and is expected treach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 t2028.

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. Global travel & tourism industry is one of the largest industries with global economic contribution of more than $9000 billion. According tWorld Travel and Tourism Council (WTTC), the global travel & tourism sector contributed taround $9.2 trillion tthe global GDP (Gross Domestic Product) in 2019. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required ttravel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work.

Business-Travel-Market-2021-2028

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The trending factors responsible for fueling the business travel market include bleisure travel (business + leisure), IoT (internet of things), development of smart hotels, virtual reality for hotel bookings, and personalization. All these developments in hotels will lead tthe growth of the food & lodging segment as well as the overall business travel market in the upcoming future. Moreover, use of robotics technology is a trending factor that attracts customers thotels. Robots are being used in hotels for greeting guests, providing information, luggage handling, and cleaning purposes. In restaurants, robots can be potentially used in food service and food preparation roles. Moreover, travel agents use robots for pre-screening customers. Use of robotic technology is very helpful in reducing human-to-human contact that may foster the growth of the business travel market in the future.

Numerous companies operating in the global business travel market are trying tprovide well-managed and cost-effective programs tthe 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 videconferencing hampers the market growth, as it is costeffective and less time-consuming as compared ttravelling. Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated tprovide lucrative opportunities for the business travel market growth.

The outbreak of COVID-19 disease resulted in the global shutdown economic activities causing a severe damage tthe tourism industry. According tthe Global Business Travel Association (GBTA), the global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. The 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 tthe players operating in the business travel market.

The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented inttransportation, food & lodging, and recreation. On the basis of industry, the business travel market is segmented intgovernment and corporate. The business travel market, on the basis of traveler, is categorized intgroup and soltraveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.  

According tthe business travel market forecast, based on service, the food & lodging segment is expected tbe the fastest-growing segment, growing at a CAGR of 14.2% during the forecast period. The food & lodging was alsthe dominating segment, garnering around 50.3% market share in 2020. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

Business Travel Market
By Service

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Food & Lodging segment is expected to grow at highest CAGR of 14.2% during the forecast period

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As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is alsforecasted tbe the fastest-growing segment due tgrowth of business activities across the globe. The corporate segment accounted for around 65.6% market share in 2020 and is expected twitness growth at the highest CAGR of 14.1% during the forecast period. 

Business Travel Market
By Industry

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Corporate segment is expected to grow at highest CAGR of 14.1% during the forecast period

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According tthe business travel market share analysis, based on traveler, the group was the largest and the fastest-growing segment that garnered 59.5% market share in 2020 and is anticipated tgrow at a significant CAGR of 14.3% 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. 

Business Travel Market
By Traveler

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Group segment is expected to grow at highest CAGR of 14.3% during the forecast period.

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As per the business travel market trends, based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due trapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.5% market in 2020 followed by North America and Europe that constituted 26.3% and 24.3% market share respectively in 2020. LAMEA is expected tshow considerable growth due tgrowing business activities, growing government initiatives tattract FDIs (foreign direct investments), and continuous infrastructural development in the region.

Business Travel Market
By Region

2028
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific is expected to grow at highest CAGR of 14.4% during the forecast period.

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The players operating in the global business travel industry have adopted various developmental strategies texpand their market share, exploit the business travel market opportunities, and increase profitability in the market. The key players profiled in this report include Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, Corporate Travel Management, Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, and Wexas Limited.

Key benefits for stakeholders

  • The study provides an in-depth analysis of the global business travel market, with current and future trends telucidate the imminent investment pockets in the market.
  • Current and future trends are outlined in the report tdetermine the overall market attractiveness and single out profitable trends tgain a stronger foothold in the market.
  • The report provides information regarding drivers, restraints, and opportunities with impact analysis.
  • A quantitative analysis of the current market and estimation for the same from 2020 t2028 is provided tshowcase the financial competency of the market.
  • Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
  • Competitive intelligence highlights the business practices followed by the leading market players across various regions.

