The global business travel market size is expected to reach USD 2,749.46 billion by 2030, growing at a CAGR of 9.1% during the forecast period, according to a new report by Grand View Research, Inc. Business travel, commonly referred to as business tourism, encompasses the practice of individuals journeying for a myriad of professional purposes such as attending meetings, engaging in negotiations, fostering networks, participating in trade shows, launching products, and executing marketing strategies.
The rising number of corporate travelers actively participating in events and exhibitions, alongside influential factors like bolstering employee engagement, serves as a driving force propelling the business travel industry to new heights. Employers increasingly recognize the pivotal role of cultivating employee engagement, understanding its significance in fostering motivation and fostering career progression within their respective organizations.
Moreover, the advent of flexible work arrangements has triggered a surge in leisure travel, thereby further stimulating growth within the business travel sector. This surge in leisure travel is not only indicative of evolving work-life balance priorities but also highlights a broader societal trend of prioritizing holistic well-being.
With the growing concerns regarding environmental sustainability, there has been a notable shift towards adopting eco-conscious travel practices, encompassing environmentally friendly lodging options, sustainable modes of transportation, and the adoption of paperless travel solutions.
For instance, Marriott International's pioneering "Serve 360" program stands as a testament to the hospitality industry's commitment to sustainability, marked by its implementation of green building practices, waste reduction strategies, and strategic partnerships with environmentally conscious suppliers.
Gather more insights about the market drivers, restrains and growth of the Business Travel Market
Business Travel Market Report Highlights
• The primary driving factor of business travel is the need for face-to-face interactions crucial for meetings, negotiations, and networking, which are essential for business growth and success in a globalized economy
• Employees travel to destinations for work meetings to often serve essential purposes such as decision-making, problem-solving, training, and project planning, which are typically more effectively conducted in person rather than through remote means.
• Business travel by government employees to other countries is typically undertaken for a variety of diplomatic, administrative, and collaborative purposes. This includes engaging in negotiations, representing their government at international forums or conferences, fostering bilateral relationships, conducting research, participating in cultural exchanges, providing technical assistance, and overseeing development projects.
• Asia Pacific is home to numerous emerging markets, vibrant business hubs, and dynamic industries, making it a focal point for international trade, investment, and collaboration. Moreover, advancements in technology and transportation infrastructure have made it easier for businesses to connect with partners, clients, and suppliers across the region.
Business Travel Market Segmentation
Grand View Research has segmented the global business travel market based on traveler, purpose, industry, and region:
Business Travel Traveler Outlook (Revenue, USD Billion, 2018 - 2030)
• Solo
• Group
Business Travel Purpose Outlook (Revenue, USD Billion, 2018 - 2030)
• Marketing
• Meetings
• Trade Shows/Exhibitions
• Product Launch
• Others
Business Travel Industry Outlook (Revenue, USD Billion, 2018 - 2030)
• Corporate
• Government
Business Travel Regional Outlook (Revenue, USD Billion; 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Spain
o Italy
• Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o South Korea
• Central & South America (CSA)
o Brazil
• Middle East & Africa (MEA)
o South Africa
Order a free sample PDF of the Business Travel Market Intelligence Study, published by Grand View Research.
