The global business travel market was valued at US$ 1,358.11 Bn in 2018 and is expected to reach US$ 2,034.20 Bn by 2026, expanding at a CAGR of 5.2% during the forecast period. The overall dynamics of business travel have been changing across the globe in sync with the new-age corporate traveler.
The business travel market accounted for 22.7% of the overall travel market in 2018 and is expected to increase in the coming years. The two-year period between 2017-2018 witnessed the strongest business travel after the impact of great in 2010 and 2011. Changing consumer behavior and technologies have altered how people communicate, socialize, and do business. In recent years, there has been a continuous flow of new technologies such as mobile payments, virtual reality, and artificial intelligence, which is boosting the overall market growth of business travel
Business Travel Market Segmentation |
|
|
By Business Traveler Type |
|
|
By Type |
|
|
By Purpose |
|
|
By Composition |
|
|
By Distribution Channel |
|
|
By End-use |
|
|
By Region |
|
Business organizations are adopting new travel tools that provide efficiency, savings, compliance, and travelers' safety. Travel booking tools are addressing the issues of multiple bookings from various vendors and reimbursements, among others, by adopting the technology. The adoption of mobile payments in business travel helps in ensuring efficiency by minimizing the amount of time employees spend on travel management. The majority of professionals have adopted single-use virtual cards or mobile wallet solutions for business trips.
Veterans segment held the largest business travel market share in the year 2018
Veterans held the largest market share in the year 2018 and this segment is expected to grow at a CAGR of 4.7% during the forecast period, as these travelers take more business trips compared to the other business traveler segments.
Approximately, 55% veteran travelers are aged between 35-54 years of age, while 33% are older than 55 years and 12% are younger than 35 years of age. With age, experience, and high status in an organization, veteran travelers are usually policy influencers between their organizations and business travel agents. Therefore, companies are focusing on their travel programs to satisfy veteran travelers. These customers prefer a streamlined process, online air travel bookings, and follow up bookings.
By Purpose, Trade shows held the largest business travel market share in the year 2018
Trade shows held the largest market share in the year 2018, with North America and Europe accounting for one-fifth of the total planned events as trade shows. Expos and trade shows provide perfect opportunities for organizations to highlight their new products, technologies, and services. This also helps them to understand the new trends, developments and their competitors.
By attending trade shows, the business organizations get new suppliers, vendors, and customers to pitch their business offerings. Approximately, 77% of the executive decision makers get at least one supplier from the trade shows they attend, which is expected to accelerate the demand for business travel across the globe.
Asia Pacific is dominating the global Business Travel market
Asia Pacific is dominating the global business travel market and expected to hold a market share of 39.9% in 2026. In the business travel type, the domestic travel segment holds the highest share in this region. Increasing adoption of emerging technology-based businesses and favourable government policies are some of the major factors to drive the regional market. China held the highest share of 45.5% in the business travel market in the Asia Pacific in 2018 and expected to hold the pole position in the coming years.
Company Profiles and Competitive Intelligence
The key players operating in the global Business Travel market includes Expedia Group, Inc., Booking Holdings, Inc., American Express Global Business Travel, BCD Travel N.V., Carlson Wagonlit Travel, among others.
