Increasing globalization of businesses and the growing need for face-to-face interactions are expected to drive market expansion at a CAGR of 12.50% Forecast to 2032

Market Research Future (MRFR) has published the latest research report on the “Global Business Travel Market” that contains information from 2018 to 2032. The Business Travel market is estimated to register a CAGR of 12.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Business Travel market— ADEKA CORPORATION Airbnb, Inc., Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, Wexas Travel, Hogg Robinson Ltd, Priceline, American Express Company, BCD Group, Booking Holdings, CWT Solutions, Corporate Travel Management, Egencia LLC, Frosch International Travel, Ovation Travel Group, and Travel Leaders Group.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Business Travel Market Report

Market Highlights

The global business travel market is accounted to register a CAGR of 12.50% during the forecast period and is estimated to reach USD 6.35 billion by 2032.

The main reason the business travel market is growing is because businesses around the world are working together more. As companies expand internationally for trade and partnerships, they need business travel services. Meeting face-to-face is still really important for building relationships, making deals, and deciding important things. Even though we have advanced technology for virtual communication, the personal and trust-building parts of in-person meetings are still really important. Also, as industries change and global supply chains become more complex, there's a constant need for people to be on-site to solve problems. The growth of the business travel market is closely connected to how the world's economy is always changing, and being physically present is a big part of making businesses successful.

Segment Analysis

The Global Business Travel market has been segmented based on Type, Purpose, Expenditure, Age Groups, Traveler, Service, and Industry

Based on Type, the global Business Travel market has been segmented into Managed Business Travel and Unmanaged Business Travel. The managed business Travel segment was expected to hold the largest market share in 2022. This is associated with the growing importance of corporate governance, cost control, and the need for all-in-one travel management solutions.

Based on Purpose, the global Business Travel market has been segmented into Marketing, Internal Meetings, Trade Shows, Product Launch, and Others. The internal meeting segment was anticipated to hold the major market share in 2022. This is ascribed to Internal meetings being a fundamental aspect of business operations, requiring frequent face-to-face interactions for strategic planning, team collaboration, and decision-making.

Based on Expenditure, the global Business Travel market has been segmented into Marketing Travel Fare, Lodging, Dining, and Others. The lodging segment was expected to hold the biggest market share in 2022. This expansion is connected to the high cost of accommodation and its crucial need.

Based on Age Groups, the global Business Travel market has been segmented into Travelers Below 40 Years and Travelers Above 40 Years. The travelers below 40 years segment was anticipated to hold the major market share in 2022. Younger professionals below 40 years are often more mobile, engaged in networking, and involved in business development activities.

Based on Traveler, the global Business Travel market has been segmented into Group Travel, Solo Travel, and Services. The solo travel segment was anticipated to hold the major market share in 2022. This is linked to the nature of business tasks that often require individual representation.

Based on Service, the Global Business Travel market has been segmented into Food and Lodging and Recreation Activity. The food and lodging segment was expected to hold the biggest market share in 2022. This is attributed to the high cost of accommodation and dining and its indispensable needs.

Based on Industry, the Global Business Travel market has been segmented into Government and Corporate. The corporate segment was anticipated to hold the major market share in 2022. This is attributed to business travel being integral to corporate activities such as client meetings, conferences, and project management.

Regional Analysis

The Global Business Travel market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Business Travel market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Business Travel market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Business Travel market comprises of Middle East, Africa, and Latin America.

The largest market share for Business Travel was maintained by the North American regional sector. This has been attributed to its strong economy with many big companies and a good business environment. The region has modern infrastructure, lots of new technology, and many company headquarters, making it a central business place. This leads to a big demand for business travel services.

Moreover, the Europe market has been persistently growing over the forecast period due to its strong economic connections, a big network of businesses, and historical importance as a global business center. The region has various industries, a rich cultural history, and well-developed transportation, which keeps the demand for business travel steady. This is especially true for trade shows, conferences, and international collaborations.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period because it's growing economically fast, with new markets and lots of business opportunities. The region has a vibrant business scene, more foreign investments, and a rise in business events, making it a major player in the business travel market. Also, being a hub for manufacturing and technology adds to the need for business travel.

Furthermore, the rest of the world's Business Travel market is divided into the Middle East, Africa, and Latin America. This growth is attributed to rising economic development, new business opportunities, and foreign investment.

Key Findings of the Study

• The global Business Travel market is expected to reach USD 6.35 billion by 2032, at a CAGR of 12.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to attributed to rising economic development, new business opportunities, and foreign investment


• Based on type, the managed business travel segment was attributed to holding the largest market in 2022, with approximately more than half of the market share.


• ADEKA CORPORATION Airbnb, Inc., Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, Wexas Travel, Hogg Robinson Ltd, Priceline, American Express Company, BCD Group, Booking Holdings, CWT Solutions, Corporate Travel Management, Egencia LLC, Frosch International Travel, Ovation Travel Group, and Travel Leaders Group.