Business Travel Market Updates

Business Travel Market size was valued at USD 805.1 Billion in 2023 and is poised to grow from USD 912.18 Billion in 2024 to USD 3395.83 Billion by 2032, growing at a CAGR of 13.3% during the forecast period (2025-2032).

The key players in the business travel market are implementing various ways to increase the market share. Various mergers acquisitions and collaborations are taking place for the strategic expansion of business.      Airbnb acquired 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 sectors of the San Francisco company’s wide business, is likely to benefit from the acquisition of San Francisco-based Urbandoor, a platform that allows extended stays to business visitors. 'American Express Global Business Travel', 'BCD Travel', 'Carlson Wagonlit Travel (CWT)', 'Expedia Group', 'Flight Centre Travel Group', 'Hogg Robinson Group (HRG)', 'HRG North America', 'Corporate Travel Management (CTM)', 'Egencia', 'FCM Travel Solutions', 'HRG Nordic', 'Omega World Travel', 'Sabre Corporation', 'Thomas Cook Group', 'Travel Leaders Group', 'Travel and Transport', 'TUI Group', 'World Travel, Inc.', 'Wexas Travel', 'Adelman Travel Group'

The business travel has changed since the pandemic as novel technologies are now focusing on enriching traveller experience as a value-addition. Besides, market condition favor 10% year-on-year growth in the online travel booking market. In developed countries like North America, and Europe the internet penetration is around 90% that is around 21% of the global market share. 

Online marketing is accelerating business travel booking. In recent years online marketing is becoming popular for business travel booking, Instagram was the most effective channel in 2021. 60% of vendors use google ads, around 50 % use Facebook and Twitter and 20-25% use YouTube, blogs, and others for promoting their activities online.

North America is estimated to dominate the global business travel market in the forecast period. Business travel market share increased by 38% in the year 2021. The US is considered the best destination for business trips and tours for its well-accommodated facilities and high opportunities, San Francisco and New York are among the top 5 destinations in the world and are considered corporate giants. Expenditure recorded for business travelling in the US amounts to US$ 109.4 billion. The United States has the largest number of conferences, business meetings, and trade shows, with approximately 33 thousand events planned between the years 2022 and 2023.