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Business Travel Market

ID: MRFR/AD/14610-HCR
128 Pages
Pradeep Nandi
October 2025

Global Business Travel Market Size, Share, Industry Trend & Analysis Research Report Information by Type (Managed Business Travel and Unmanaged Business Travel), by Purpose (Marketing, Internal Meetings, Trade Shows, Product Launch, and Others), by Expenditure (Marketing Travel Fare, Lodging, Dining, and Others), by Age Group (Travelers Below 40 Years and Travelers Above 40 Years ), by Traveler (Group Travel, Solo Travel, and Service), by Service (Food and Lodging and Recreation Activity), by Industry (Government and Corporate) And By Re... read more

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Summary Table of Contents Segmentation Download PDF

Business Travel Market Summary

As per Market Research Future analysis, the Business Travel Market Size was estimated at 2.779 USD Billion in 2024. The Business Travel industry is projected to grow from 3.126 USD Billion in 2025 to 10.15 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 12.5% during the forecast period 2025 - 2035

Key Market Trends & Highlights

The Business Travel Market is experiencing a dynamic shift towards sustainability and technological integration.

  • North America remains the largest market for business travel, driven by robust corporate profitability and a focus on employee well-being.
  • Asia-Pacific is emerging as the fastest-growing region, reflecting a surge in demand for both managed and unmanaged travel solutions.
  • Managed business travel continues to dominate the market, while unmanaged travel is rapidly gaining traction due to evolving corporate policies.
  • Key market drivers include rising corporate profitability and an increased emphasis on sustainability and corporate responsibility.

Market Size & Forecast

2024 Market Size 2.779 (USD Billion)
2035 Market Size 10.15 (USD Billion)
CAGR (2025 - 2035) 12.5%

Major Players

American Express Global Business Travel (US), BCD Travel (NL), Carlson Wagonlit Travel (FR), Expedia Group (US), Travel Leaders Group (US), SAP Concur (US), Egencia (US), ATPI (GB), Frosch (US)

Business Travel Market Trends

The Business Travel Market is currently experiencing a dynamic evolution, influenced by various factors that shape corporate travel behaviors and preferences. Companies are increasingly prioritizing sustainability, leading to a growing demand for eco-friendly travel options. This shift reflects a broader societal trend towards environmental responsibility, as organizations seek to minimize their carbon footprints while conducting business. Additionally, advancements in technology are transforming the way travel is managed, with digital tools streamlining booking processes and enhancing traveler experiences. As remote work becomes more prevalent, the nature of business travel is also changing, with a focus on essential trips that foster collaboration and relationship-building. Moreover, the Business Travel Market is witnessing a rise in personalized travel experiences, as companies recognize the importance of catering to individual employee preferences. This trend suggests a move away from one-size-fits-all approaches, allowing for tailored itineraries that enhance satisfaction and productivity. Furthermore, the integration of health and safety measures remains a priority, as organizations aim to ensure the well-being of their employees during travel. Overall, the Business Travel Market appears poised for continued growth, driven by evolving corporate strategies and changing traveler expectations.

Sustainability Initiatives

The Business Travel Market is increasingly influenced by sustainability initiatives, as companies strive to adopt eco-friendly practices. This trend encompasses the selection of greener transportation options, accommodations that prioritize environmental responsibility, and the implementation of carbon offset programs. Organizations are recognizing the importance of aligning their travel policies with broader sustainability goals, which may enhance their corporate image and appeal to environmentally conscious clients.

Technological Advancements

Technological advancements are reshaping the Business Travel Market, with digital tools enhancing the efficiency of travel management. Innovations such as mobile applications, artificial intelligence, and data analytics are streamlining booking processes and improving traveler experiences. These technologies facilitate real-time communication and provide valuable insights, enabling companies to optimize their travel strategies and respond swiftly to changing circumstances.