Key Market Segments

  • BY INDUSTRY
    • Government
    • Corporate
  • BY SERVICE
    • Transportation
    • Food & Lodging
    • Recreation
  • BY TRAVELER
    • Group
    • Solo
  • BY REGION
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • UK
      • Germany
      • France
      • Spain
      • Italy
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • Rest of Asia-Pacific
    • LAMEA
      • Brazil
      • Turkey
      • South Africa
      • Saudi Arabia
      • Rest of LAMEA


Key Market Players

  • AIRBNB INC
  • AMERICAN EXPRESS COMPANY
  • BCD GROUP (BCD TRAVEL)
  • BOOKING HOLDINGS, INC
  • CARLSON WAGONLIT TRAVEL (CWT)
  • CORPORATE TRAVEL MANAGEMENT
  • EXPEDIA, INC
  • FAREPORTAL, INC
  • FLIGHT CENTRE TRAVEL GROUP LIMITED
  • WEXAS LIMITED
 

CHAPTER 1:INTRODUCTION

1.1.Key benefits for stakeholders
1.2.Key market segments
1.3.Research methodology

1.3.1.Secondary research
1.3.2.Primary research
1.3.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings of the study
2.2.CXO Perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Top Player Positioning
3.3.Parent market overview: Business Travel market (2020)
3.4.Key findings

3.4.1.Top investment pockets

3.5.Porter’s five forces analysis
3.6.Market dynamics

3.6.1.Drivers

3.6.1.1.Globalization is positively impacting business travel
3.6.1.2.Rapid growth of SMEs
3.6.1.3.Development of global tourism industry

3.6.2.Restraint

3.6.2.1.Growing adoption of ICT technology

3.6.3.Opportunities

3.6.3.1.Adoption of different technological advancements
3.6.3.2.Growing infrastructure

3.7.COVID-19 impact and analysis
3.8.Top Impacting Factors

CHAPTER 4:BUSINESS TRAVEL MARKET, BY SERVICE

4.1.Overview

4.1.1.Market size and forecast

4.2.Transportation

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast

4.3.Food & Lodging

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast

4.4.Recreation

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast

CHAPTER 5:BUSINESS TRAVEL MARKET, BY INDUSTRY

5.1.Overview

5.1.1.Market size and forecast

5.2.Government

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast

5.3.Corporate

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast

CHAPTER 6:BUSINESS TRAVEL MARKET, BY TRAVELER

6.1.Overview

6.1.1.Market size and forecast

6.2.Group

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast

6.3.Solo

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast

CHAPTER 7:BUSINESS TRAVEL MARKET, BY REGION

7.1.Overview

7.1.1.Market size and forecast, by region

7.2.North America

7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by service
7.2.3.Market size and forecast, by industry
7.2.4.Market size and forecast, by traveler
7.2.5.Market size and forecast, by country

7.2.5.1.U.S.

7.2.5.1.1.Market size and forecast, by service
7.2.5.1.2.Market size and forecast, by industry
7.2.5.1.3.Market size and forecast, by traveler

7.2.5.2.Canada

7.2.5.2.1.Market size and forecast, by service
7.2.5.2.2.Market size and forecast, by industry
7.2.5.2.3.Market size and forecast, by traveler

7.2.5.3.Mexico

7.2.5.3.1.Market size and forecast, by service
7.2.5.3.2.Market size and forecast, by industry
7.2.5.3.3.Market size and forecast, by traveler

7.3.Europe

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by service
7.3.3.Market size and forecast, by industry
7.3.4.Market size and forecast, by traveler
7.3.5.Market size and forecast, by country

7.3.5.1.UK

7.3.5.1.1.Market size and forecast, by service
7.3.5.1.2.Market size and forecast, by industry
7.3.5.1.3.Market size and forecast, by traveler

7.3.5.2.Germany

7.3.5.2.1.Market size and forecast, by service
7.3.5.2.2.Market size and forecast, by industry
7.3.5.2.3.Market size and forecast, by traveler

7.3.5.3.France

7.3.5.3.1.Market size and forecast, by service
7.3.5.3.2.Market size and forecast, by industry
7.3.5.3.3.Market size and forecast, by traveler

7.3.5.4.Spain

7.3.5.4.1.Market size and forecast, by service
7.3.5.4.2.Market size and forecast, by industry
7.3.5.4.3.Market size and forecast, by traveler

7.3.5.5.Italy

7.3.5.5.1.Market size and forecast, by service
7.3.5.5.2.Market size and forecast, by industry
7.3.5.5.3.Market size and forecast, by traveler

7.3.5.6.Rest of Europe

7.3.5.6.1.Market size and forecast, by service
7.3.5.6.2.Market size and forecast, by industry
7.3.5.6.3.Market size and forecast, by traveler