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports
Table of Content
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Approach Adopted
1.3.4.1 Top-Down Approach
1.3.4.2 Bottom-Up Approach
1.3.5 Assumptions
1.4 Market Segmentation Scope
Chapter 2 Executive Summary
2.1 Market Summary
2.1.1 Global Business Travel Market, 2016-2026, (US$ Mn)
2.1 Market Snapshot: Global Business Travel Market
2.2 Market Dynamics
2.3 Global Business Travel Market, by Segment, 2018
2.3.1 Global Business Travel Market, by Business Traveler Type, 2018, (US$ Mn)
2.3.2 Global Business Travel Market, by Type, 2018,(US$ Mn)
2.3.3 Global Business Travel Market, by Purpose, 2018 (US$ Mn)
2.3.4 Global Business Travel Market, by Composition, 2018 (US$ Mn)
2.3.5 Global Business Travel Market, by Distribution Channel, 2018 (US$ Mn)
2.3.6 Global Business Travel Market, by End-use, 2018 (US$ Mn)
2.3.7 Global Business Travel Market, by Region, 2018 (US$ Mn)
2.4 Premium Insights
2.4.1 Business Travel Market In Developed Vs. Developing Economies, 2018 vs 2026
2.4.2 Global Business Travel Market: Regional Life Cycle Analysis
2.4.3 Leading Countries in Business Travel Spending from 2012 to 2017
2.4.4 Global Business Travel Market: Key Trend Analysis
Chapter 3 Market Dynamics
3.1 Market Overview
3.2 Market Drivers
3.2.1 Increasing Virtual & Mobile Payment Solution
3.2.1 Rise of Shared Economy Services
3.2.2 Rise of Startups & SMEs
3.3 Market Restraints
3.3.1 Data Security
3.3.2 Traveler Safety
3.4 Market Opportunities
3.4.1 Adoption Of Artificial Intelligence
3.4.2 Emerging Business Travel Hubs
3.4.3 Introduction Of Analytics In The Travel Industry
3.5 Industry Value Chain Analysis
3.5.1 Analyst’s Views
3.6 New Technologies Impacting the Market
3.7 Industry SWOT Analysis
Chapter 4 Global Business Travel Market, by Business Traveler Type
4.1 Market Overview, by Business Traveler Type
4.1.1 Global Business Travel Market, by Business Traveler Type, 2016-2026 (US$ Mn)
4.1.2 Incremental Opportunity, by Business Traveler Type, From 2018-2026
4.2 Veterans
4.2.1 Global Business Travel Market, by Veterans , 2016-2026, (US$ Mn)
4.3 Passionate High Tech
4.3.1 Global Business Travel Market, by Passionate High Tech, 2016-2026, (US$ Mn)
4.4 Road-Weary Travelers
4.4.1 Global Business Travel Market, by Road-Weary Travelers, 2016-2026, (US$ Mn)
4.5 Others
4.5.1 Global Business Travel Market, by Others, 2016-2026, (US$ Mn)
Chapter 5 Global Business Travel Market, by Type
5.1 Market Overview, by Type
5.1.1 Global Business Travel Market, by Type , 2016-2026 (US$ Mn)
5.1.2 Incremental Opportunity, by Type , From 2018-2026
5.2 Domestic
5.2.1 Global Business Travel Market, by Domestic, 2016-2026, (US$ Mn)
5.3 International
5.3.1 Global Business Travel Market, by International, 2016-2026, (US$ Mn)
Chapter 6 Global Business Travel Market, by Purpose
6.1 Market Overview, by Purpose
6.1.1 Global Business Travel Market, by Purpose, 2016-2026 (US$ Mn)
6.1.2 Incremental Opportunity, by Purpose, From 2018-2026
6.2 Marketing & Sales
6.2.1 Global Business Travel Market, by Marketing & Sales, 2016-2026, (US$ Mn)
6.3 Trade Shows
6.3.1 Global Business Travel Market, by Trade Shows, 2016-2026, (US$ Mn)