Personalized Travel Experiences

The demand for personalized travel experiences is on the rise within the Business Travel Market. Companies are increasingly recognizing the value of catering to individual preferences, allowing employees to customize their itineraries. This trend reflects a shift towards enhancing traveler satisfaction and productivity, as organizations seek to create a more engaging and fulfilling travel experience that aligns with the unique needs of their workforce.

Business Travel Market Drivers

Expansion of Emerging Markets

The Business Travel Market is significantly influenced by the expansion of emerging markets, which are increasingly becoming vital players in the global economy. Countries in Asia, Africa, and Latin America are witnessing rapid economic growth, leading to a surge in business activities. This growth is accompanied by an increase in travel requirements for meetings, conferences, and trade shows. For instance, the International Monetary Fund has projected that emerging markets will contribute over 60% of global GDP growth in the coming years. As businesses seek to establish a presence in these regions, the demand for business travel services is expected to rise. This trend not only enhances the Business Travel Market but also encourages the development of infrastructure and services tailored to meet the needs of international travelers.

Rising Corporate Profitability

The Business Travel Market appears to be buoyed by the increasing profitability of corporations across various sectors. As companies report higher earnings, they are more inclined to invest in travel for their employees. This trend is particularly evident in sectors such as technology and finance, where travel is often essential for client meetings and networking opportunities. According to recent data, corporate travel spending is projected to grow at a compound annual growth rate of 5.5% over the next five years. This growth indicates a robust demand for business travel services, as organizations prioritize face-to-face interactions to foster relationships and drive sales. Consequently, the Business Travel Market is likely to experience a surge in demand, as companies seek to capitalize on new opportunities and expand their market reach.

Increased Focus on Employee Well-being

The Business Travel Market is increasingly shaped by a heightened focus on employee well-being and work-life balance. Companies are recognizing the importance of ensuring that their employees are not only productive but also satisfied with their travel experiences. This shift is leading to the adoption of more flexible travel policies, which may include options for leisure travel combined with business trips. According to recent surveys, nearly 70% of employees express a preference for companies that prioritize their well-being during business travel. As organizations strive to attract and retain top talent, the Business Travel Market is likely to adapt by offering more personalized and employee-centric travel solutions, thereby enhancing overall satisfaction and productivity.

Sustainability and Corporate Responsibility

The Business Travel Market is increasingly influenced by the growing emphasis on sustainability and corporate responsibility. Companies are becoming more aware of their environmental impact and are seeking to implement sustainable travel practices. This includes opting for eco-friendly accommodations, reducing carbon footprints, and supporting local economies. Recent studies suggest that nearly 60% of business travelers prefer companies that demonstrate a commitment to sustainability. As organizations strive to align their travel policies with corporate social responsibility goals, the Business Travel Market is likely to see a shift towards greener travel options. This trend not only enhances brand reputation but also attracts environmentally conscious clients and partners.

Technological Integration in Travel Management

The Business Travel Market is undergoing a transformation due to the integration of advanced technologies in travel management. Companies are increasingly adopting travel management software and mobile applications to streamline booking processes and enhance traveler experiences. This technological shift not only improves efficiency but also provides valuable data analytics that can inform travel policies and spending. Recent statistics indicate that organizations utilizing travel management tools can reduce travel costs by up to 20%. As technology continues to evolve, the Business Travel Market is expected to embrace innovations such as artificial intelligence and machine learning, which could further optimize travel planning and enhance decision-making processes.

Market Segment Insights

By Type: Managed Business Travel Market (Largest) vs. Unmanaged Business Travel Market (Fastest-Growing)

In the Business Travel Market, Managed Business Travel Market holds the largest share due to the increasing preference of corporations to control travel expenses and ensure compliance with travel policies. Companies are leveraging managed travel services to optimize their travel programs, offering structured travel solutions that enhance accountability and cost-efficiency. The trend towards managed travel is further propelled by the growth of technology in travel management, providing greater visibility and control over travel spending. On the other hand, Unmanaged Business Travel Market is emerging as the fastest-growing segment, driven by the rise of remote work and the increasing desire for flexibility among business travelers. More professionals are choosing the unmanaged route, prioritizing personal convenience over corporate guidelines. The proliferation of online booking platforms and alternative accommodations is also making unmanaged travel more accessible, appealing to a broader range of business travelers seeking tailored travel experiences.

