Business Travel Market to reach USD 2.69 Tr at a CAGR of 7.6 percent by 2030- Says Maximize Market Research

Business Travel Market to reach USD 2.69 Tr at a CAGR of 7.6 percent by 2030- Says Maximize Market Research
Business Travel Market
The Global Business Travel Market is witnessing substantial growth driven by the changes in consumer preferences that have a significant impact on the demand for Business Travel. The Business Travel Market is segmented into Service, and Industry for a better understanding of the market structure.

Maximize Market Research, a leading Healthcare business consultancy and research firm has published a report on the “Business Travel Market ”. The total market opportunity for Business Travel Market was USD 1.61 Tr in 2023 and is expected to grow at a CAGR of 7.6 percent through the forecast period, reaching USD 2.69 Tr by 2030. As per the report, the global Business Travel Market is expected to be dominated by the Asia Pacific regions at a significant growth rate through the forecast period.

Global Business Travel Market Report Scope and Research Methodology

Market Size in 2023: USD 1.61 Trillion

Market Size in 2030: USD 2.69 Trillion

CAGR: 7.6 Percent

Forecast Period: 2024-2030

Base Year: 2023

Number of Pages: 215

No. of Tables: 139

No. of Charts and Figures: 190

Segment Covered: By Service, and Industry            

Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

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Global Business Travel Market Scope and Research Methodology

The Business Travel Market Analysis, which uses a bottom-up technique to determine the industry’s size and growth, extensively analyzes the competitive landscape and market structure. This is only one of the many elements that the study has explored. Principal discoveries encompass factors that propel market growth on a regional and global scale, impediments to further expansion, and prospective prospects stemming from technological progressions. To get insight into market leaders, penetration, and demographic impacts on the sector, regional analysis is carried out. In order to create more specialized advertising campaigns and to have a better understanding of target markets and manufacturers, the market is divided into components and industries. To examine the competitiveness in the business travel sector, covering both established players and recent entrants, a competitive matrix is developed. In addition to important details on each company’s income, financial standing, technological advancements, recent changes, mergers, partnerships, collaborations, and marketing strategies, the study also summarizes each one.

Business Travel Market Overview

Business Travel is a service that enables individuals or groups to travel for work-related purposes, including conferences, meetings, and visiting company sites. Its are domestic or international, and involve various transportation modes. Services help arrange transportation, accommodation, and other necessary arrangements. It requires careful planning and coordination, as its involve multiple parties, complex itineraries, and different time zones. The Business Travel Market is driven by factors like globalization, technology advancements, SMEs growth, and increasing international trade activities.

Business Travel Market Dynamics

The global business travel market is driven by the increasing globalization of businesses, requiring personal communication and trust-building among business associates. Despite modern communication technologies, in-person meetings are crucial for fostering trust and understanding new business environments. Executives and managers travel to explore new business opportunities, create networks, and manage activities across different regions. The increasing interdependence of global economies leads businesses to capitalize on growing markets and resources abroad, boosting market growth. Recent trends include freelance specialists and employees preferring relaxation travel, using AI and machine learning to create perfect journeys and enhance customer service. The demand for eco-friendly and budget-friendly travel, mobile technology, and shared economy services like Airbnb, also contribute to market growth.

Business Travel Market Regional Insights

The Asia Pacific region is expected to experience significant growth in the business travel market because of the increasing number of business travelers, especially in China and India. Emerging economies, such as Japan, South Korea, and Australia, are experiencing rapid industrialization and urbanization, leading to increased business activities. The proliferation of small and medium-sized enterprises also drives demand for business travel services.

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Business Travel Market Segmentation

by Service      

  • Transportation
  • Food &Lodging
  • Recreation

Based on Service, The food and lodging segment in the business travel market is booming because of the demand for unique culinary experiences and accommodation options. This is driven by the growing interest in local cuisines, farm-to-table dining, and culinary tourism, as well as health and wellness awareness. The rise of food delivery services and mobile dining apps has further boosted the food segment. The lodging segment is also thriving because of the need for personalized and experiential accommodations, with online booking platforms and peer-to-peer services offering a wide range of options.

by Industry    

  • Government
  • Corporate

Business Travel Market Key Competitors include:

North America

  • American Express Global Business Travel
  • Carlson Wagonlit Travel
  • BCD travels
  • Egencia
  • Direct Travel
  • Frosch International Travel
  • Omega World Travel
  • Ovation Travel Group
  • Uniglobe Travel International


  • Hogg Robinson Group
  • BCD Meetings and Events
  • Reed & Mackay


  • Flight Centre Travel Group
  • Corporate Travel Management

South America

  • TMCs (travel management companies)

Key questions answered in the Business Travel Market are:

  • What is the current growth rate of the Business Travel Market ?
  • Who are the key players in the Business Travel Market ?
  • What are the growth prospects in developing countries for the Business Travel Market ?
  • Which segment is expected to witness the fastest growth and why in the Business Travel Market ?
  • What are the factors affecting growth in the Business Travel Market ?
  • Who held the largest market share in the Business Travel Market ?
  • What are the opportunities for the Business Travel Market ?
  • What are the strategies used by competitors in the Business Travel Market ?
  • What are Global Business Travel Market Devices?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2023)
  • Past Pricing and price curve by region (2018 to 2023)
  • Market Size, Share, Size & Forecast by Different Segments | 2023−2030
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
  • Market Segmentation – A detailed analysis by Service, Industry, and Region
  • Competitive Landscape – Profiles of selected key players by region in a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

Maximize Market Research is leading Consumer Goods & Services research firm, has also published the following reports:

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Direct To Consumer Technology Market– The market size is expected to reach USD 432.24 Bn by 2029 at a CAGR of 16.3 percent during the forecast period. The elimination of traditional intermediaries is a significant driver in the DTC Technology Market.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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