The global business travel market size was valued at USD 1,380.00 billion in 2023. The market is expected to expand from USD 1,483.09 billion in 2024 to USD 2,765.34 billion by 2032, exhibiting a CAGR of 8.10% over the study period.
Business travel is the tour of people who are representatives of their organization or business for work-related factors, including client meetings, industry networking sessions, training sessions, sealing business deals, workshops, industry conferences, and others. The increasing footfall of young professionals, surging number of trade shows, corporate events, and others, and growing number of startups are augmenting market expansion.
The COVID-19 pandemic had an adverse influence on the business travel market. The pandemic witnessed the imposition of travel restrictions, quarantine & gathering restrictions, and lockdown practices by governments across nations and closures of food & lodging services. The UN Tourism reported a 72% reduction in international tourist arrivals in 2020, leading to 1.1 billion fewer international tourists across the globe.
Fortune Business Insights™ provides this information in its research report, titled “Business Travel Market”.
Top Company in the Business Travel Market:
Information Source: https://www.fortunebusinessinsights.com/business-travel-market-110564****
Segmentation:
Food & Lodging Segment Dominates Impelled by Growing Trend of Corporate Events
On the basis of service, the market is divided into recreation, food & lodging, and transportation. The food & lodging segment occupies the largest business travel market share on account of the growing trend of corporate events at international and domestic levels. This, along with the increasing trend of online hotel booking with the help of apps, including goibibo, Agoda, and others, is contributing to segment growth.
Improvement of Productivity through Group Travel to Foster Segment Expansion