Managed Business Travel Market (Dominant) vs. Unmanaged Business Travel Market (Emerging)

Managed Business Travel Market is characterized by a systematic approach that organizations use to oversee employee travel. This segment's dominance arises from its focus on policy compliance, cost control, and traveler safety. Companies are investing in technology-driven solutions to enhance their travel management processes, resulting in improved visibility into travel expenses and behaviors. In contrast, Unmanaged Business Travel Market is taking center stage as an emerging option for more flexible travel arrangements. Business professionals who prefer spontaneity are increasingly drawn to this segment, often utilizing various platforms for booking travel independently. The accessibility and personalization offered by unmanaged travel are driving its growth, allowing travelers to tailor their experiences based on personal preferences and needs.

By Purpose: Internal Meetings (Largest) vs. Marketing (Fastest-Growing)

In the Business Travel Market, Internal Meetings hold the largest market share, reflecting the fundamental need for organizations to facilitate collaboration among teams and stakeholders. Trade Shows and Product Launches follow closely, driven by the necessity to showcase products and network with potential partners. Meanwhile, Marketing activities in business travel are gaining momentum, highlighting a growing effort by companies to establish brand presence and build relationships through direct interaction.

Internal Meetings: Dominant vs. Marketing: Emerging

Internal Meetings continue to dominate the Business Travel Market due to their critical role in maintaining effective communication within organizations. They are characterized by regular, planned gatherings that contribute significantly to strategic discussions and decision-making processes. In contrast, Marketing is emerging as a key player, focusing on experiential and relationship-driven strategies that enhance brand visibility. This trend is fueled by increasing recognition of the effectiveness of face-to-face interactions in building customer loyalty and engaging prospective clients. As companies prioritize both internal collaboration and external branding efforts, the marketing purpose of business travel is likely to expand, with innovative approaches shaping how organizations connect with their audiences.

By Expenditure: Lodging (Largest) vs. Dining (Fastest-Growing)

In the Business Travel Market, expenditures are primarily divided among marketing travel fares, lodging, dining, and others. Lodging stands as the largest expenditure category, owing to essential stays required for business trips across various sectors. The demand for quality accommodations has solidified its significant share, with companies prioritizing comfort for their traveling employees. Meanwhile, dining expenses are rapidly surging, driven by the growing trend of business meals and networking events. This segment has been increasingly recognized as vital for fostering client relationships and enhancing business dealings. The growth trends in the expenditure segment are influenced by evolving corporate travel policies and the rising importance of employee satisfaction. As businesses adapt to a post-pandemic environment, there is a marked shift towards investing in premium lodging options to enhance employee experiences. Additionally, the dining segment is witnessing an upward trend, prompted by the increasing frequency of formal dining occasions, corporate events, and the desire for quality culinary experiences in travel. These trends indicate a promising trajectory for expenditures in both lodging and dining categories within the business travel sector.

Lodging: Dominant vs. Dining: Emerging

Lodging emerges as the dominant segment in the Business Travel Market, characterized by its critical role in ensuring employee comfort and productivity during travel. Companies are increasingly recognizing the importance of providing quality lodging to facilitate accessible meetings and enhance overall travel experiences. In contrast, dining is an emerging segment gaining traction as businesses prioritize networking and relationship-building opportunities during meals. This segment is evolving with a focus on culinary quality and service excellence in restaurants suitable for business engagements. The shift towards experiential dining reflects a broader trend of enriching business travel experiences while catering to the needs of modern corporate travelers.

