Business Travel Market Trends and Analysis by Passenger Flows, Destinations, Challenges, Opportunities and Case Studies, 2023 Update

Business Travel Market Overview

The business travel market size was $197.23 billion in 2022. It is also expected to grow at a CAGR of more than 17% from 2022 to 2027. The performance of the business travel market in 2022 was positive, with the segment starting its recovery phase in earnest. There was a growing demand for business travel as corporations encouraged in-person meetings and conference attendance to help nurture business relationships. With many corporates operating a hybrid work policy, employees have started traveling to offices and visiting clients for business purposes.

Business Travel Market Outlook 2022-2027 (USD Billion)

The business travel market research report provides an analysis of the business travel industry including insights into business travelers, market trends influenced by COVID-19, consumer trends, destinations, sector deals, challenges, and opportunities.

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Business Travel Market Trends

Some of the key trends influencing the business travel market trends are growth in technology usage, Bleisure travel, online marketing, personalization, and flexibility, and the rise of AI, virtual reality, and intelligent assistants.

Bleisure Travel: Many travelers currently engage in “Bleisure” travel, which is gaining popularity as it provides opportunities to relax, adventure etc. This has been aided by many small and large business companies maintaining remote work cultures.

Online Marketing: As the pandemic has had a huge impact on the business travel industry, the demand for online marketing has increased. Online marketing is accelerating business travel booking and helping many travel agencies and companies to reach a global audience.

Top Business Travel Market Trends

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Business Travel Market Segmentation by Destinations

The key destinations in the business travel market are France, the United States, Italy, the United Kingdom, Austria, Spain, Germany, the Netherlands, Mexico, and Poland. In 2022, France emerged as the most popular destination for business travelers as it is a good combination of business and leisure, well-regarded colleges, and a skilled labor force. France welcomed 1,725 foreign investment projects in 2022, which resulted in the creation or preservation of 58,810 jobs.

Business Travel Market Analysis by Destination, 2022 (%)

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Business Travel Market – COVID-19 Impact

Business travel industry expenditure is expected to bounce back to pre-pandemic levels in 2024. COVID-19 has caused widespread aircraft, train, and other transportation cancellations, greatly disrupting the travel sector. As a result, hotels, airlines, resorts, car rental agencies, well-known tourist destinations, and conference centres have also been negatively impacted. Business travel has decreased for many companies because of COVID-19 travel restrictions, which forced many workers to work from home. As a result, corporate travel expenses decreased. However, restrictions have eased significantly, and due to a rise in demand for face-to-face interactions, resumption of travel, and meetings, business travel is anticipated to approach its pre-pandemic level.

Strong vaccination rollouts gave many countries the confidence to ease travel restrictions. Moreover, a fall in negative sentiment toward COVID-19 has motivated corporates to focus on developing their client relationships through business travels and face-to-face events. For example, in 2023, China stated that travelers won’t need COVID-19 tests to enter the country. This streamlined entry will help boost China’s economic revival and tourism industry.

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Business Travel Market Segments

The key segments in the business travel market are international business travel and domestic business travel.

International Business Travel: International business trips was significantly impacted post-2019 due to the pandemic. Government lockdowns and travel restrictions forced employees to work-from-home, significantly altering the working model of many companies. These led to a decrease in in-person meetings and forced employees to work from home. Zoom and other videoconferencing applications helped companies to connect with their clients virtually and this trend has outlived the peak of the pandemic. However, with the recovery from the pandemic, meetings and events that take place in person are returning, and certain international business travel capacity and volumes are recovering. These are expected to be the key drivers for the growth of business travel. Travelers from China are expected to contribute a larger proportion of international business trips in 2027.

Domestic Travel Market: In 2022, many countries began to lift pandemic-induced restrictions and many companies began to summon employees back to the office, often in a hybrid work model. Global domestic business trips showed positive signs in 2022, increasing to 870.72 million trips. As the trend of a hybrid working model is expected to remain, global domestic tourism is expected to reach and exceed its pre-pandemic level in 2023. Travelers from the US are expected to contribute a larger proportion of domestic business trips in 2027.

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Business Travel Market – Leading Companies

The leading companies in the business travel market are Sabre, Helloworld Travel, Wayte, and NusaTrip.

Leading Companies in the Business Travel Market

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Scope

This report provides an analysis of the business travel sector including insights in business travelers, market value, market trends influenced by COVID-19, consumer trends, product developments, challenges and opportunities.

Reasons to Buy

• Gain insight into business travel’s leading players.
• Understand how they have adapted to the threat of COVID-19
• Understand the key business travelers that companies can look to attract
• Gain a detailed understanding of the key trends, issues, and challenges facing business travel companies (TMCs)