6.4 Client Meetings
6.4.1 Global Business Travel Market, by Client Meetings, 2016-2026, (US$ Mn)
6.5 Others
6.5.1 Global Business Travel Market, by Others, 2016-2026, (US$ Mn)
Chapter 7 Global Business Travel Market, by Composition
7.1 Market Overview, by Composition
7.1.1 Global Business Travel Market, by Composition, 2016-2026 (US$ Mn)
7.1.2 Incremental Opportunity, by Composition, From 2018-2026
7.2 Air Sales
7.2.1 Global Business Travel Market, by Air Sales, 2016-2026, (US$ Mn)
7.3 Car Rental Sales
7.3.1 Global Business Travel Market, by Car Rental Sales, 2016-2026, (US$ Mn)
7.4 Lodging Sales
7.4.1 Global Business Travel Market, by Lodging Sales, 2016-2026, (US$ Mn)
7.5 Others
7.5.1 Global Business Travel Market, by Others, 2016-2026, (US$ Mn)
Chapter 8 Global Business Travel Market, by Distribution Channel
8.1 Market Overview, by Distribution Channel
8.1.1 Global Business Travel Market, by Distribution Channel, 2016-2026 (US$ Mn)
8.1.2 Incremental Opportunity, by Distribution Channel, From 2018-2026
8.2 Online Channel
8.2.1 Global Business Travel Market, by Online Channel, 2016-2026, (US$ Mn)
8.3 Offline Channel
8.3.1 Global Business Travel Market, by Offline Channel, 2016-2026, (US$ Mn)
Chapter 9 Global Business Travel Market, by End-use
9.1 Market Overview, by End-use
9.1.1 Global Business Travel Market, by End-use, 2016-2026 (US$ Mn)
9.1.2 Incremental Opportunity, by End-use, From 2018-2026
9.2 BPO
9.2.1 Global Business Travel Market, by BPO, 2016-2026, (US$ Mn)
9.3 Automobile
9.3.1 Global Business Travel Market, by Automobile, 2016-2026, (US$ Mn)
9.4 Finance
9.4.1 Global Business Travel Market, by Finance, 2016-2026, (US$ Mn)
9.5 Energy
9.5.1 Global Business Travel Market, by Energy, 2016-2026, (US$ Mn)
9.6 IT
9.6.1 Global Business Travel Market, by IT, 2016-2026, (US$ Mn)
9.7 Pharma
9.7.1 Global Business Travel Market, by Pharma, 2016-2026, (US$ Mn)
9.8 Others
9.8.1 Global Business Travel Market, by Others, 2016-2026, (US$ Mn)
Chapter 10 Global Business Travel Market, by Region
10.1 Market Overview, by Region
10.1.1 Global Business Travel Market, by Region, 2016-2026, (US$ Mn)
10.2 Attractive Investment Opportunity, by Region, 2018
10.3 North America Business Travel Market
10.3.1 North America Business Travel Market, by Business Traveler Type, 2016-2026 (US$ Mn)
10.3.2 North America Business Travel Market, by Type , 2016-2026 (US$ Mn)
10.3.3 North America Business Travel Market, by Purpose, 2016-2026 (US$ Mn)
10.3.1 North America Business Travel Market, by Composition, 2016-2026 (US$ Mn)
10.3.2 North America Business Travel Market, by Distribution Channel, 2016-2026 (US$ Mn)
10.3.3 North America Business Travel Market, by End-use, 2016-2026 (US$ Mn)
10.3.4 United States Country Profile
10.3.4.1 United States Business Travel Market, 2016-2026 (US$ Mn)
10.3.5 Canada Country Profile
10.3.5.1 Canada Business Travel Market, 2016-2026 (US$ Mn)
10.4 Europe Business Travel Market
10.4.1 Europe Business Travel Market, by Business Traveler Type, 2016-2026 (US$ Mn)
10.4.2 Europe Business Travel Market, by Type , 2016-2026 (US$ Mn)
10.4.3 Europe Business Travel Market, by Purpose, 2016-2026 (US$ Mn)