By Age Group: Travelers Below 40 Years (Largest) vs. Travelers Above 40 Years (Fastest-Growing)

In the Business Travel Market, the segment of Travelers Below 40 Years commands the largest share, reflecting the preferences of younger professionals who prioritize flexibility and technology in their travel arrangements. This demographic tends to be more adventurous and willing to explore new destinations, leading to a significant portion of business travel attributed to this age group. Conversely, Travelers Above 40 Years are emerging as the fastest-growing segment, driven by their increased participation in business activities, often bringing experience and established networks that are beneficial for organizations.

Travelers Below 40 Years (Dominant) vs. Travelers Above 40 Years (Emerging)

Travelers Below 40 Years are characterized by their tech-savvy nature and preference for digital booking platforms, making them a dominant force in the Business Travel Market. They tend to favor experiential travel opportunities, opting for unique accommodations and dynamic itineraries. On the other hand, Travelers Above 40 Years are seen as an emerging force, increasingly venturing into business travel as their career paths evolve. This segment typically exhibits loyalty to travel brands and emphasizes comfort and efficiency in their travel planning. As companies recognize the value of leveraging the expertise of seasoned professionals, this group's market presence is expected to continue growing steadily.

By Traveler: Group Travel (Largest) vs. Solo Travel (Fastest-Growing)

In the Business Travel Market, the segment distribution reveals that group travel holds a significant portion of the market, characterized by corporate events, conventions, and team-building activities. The advent of innovative travel solutions has solidified its prominent standing, catering to organizations looking to enhance collaboration among teams through shared travel experiences. Conversely, the Solo Travel segment is rapidly gaining traction, fueled by the increasing preference for personalized travel for business professionals. More individuals are opting for tailored experiences that allow them to focus on unique objectives during their trips, contributing to its accelerated growth.

group travel (Dominant) vs. Solo Travel (Emerging)

Group Travel remains the dominant force within the Business Travel Market, offering tailored packages for corporations seeking to enhance teamwork and efficiency through collective journeys. Often organized around events, conferences, or retreats, this segment caters to businesses aiming to foster collaboration and networking among employees. On the other hand, Solo Travel has emerged as a burgeoning trend, with more professionals choosing individualized travel experiences that align closely with personal and organizational objectives. This shift is driven by the desire for flexibility and autonomy, as many business travelers prioritize convenience and focused itineraries, which accommodate their specific needs, making Solo Travel a noteworthy competitor in the market.

By Service: Food and Lodging (Largest) vs. Recreation Activities (Fastest-Growing)

In the Business Travel Market, the service segment is primarily dominated by Food and Lodging, which holds the largest share. This segment includes expenses related to accommodation, meals, and related services that are essential for business travelers. In contrast, Recreation Activities, though smaller in comparison, are gaining traction as more business travelers seek leisure and balance during their trips. This shift reflects a growing trend towards enhanced travel experiences, where work and leisure coexist harmoniously.

Food and Lodging: Dominant vs. Recreation Activities: Emerging

Food and Lodging serves as the cornerstone of the Business Travel Market, playing a crucial role in the overall travel experience. As more companies recognize the importance of providing quality accommodations and meal options to employees, this segment remains dominant. On the other hand, Recreation Activities are emerging strongly as a complementary offering, with business travelers increasingly participating in team-building and leisure activities to recharge during trips. This segment's growth is fueled by evolving corporate travel policies that encourage work-life balance, as well as the demand for unique experiences that enhance employee satisfaction and engagement.

By Industry: Corporate (Largest) vs. Government (Fastest-Growing)

In the Business Travel Market, the industry segment is primarily dominated by corporate travel, which constitutes a significant portion of the overall market. Corporate travel accounts for the majority share, largely driven by the necessity of businesses to regularly engage with clients, attend conferences, and maintain operations in different locations. In comparison, government travel is also noteworthy but represents a smaller share, though it has been steadily increasing due to more governmental engagements and travel mandates.