7.4.Asia-Pacific

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by service
7.4.3.Market size and forecast, by industry
7.4.4.Market size and forecast, by traveler
7.4.5.Market size and forecast, by country

7.4.5.1.China

7.4.5.1.1.Market size and forecast, by service
7.4.5.1.2.Market size and forecast, by industry
7.4.5.1.3.Market size and forecast, by traveler

7.4.5.2.Japan

7.4.5.2.1.Market size and forecast, by service
7.4.5.2.2.Market size and forecast, by industry
7.4.5.2.3.Market size and forecast, by traveler

7.4.5.3.India

7.4.5.3.1.Market size and forecast, by service
7.4.5.3.2.Market size and forecast, by industry
7.4.5.3.3.Market size and forecast, by traveler

7.4.5.4.Rest of Asia-Pacific

7.4.5.4.1.Market size and forecast, by service
7.4.5.4.2.Market size and forecast, by industry
7.4.5.4.3.Market size and forecast, by traveler

7.5.LAMEA

7.5.1.Key market trends, growth factors, and opportunities
7.5.2.Market size and forecast, by service
7.5.3.Market size and forecast, by industry
7.5.4.Market size and forecast, by traveler
7.5.5.Market size and forecast, by country

7.5.5.1.Brazil

7.5.5.1.1.Market size and forecast, by service
7.5.5.1.2.Market size and forecast, by industry
7.5.5.1.3.Market size and forecast, by traveler

7.5.5.2.Turkey

7.5.5.2.1.Market size and forecast, by service
7.5.5.2.2.Market size and forecast, by industry
7.5.5.2.3.Market size and forecast, by traveler

7.5.5.3.South Africa

7.5.5.3.1.Market size and forecast, by service
7.5.5.3.2.Market size and forecast, by industry
7.5.5.3.3.Market size and forecast, by traveler

7.5.5.4.Saudi Arabia

7.5.5.4.1.Market size and forecast, by service
7.5.5.4.2.Market size and forecast, by industry
7.5.5.4.3.Market size and forecast, by traveler

7.5.5.5.Rest of LAMEA

7.5.5.5.1.Market size and forecast, by service
7.5.5.5.2.Market size and forecast, by industry
7.5.5.5.3.Market size and forecast, by traveler

CHAPTER 8:COMPETITION LANDSCAPE

8.1.Top winning strategies
8.2.Product mapping
8.3.Competitive dashboard
8.4.Competitive heat map
8.5.Key developments

8.5.1.Acquisition
8.5.2.Partnership
8.5.3.Product Launch
8.5.4.Joint Venture
8.5.5.Agreement

CHAPTER 9:COMPANY PROFILES

9.1.AIRBNB INC.

9.1.1.Company overview
9.1.2.Key Executives
9.1.3.Company snapshot
9.1.4.Operating business segments
9.1.5.Product portfolio
9.1.6.R&D Expenditure
9.1.7.Business performance
9.1.8.Key strategic moves and developments

9.2.AMERICAN EXPRESS COMPANY

9.2.1.Company overview
9.2.2.Key Executives
9.2.3.Company snapshot
9.2.4.Operating business segments
9.2.5.Product portfolio
9.2.6.Business performance
9.2.7.Key strategic moves and developments

9.3.BCD GROUP (BCD TRAVEL)

9.3.1.Company overview
9.3.2.Key Executives
9.3.3.Company snapshot
9.3.4.Product portfolio
9.3.5.Key strategic moves and developments

9.4.BOOKING HOLDINGS, INC.

9.4.1.Company overview
9.4.2.Key Executives
9.4.3.Company snapshot
9.4.4.Product portfolio
9.4.5.Business performance
9.4.6.Key strategic moves and developments

9.5.CARLSON WAGONLIT TRAVEL (CWT)

9.5.1.Company overview
9.5.2.Key Executives
9.5.3.Company snapshot
9.5.4.Product portfolio
9.5.5.Key strategic moves and developments

9.6.CORPORATE TRAVEL MANAGEMENT

9.6.1.Company overview
9.6.2.Key Executives
9.6.3.Company snapshot
9.6.4.Operating business segments
9.6.5.Product portfolio
9.6.6.Business performance
9.6.7.Key strategic moves and developments

9.7.EXPEDIA, INC.