10.4.4 Europe Business Travel Market, by Composition, 2016-2026 (US$ Mn)
10.4.5 Europe Business Travel Market, by Distribution Channel, 2016-2026 (US$ Mn)
10.4.6 Europe Business Travel Market, by End-use, 2016-2026 (US$ Mn)
10.4.7 United Kingdom Country Profile
10.4.7.1 United Kingdom Business Travel Market, 2016-2026 (US$ Mn)
10.4.8 Germany Country Profile
10.4.8.1 Germany Business Travel Market, 2016-2026 (US$ Mn)
10.4.9 France Country Profile
10.4.9.1 France Business Travel Market, 2016-2026 (US$ Mn)
10.4.10 Rest of Europe
10.4.10.1 Rest of Europe Business Travel Market, 2016-2026 (US$ Mn)
10.5 Asia Pacific Business Travel Market
10.5.1 Asia Pacific Business Travel Market, by Business Traveler Type, 2016-2026 (US$ Mn)
10.5.2 Asia Pacific Business Travel Market, by Type , 2016-2026 (US$ Mn)
10.5.3 Asia Pacific Business Travel Market, by Purpose, 2016-2026 (US$ Mn)
10.5.4 Asia Pacific Business Travel Market, by Composition, 2016-2026 (US$ Mn)
10.5.5 Asia Pacific Business Travel Market, by Distribution Channel, 2016-2026 (US$ Mn)
10.5.6 Asia Pacific Business Travel Market, by End-use, 2016-2026 (US$ Mn)
10.5.7 China Country Profile
10.5.7.1 China Business Travel Market, 2016-2026 (US$ Mn)
10.5.8 Japan Country Profile
10.5.8.1 Japan Business Travel Market, 2016-2026 (US$ Mn)
10.5.9 India Country Profile
10.5.9.1 India Business Travel Market, 2016-2026 (US$ Mn)
10.5.10 Rest of Asia Pacific
10.5.10.1 Rest of Asia Pacific Business Travel Market, 2016-2026 (US$ Mn)
10.6 Latin America Business Travel Market
10.6.1 Latin America Business Travel Market, by Business Traveler Type, 2016-2026 (US$ Mn)
10.6.2 Latin America Business Travel Market, by Type , 2016-2026 (US$ Mn)
10.6.3 Latin America Business Travel Market, by Purpose, 2016-2026 (US$ Mn)
10.6.4 Latin America Business Travel Market, by Composition, 2016-2026 (US$ Mn)
10.6.5 Latin America Business Travel Market, by Distribution Channel, 2016-2026 (US$ Mn)
10.6.6 Latin America Business Travel Market, by End-use, 2016-2026 (US$ Mn)
10.6.7 Brazil Country Profile
10.6.7.1 Brazil Business Travel Market, 2016-2026 (US$ Mn)
10.6.8 Mexico Country Profile
10.6.8.1 Mexico Business Travel Market, 2016-2026 (US$ Mn)
10.6.9 Rest of Latin America
10.6.9.1 Rest of Latin America Business Travel Market, 2016-2026 (US$ Mn)
10.7 Middle East & Africa Business Travel Market
10.7.1 Middle East & Africa Business Travel Market, by Business Traveler Type, 2016-2026 (US$ Mn)
10.7.2 Middle East & Africa Business Travel Market, by Type , 2016-2026 (US$ Mn)
10.7.3 Middle East & Africa Business Travel Market, by Purpose, 2016-2026 (US$ Mn)
10.7.4 Middle East & Africa Business Travel Market, by Composition, 2016-2026 (US$ Mn)
10.7.5 Middle East & Africa Business Travel Market, by Distribution Channel, 2016-2026 (US$ Mn)
10.7.6 Middle East & Africa Business Travel Market, by End-use, 2016-2026 (US$ Mn)
10.7.7 GCC
10.7.7.1 GCC Business Travel Market, 2016-2026 (US$ Mn)
10.7.8 Rest of Middle East & Africa
10.7.8.1 Rest of Middle East & Africa Business Travel Market, 2016-2026 (US$ Mn)
Chapter 11 Competitive Intelligence
11.1 Market Players Present in Market Life Cycle