Corporate: Dominant vs. Government: Emerging

Corporate travel is characterized by frequent trips made by employees for business purposes, including meetings, training, and conferences. This segment is supported by robust reimbursement policies and the necessity for businesses to establish and maintain partnerships and customer relationships. On the other hand, government travel is emerging rapidly, primarily driven by increased funding for government programs and initiatives that require travel. This segment is characterized by budget constraints and specific guidelines for travel, making it distinct. As governmental operations expand and focus on outreach, the demand for government travel will likely continue to rise.

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Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. North America dominates due to its economic power, with a high concentration of multinational corporations and a robust business environment. The region's advanced infrastructure, technological innovation, and a large number of corporate headquarters make it a hub for business activities, driving significant demand for business travel services.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global Business Travel Market Share By Region 2022 (USD Billion)

Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Business Travel Market accounts for the second-largest market share due to its strong economic ties, extensive business networks, and historical significance as a global business center. Further, the German market held the largest market share, and the UK Business Travel Market was the fastest-growing market in the European region

The Asia-Pacific Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid economic growth, emerging markets, and a surge in business opportunities. The region's dynamic business landscape, increasing foreign investments, and a growing number of business events position it as a key player in the market. Moreover, China’s Business Travel Market held the largest market share, and the Indian Business Travel Market was the fastest-growing market in the Asia-Pacific region.

Business Travel Market Regional Image

Key Players and Competitive Insights

Leading market players are leveraging advanced technologies, such as travel management platforms, mobile apps, and AI-driven solutions, to streamline booking processes, enhance traveler experience, and provide real-time updates. Market participants are also adopting a variety of strategic activities to expand their global presence, with important market developments including new product launches, contractual agreements, mergers and acquisitions, personalization of Services, integration of technology, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Business Travel industry must offer comprehensive service solutions.
Utilizing data analytics to gather insights into traveler behavior, preferences, and spending patterns helps companies tailor their services is one of the key business tactics used by manufacturers in the global Business Travel industry to increase their market share. In recent years, the Business Travel industry has offered some of the most significant advantages to Consumers.
Major players in the Business Travel Market, including ADEKA CORPORATION Airbnb, Inc., Expedia, Inc., Fareportal, Flight Centre Travel Group Limited, Wexas Travel, Hogg Robinson Ltd, Priceline, American Express Company, and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse consumer needs.
Started in 1975 by John Fentener van Vlissingen, BCD Group is now a big name in travel. It has two parts, BCD Travel, and Park ‘N Fly, offering travel services and technology to lots of customers every day. Even though it began with just $10,000, BCD Group has grown a ton, going from a small business to a major player in the travel industry. They focus on being excellent, innovative, and making customers happy, making them a trusted leader in travel.
In February 2023, BCD Travel expanded its agreement with Amadeus as the forward-thinking travel management company (TMC) refined its global technology approach to capitalize on opportunities in the new era of business travel.
Founded as a global leader in business travel management services, Corporate Travel Management (CTM) is dedicated to enhancing savings, efficiency, safety, and sustainability for businesses and their travelers worldwide. Choosing CTM means experiencing a distinctive approach to global travel – a bespoke program crafted collaboratively and consistently delivered with expertise across every region of operation. CTM specializes in designing travel programs that yield strategic outcomes for all facets of a business and every team member, ensuring a tailored and impactful travel experience across all operational regions.
In December 2022, CWT Global B.V. expanded its global partnership with Paramount Global, a multinational media and entertainment conglomerate. This move involved managing Paramount's expanded travel business.

Key Companies in the Business Travel Market include

Industry Developments

Ovation Travel Group

January, 2025: Ovation Travel Group announced a new partnership with a leading technology provider to enhance their travel management solutions. This collaboration aims to streamline booking processes and improve client experiences.

February, 2025: The company reported a 20% increase in corporate travel bookings compared to the previous year, citing a strong rebound in business travel demand.

Travel Leaders Group

January, 2025: Travel Leaders Group introduced a new mobile app designed for corporate travelers, featuring real-time updates, itinerary management, and travel alerts.