9.7.1.Company overview
9.7.2.Key Executives
9.7.3.Company snapshot
9.7.4.Operating business segments
9.7.5.Product portfolio
9.7.6.Business performance

9.8.FAREPORTAL, INC.

9.8.1.Company overview
9.8.2.Key Executives
9.8.3.Company snapshot
9.8.4.Product portfolio
9.8.5.Key strategic moves and developments

9.9.FLIGHT CENTRE TRAVEL GROUP LIMITED

9.9.1.Company overview
9.9.2.Key Executives
9.9.3.Company snapshot
9.9.4.Operating business segments
9.9.5.Product portfolio
9.9.6.Business performance
9.9.7.Key strategic moves and developments

9.10.WEXAS LIMITED

9.10.1.Company overview
9.10.2.Key Executives
9.10.3.Company snapshot
9.10.4.Product portfolio

LIST OF TABLES

TABLE 01.BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 02.TRANSPORTATION BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 03.FOOD & LODGING BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 04.RECREATION BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 05.BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY 2020–2028 ($BILLION)
TABLE 06.GOVERNMENT BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 07.CORPORATE BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 08.BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER 2020–2028 ($BILLION)
TABLE 09.GROUP BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 10.SOLO BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 11.BUSINESS TRAVEL MARKET REVENUE, BY REGION, 2020–2028 ($BILLION)
TABLE 12.NORTH AMERICA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 13.NORTH AMERICA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 14.NORTH AMERICA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 15.NORTH AMERICA BUSINESS TRAVEL MARKET REVENUE, BY COUNTRY, 2020–2028 ($BILLION)
TABLE 16.U.S. BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 17.U.S. BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 18.U.S. BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 19.CANADA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 20.CANADA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 21.CANADA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 22.MEXICO BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 23.MEXICO BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 24.MEXICO BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 25.EUROPE BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 26.EUROPE BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 27.EUROPE BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 28.EUROPE BUSINESS TRAVEL MARKET REVENUE, BY COUNTRY, 2020–2028 ($BILLION)
TABLE 29.UK BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 30.UK BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 31.UK BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 32.GERMANY BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 33.GERMANY BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 34.GERMANY BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 35.FRANCE BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 36.FRANCE BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 37.FRANCE BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 38.SPAIN BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 39.SPAIN BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 40.SPAIN BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 41.ITALY BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 42.ITALY BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 43.ITALY BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 44.REST OF EUROPE BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 45.REST OF EUROPE BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 46.REST OF EUROPE BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 47.ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 48.ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 49.ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 50.ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, BY COUNTRY, 2020–2028 ($BILLION)
TABLE 51.CHINA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 52.CHINA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 53.CHINA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 54.JAPAN BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 55.JAPAN BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 56.JAPAN BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 57.INDIA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 58.INDIA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 59.INDIA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 60.REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 61.REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 62.REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 63.LAMEA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 64.LAMEA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 65.LAMEA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 66.LAMEA BUSINESS TRAVEL MARKET REVENUE, BY COUNTRY, 2020–2028 ($BILLION)