11.2 Top 5 Players Comparison
11.3 Market Positioning of Key Players, 2018
11.4 Market Players Mapping
11.4.1 By Business Traveler Type
11.4.2 By Types
11.4.3 By Purpose
11.4.1 By Composition
11.4.2 By Distribution Channel
11.4.3 By End-use
11.4.4 By Region
11.5 Strategies Adopted by Key Market Players
11.6 Recent Developments in the Market
11.6.1 Mergers & Acquisitions, Partnership, New Product Developments
11.7 Operational Efficiency Comparison by Key Players
Chapter 12 Company Profiles
12.1 Carlson Wagonlit Travel (CWT)
12.1.1 Carlson Wagonlit Travel (CWT) Overview
12.1.2 Key Stakeholders/Person in Carlson Wagonlit Travel (CWT)
12.1.3 Carlson Wagonlit Travel (CWT) Products Portfolio
12.1.4 Carlson Wagonlit Travel (CWT) Financial Overview
12.1.5 Carlson Wagonlit Travel (CWT) News/Recent Developments
12.2 American Express Global Business Travel
12.2.1 American Express Global Business Travel Overview
12.2.2 Key Stakeholders/Person in American Express Global Business Travel
12.2.3 American Express Global Business Travel Products Portfolio
12.2.4 American Express Global Business Travel Financial Overview
12.2.5 American Express Global Business Travel News/Recent Developments
12.3 Expedia Group, Inc.
12.3.1 Expedia Group, Inc. Overview
12.3.2 Key Stakeholders/Person in Expedia Group, Inc.
12.3.3 Expedia Group, Inc. Products Portfolio
12.3.4 Expedia Group, Inc. Financial Overview
12.3.5 Expedia Group, Inc. News/Recent Developments
12.4 Booking Holdings, Inc.
12.4.1 Booking Holdings, Inc. Overview
12.4.2 Key Stakeholders/Person in Booking Holdings, Inc.
12.4.3 Booking Holdings, Inc. Products Portfolio
12.4.4 Booking Holdings, Inc. Financial Overview
12.4.5 Booking Holdings, Inc. News/Recent Developments
12.5 BCD Travel N.V.
12.5.1 BCD Travel N.V. Overview
12.5.2 Key Stakeholders/Person in BCD Travel N.V.
12.5.3 BCD Travel N.V. Products Portfolio
12.5.4 BCD Travel N.V. Financial Overview
12.5.5 BCD Travel N.V. News/Recent Developments
12.6 FCM Travel Solutions
12.6.1 FCM Travel Solutions Overview
12.6.2 Key Stakeholders/Person in FCM Travel Solutions
12.6.3 FCM Travel Solutions Products Portfolio
12.6.4 FCM Travel Solutions Financial Overview
12.6.5 FCM Travel Solutions News/Recent Developments
12.7 TripActions Inc.
12.7.1 TripActions Inc. Overview
12.7.2 Key Stakeholders/Person in TripActions Inc.
12.7.3 TripActions Inc. Products Portfolio
12.7.4 TripActions Inc. Financial Overview
12.7.5 TripActions Inc. News/Recent Developments
12.8 Travel Leaders Group
12.8.1 Travel Leaders Group Overview
12.8.2 Key Stakeholders/Person in Travel Leaders Group
12.8.3 Travel Leaders Group Products Portfolio
12.8.4 Travel Leaders Group Financial Overview
12.8.5 Travel Leaders Group News/Recent Developments
12.9 Company 9
12.9.1 Company 9 Overview
12.9.2 Key Stakeholders/Person in Company 9
12.9.3 Company 9 Products Portfolio
12.9.4 Company 9 Financial Overview
12.9.5 Company 9 News/Recent Developments
12.10 Company 10
12.10.1 Company 10 Overview
12.10.2 Key Stakeholders/Person in Company 10
12.10.3 Company 10 Products Portfolio
12.10.4 Company 10 Financial Overview
12.10.5 Company 10 News/Recent Developments
Log in / Register