February, 2025: The group reported that 75% of their corporate clients have resumed pre-pandemic travel levels, highlighting a significant recovery in the business travel sector.

In June 2023, Priceline and Google Cloud announced a partnership to enhance the experience of booking for travelers with artificial intelligence chatbot technology. Using Google’s generative AI, the partnership permits future travelers to chat with a bot at the planning stage. On top of the existing chatbot features, Priceline will also add a map view of hotel details pages powered by Google Cloud Vertex AI in the near future. This will help users with customized neighborhood analytics, which will include points of interest, restaurants, and events around the area.

In November 2023, Flight Centre Travel Group (FCTG), a leading international company in travel management, announced that it had established an ‘AI Centre of Excellence’. This new global division is committed to the development, adoption and integration of AI technology within the corporate divisions of FCTG. The ‘AI Centre of Excellence’ has as its main focus the deployment of AI so that there is an improvement that will change the dynamics of FCTG's major business travel operations, FCM, and Corporate Traveller.

The goal of the deployment of AI is to improve customer experiences and the performance of employees and foster innovation in the organization.

July 2022: Corporate Travel Management Limited completed the acquisition of 1000 Mile Travel Group Ltd. The aim was to broaden its involvement in the market using the independent consultant model.

July 2022: BCD Group (BCD Travel) forged a partnership with Airbus, an aerospace products manufacturing company. The collaboration was geared towards serving four European home markets, namely France, Germany, Spain, and the UK.

Future Outlook

Business Travel Market Future Outlook

The Business Travel Market is projected to grow at a 12.5% CAGR from 2025 to 2035, driven by technological advancements, increased globalization, and evolving corporate travel policies.

New opportunities lie in:

  • Integration of AI-driven travel management platforms
  • Expansion of sustainable travel options for corporate clients
  • Development of personalized travel experiences through data analytics

By 2035, the Business Travel Market is expected to be robust, reflecting dynamic growth and innovation.

Market Segmentation

Business Travel Market Type Outlook

  • Managed Business Travel
  • Unmanaged Business Travel

Business Travel Market Purpose Outlook

  • Marketing
  • Internal Meetings
  • Trade Shows
  • Product Launch
  • Others

Business Travel Market Service Outlook

  • Food and Lodging
  • Recreation Activities

Business Travel Market Industry Outlook

  • Government
  • Corporate

Business Travel Market Traveler Outlook

  • Group Travel
  • Solo Travel
  • Service

Business Travel Market Age Group Outlook

  • Travelers Below 40 Years
  • Travelers Above 40 Years

Business Travel Market Expenditure Outlook

  • Marketing Travel Fare
  • Lodging
  • Dining
  • Others

Report Scope

MARKET SIZE 2024 2.779(USD Billion)
MARKET SIZE 2025 3.126(USD Billion)
MARKET SIZE 2035 10.15(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR) 12.5% (2025 - 2035)
REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR 2024
Market Forecast Period 2025 - 2035
Historical Data 2019 - 2024
Market Forecast Units USD Billion
Key Companies Profiled American Express Global Business Travel (US), BCD Travel (NL), Carlson Wagonlit Travel (FR), Expedia Group (US), Travel Leaders Group (US), SAP Concur (US), Egencia (US), ATPI (GB), Frosch (US)
Segments Covered Type, Purpose, Expenditure, Age Group, Traveler, Service, Industry, Region
Key Market Opportunities Integration of advanced digital solutions enhances efficiency in the Business Travel Market.
Key Market Dynamics Rising demand for sustainable travel options drives innovation and competition in the Business Travel Market.
Countries Covered North America, Europe, APAC, South America, MEA

Market Highlights

Author
Pradeep Nandi
Senior Research Analyst

I have a bachelor's degree in mechanical engineering and an MBA. I have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. A firm believer in lifelong learning and sharing of knowledge. Having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. Introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest. 

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What is the current valuation of the Business Travel Market in 2025?

The Business Travel Market is valued at approximately 2.779 USD Billion in 2024.

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