TABLE 67.BRAZIL BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 68.BRAZIL BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 69.BRAZIL BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 70.TURKEY BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 71.TURKEY BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 72.TURKEY BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 73.SOUTH AFRICA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 74.SOUTH AFRICA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 75.SOUTH AFRICA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 76.SAUDI ARABIA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 77.SAUDI ARABIA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 78.SAUDI ARABIA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 79.REST OF LAMEA BUSINESS TRAVEL MARKET REVENUE, BY SERVICE, 2020–2028 ($BILLION)
TABLE 80.REST OF LAMEA BUSINESS TRAVEL MARKET REVENUE, BY INDUSTRY, 2020–2028 ($BILLION)
TABLE 81.REST OF LAMEA BUSINESS TRAVEL MARKET REVENUE, BY TRAVELER, 2020–2028 ($BILLION)
TABLE 82.AIRBNB: KEY EXECUTIVES
TABLE 83.AIRBNB: COMPANY SNAPSHOT
TABLE 84.AIRBNB: OPERATING SEGMENTS
TABLE 85.AIRBNB: PRODUCT PORTFOLIO
TABLE 86.AIRBNB: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 87.AIRBNB: NET SALES, 2018–2020 ($MILLION)
TABLE 88.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 89.AMERICAN EXPRESS: KEY EXECUTIVES
TABLE 90.AMERICAN EXPRESS: COMPANY SNAPSHOT
TABLE 91.AMERICAN EXPRESS: OPERATING SEGMENTS
TABLE 92.AMERICAN EXPRESS: PRODUCT PORTFOLIO
TABLE 93.AMERICAN EXPRESS: NET SALES, 2018–2020 ($MILLION)
TABLE 94.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 95.BCD GROUP: KEY EXECUTIVES
TABLE 96.BCD GROUP: COMPANY SNAPSHOT
TABLE 97.BCD GROUP: PRODUCT PORTFOLIO
TABLE 98.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 99.BOOKING HOLDINGS, INC.: KEY EXECUTIVES
TABLE 100.BOOKING HOLDINGS, INC.: COMPANY SNAPSHOT
TABLE 101.BOOKING HOLDINGS, INC.: PRODUCT PORTFOLIO
TABLE 102.BOOKING HOLDINGS, INC.: NET SALES, 2018–2020 ($MILLION)
TABLE 103.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 104.CWT: KEY EXECUTIVES
TABLE 105.CWT: COMPANY SNAPSHOT
TABLE 106.CWT: PRODUCT PORTFOLIO
TABLE 107.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 108.CTM: KEY EXECUTIVES
TABLE 109.CTM: COMPANY SNAPSHOT
TABLE 110.CTM: OPERATING SEGMENTS
TABLE 111.CTM: PRODUCT PORTFOLIO
TABLE 112.CTM: NET SALES, 2018–2020 ($MILLION)
TABLE 113.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 114.EXPEDIA INC.: KEY EXECUTIVES
TABLE 115.EXPEDIA INC.: COMPANY SNAPSHOT
TABLE 116.EXPEDIA INC.: OPERATING SEGMENTS
TABLE 117.EXPEDIA INC.: PRODUCT PORTFOLIO
TABLE 118.EXPEDIA INC.: NET SALES, 2018–2020 ($MILLION)
TABLE 119.FAREPORTAL: KEY EXECUTIVES
TABLE 120.FAREPORTAL: COMPANY SNAPSHOT
TABLE 121.FAREPORTAL: PRODUCT PORTFOLIO
TABLE 122.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 123.FLIGHT CENTRE TRAVEL GROUP LIMITED: KEY EXECUTIVES
TABLE 124.FLIGHT CENTRE TRAVEL GROUP LIMITED: COMPANY SNAPSHOT
TABLE 125.FLIGHT CENTRE TRAVEL GROUP LIMITED: OPERATING SEGMENTS
TABLE 126.FLIGHT CENTRE TRAVEL GROUP LIMITED: PRODUCT PORTFOLIO
TABLE 127.FLIGHT CENTRE TRAVEL GROUP LIMITED: NET SALES, 2018–2020 ($MILLION)
TABLE 128.KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 129.WEXAS LIMITED: KEY EXECUTIVES
TABLE 130.WEXAS LIMITED: COMPANY SNAPSHOT
TABLE 131.WEXAS LIMITED: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.BUSINESS TRAVEL MARKET SNAPSHOT
FIGURE 03.BUSINESS TRAVEL MARKET: SEGMENTATION
FIGURE 04.TOP PLAYER POSITIONING
FIGURE 05.PARENT: PEER MARKET OVERVIEW
FIGURE 06.TOP INVESTMENT POCKETS
FIGURE 07.MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 08.MODERATE BARGAINING POWER OF BUYERS
FIGURE 09.MODERATE THREAT OF SUBSTITUTION
FIGURE 10.MODERATE THREAT OF NEW ENTRANTS
FIGURE 11.MODERATE INTENSITY OF COMPETITIVE RIVALRY
FIGURE 12.BUSINESS TRAVEL MARKET: DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 13.TOP IMPACTING FACTORS
FIGURE 14.BUSINESS TRAVEL MARKET, BY SERVICE, 2020 (%)
FIGURE 15.TRANSPORTATION BUSINESS TRAVEL MARKET, COMPARATIVE COUNTRY MARKET SHARE ANALYSIS,  2020 AND 2028 (%)
FIGURE 16.FOOD & LODGING BUSINESS TRAVEL MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS,  2020 AND 2028 (%)
FIGURE 17.RECREATION BUSINESS TRAVEL MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2020 AND 2028 (%)
FIGURE 18.BUSINESS TRAVEL MARKET, BY INDUSTRY, 2020 (%)
FIGURE 19.GOVERNMENT BUSINESS TRAVEL MARKET, COMPARATIVE COUNTRY MARKET SHARE ANALYSIS, 2020 AND 2028 (%)
FIGURE 20.CORPORATE BUSINESS TRAVEL MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2020 AND 2028 (%)
FIGURE 21.BUSINESS TRAVEL MARKET, BY TRAVELER, 2020 (%)
FIGURE 22.GROUP BUSINESS TRAVEL MARKET, COMPARATIVE COUNTRY MARKET SHARE ANALYSIS,  2020 AND 2028 (%)
FIGURE 23.SOLO BUSINESS TRAVEL MARKET, COMPARATIVE REGIONAL MARKET SHARE ANALYSIS, 2020 AND 2028 (%)
FIGURE 24.BUSINESS TRAVEL MARKET, BY REGION, 2020 (%)
FIGURE 25.U.S. BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 26.CANADA BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 27.MEXICO BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 28.UK BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 29.GERMANY BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 30.FRANCE BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 31.SPAIN BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 32.ITALY BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 33.REST OF EUROPE BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 34.CHINA BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 35.JAPAN BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 36.INDIA BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 37.REST OF ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 38.BRAZIL BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 39.TURKEY BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 40.SOUTH AFRICA BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 41.SAUDI ARABIA BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 42.REST OF LAMEA BUSINESS TRAVEL MARKET REVENUE, 2020–2028 ($BILLION)
FIGURE 43.TOP WINNING STRATEGIES, BY YEAR, 2018–2021*
FIGURE 44.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2018–2021* (%)
FIGURE 45.TOP WINNING STRATEGIES, BY COMPANY, 2018–2021*
FIGURE 46.PRODUCT MAPPING OF TOP 10 KEY PLAYERS
FIGURE 47.COMPETITIVE DASHBOARD OF TOP 10 KEY PLAYERS
FIGURE 48.COMPETITIVE HEATMAP OF TOP 10 KEY PLAYERS
FIGURE 49.AIRBNB: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 50.AIRBNB: NET SALES, 2018–2020 ($MILLION)
FIGURE 51.AIRBNB: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 52.AMERICAN EXPRESS: NET SALES, 2018–2020 ($MILLION)
FIGURE 53.AMERICAN EXPRESS: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 54.AMERICAN EXPRESS: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 55.BOOKING HOLDINGS, INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 56.BOOKING HOLDINGS, INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 57.CTM: NET SALES, 2018–2020 ($MILLION)
FIGURE 58.CTM: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 59.EXPEDIA INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 60.EXPEDIA INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 61.EXPEDIA INC.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 62.FLIGHT CENTRE TRAVEL GROUP LIMITED: NET SALES, 2018–2020 ($MILLION)
FIGURE 63.FLIGHT CENTRE TRAVEL GROUP LIMITED: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 64.FLIGHT CENTRE TRAVEL GROUP LIMITED: REVENUE SHARE BY REGION, 2020 (%)

 
 

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.

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A. The global business travel market is expected to reach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028. 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.

A. The global business travel market size was valued at $695.9 billion in 2020, and is expected to reach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 to 2028. The growth of small and medium-sized enterprises, increase in globalization, and growing government initiatives for the development of meetings, incentives, conferences, and events (MICE) is propelling the growth of the market.

A. Development of travel & tourism industry, rapidly increasing small & medium-sized enterprises, increase in globalization, growing government initiatives to attract foreign investments, and growing adoption of technology are the top impacting factors that is expected to fuel the growth of the global business travel industry during the forecast period.

A. The players operating in the global business travel industry have adopted various developmental strategies to expand their market share, exploit the business travel market opportunities, and increase profitability in the market. The key players profiled in this report include Airbnb, Inc., American Express, BCD Group, Booking Holdings, Inc., Carlson Wagonlit Travel, Corporate Travel Management, Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, and Wexas Limited.

A. 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. 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.

A. The key strategies adopted by the key players operating in the global business travel market are acquisition, partnership, agreement, joint venture, and product launches. These strategies are adopted in order to exploit the market opportunities, increase market share, and dominate the global business travel market.

A. Based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 14.2% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.3% market share in 2020. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

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