Business Travel Market

Business Travel Market Size by Service (Business Activity, Food & Lodging and Transportation), Industry (Corporate and Government), Traveller (Group and Solo), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13914
  • Published Date: Sep, 2024
  • Pages: 238
  • Category: Consumer Goods
  • Format: PDF
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The global Business Travel market generated USD 999.08 billion revenue in 2023 and is projected to grow at a CAGR of 10.82% from 2024 to 2033. The market is expected to reach USD 2,791.13 billion by 2033. The surge in travel and tourism activities and the rapid growth of businesses globally are driving the robust expansion of the global business travel market. Technological advancements have played a pivotal role, facilitating convenient access to hotel and transport bookings through online portals contributing to the market's continued growth. Moreover, increased infrastructural investments by regional governments are expected to drive market expansion in the foreseeable future. The advancement in technology, surge in the digitalization of travel payments, and convenience of business service in hotels are also some of the factors driving the market.

Market Introduction:

Business travel is the undertaking of journeys by individuals representing their organization for work-related purposes. This aspect involves physically relocating employees or professionals to destinations beyond their typical workplace, typically with the primary objective of carrying out business activities. These activities include attending meetings and conferences and engaging in tasks designed to contribute to the organization's operational objectives. Business travel is central to the functioning of organizations, catalyzing relationship-building, expanding market reach, and facilitating critical face-to-face interactions. These interactions are essential for effective collaboration, negotiation, and professional development. Business travel is a multifaceted practice that holds integral importance across various industries. It is characterized by its focus on advancing the organization's business interests and achieving specific operational goals. In essence, business travel is a dynamic and essential component of professional engagement, contributing significantly to organizational growth and success.

Business Travel Market Size

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Recent Development
  • In November 2023: Flight Centre Travel Group (FCTG), a prominent global travel management company, has unveiled the creation of an 'AI Centre of Excellence.' This innovative global division is dedicated to advancing, embracing, and seamlessly incorporating artificial intelligence technologies across FCTG's corporate divisions. The 'AI Centre of Excellence's primary objective is to strategically leverage AI's capabilities, bringing about a transformative impact on FCTG's leading business travel segments, namely FCM and Corporate Traveller. Implementing AI aims to enhance customer experiences, elevate employee productivity, and drive overall organizational innovation.    
  • In October 2023: Citi has officially launched a new travel and expense system in collaboration with Navan, a prominent modern travel and expense management solution. Specifically tailored for CCB (Citi Commercial Bank) cardholders, this joint venture combines the comprehensive features of Navan's compact solution with Citi Group's top commercial card solutions. The strategic partnership takes advantage of Navan Connect's creative card-link technology, creating a smooth digital experience for CCB cardholders. Distinguished as the industry's inaugural end-to-end corporate Travel and Expense (T&E) management collaboration on a substantial scale, the travel and expense system will initially be available exclusively to CCB clients based in the United States.
  • In June 2023: Priceline and Google Cloud have unveiled a collaborative effort to introduce artificial intelligence chatbot technology into the travel booking experience. Leveraging Google's generative AI tools, this partnership enables potential travellers to engage with a chatbot during the planning phase. Beyond the chatbot functionality, Priceline is set to incorporate a map view powered by Google Cloud Vertex AI onto hotel details pages. This feature will give customers personalized neighbourhood insights, encompassing nearby attractions, local dining options, and events.

Market Dynamics:

Drivers

Economic Growth and Corporate Profitability - Positive economic conditions and increased corporate profitability often result in higher business travel budgets. Companies are more willing to invest in travel for their employees when the overall economic outlook is favourable.

Industry-Specific Demands - Certain industries, such as finance, consulting, and sales, heavily rely on personal interactions. Professionals in these sectors frequently engage in business travel to meet clients, attend conferences, and participate in industry events.

Globalization and International Business Expansion - As businesses expand globally, face-to-face meetings, negotiations, and collaborations become crucial. Business travel facilitates direct communication, relationship building, and exploring new market opportunities.

Restraints:

Rising Costs - The increasing costs associated with business travel, including airfare, accommodation, and transportation, can act as a deterrent. Companies may seek cost-effective alternatives like virtual meetings to reduce overall travel expenses.

Remote Work Trends - The rise of work-from-home (WFH) and flexible work arrangements has reduced the necessity for physical presence in many business activities. Professionals can accomplish tasks remotely, minimizing the need for extensive travel.

Opportunities:

Technology Integration - Integrating advanced technologies within the business travel sector opens opportunities for improved efficiency and enhanced traveller experiences. Innovative technologies such as data analytics (DA), artificial intelligence (AI), and virtual reality (VR) can optimize travel processes, from itinerary planning to expense management.

Personalization and Customization - There is an opportunity for business travel services to focus on personalization and customization. Tailoring travel experiences to individual preferences and needs can enhance customer satisfaction and loyalty, creating a niche for specialized services in the market.

Sustainability Initiatives - The increasing emphasis on sustainability presents an opportunity for the business travel sector to adopt eco-friendly practices. Companies prioritizing sustainable travel options, such as carbon offset programs and green accommodations, can attract environmentally conscious clients.

Challenges:

Security and Safety Concerns - Security risks, including geopolitical tensions, terrorism, and civil unrest, pose challenges for business travellers. Companies and travel service providers must prioritize the safety of their clients, implement robust security measures, and stay abreast of global developments.

Regulatory Complexity - Navigating the complex web of international travel regulations, visa requirements, and compliance standards presents a significant challenge. Frequent changes in regulations and administrative hurdles can complicate travel planning and execution.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most prominent global Business Travel market, with a 43.89% market revenue share in 2023.

Asia Pacific Region Business Travel Market Share in 2023 - 43.89%

 

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The Asia Pacific region has been undergoing robust economic growth, with several countries emerging as major global economic players. This growth has increased business activities, trade partnerships, and investments, driving the demand for business travel. Furthermore, many nations in the Asia Pacific are undergoing rapid urbanization and investing heavily in infrastructure development. The construction of business hubs, conference centres, and modern transportation facilities has made the region more attractive for business travellers. Additionally, the corporate sector in Asia Pacific has expanded significantly, driven by the growth of industries such as technology, finance, manufacturing, and services. Increased business activities and cross-border collaborations contribute to more business travel. North America held a significant position as the second-largest global business travel market in 2023. North America, especially Silicon Valley in California, is a global hub for technological innovation. The presence of major tech companies and the hosting of numerous industry events and conferences attract professionals worldwide, boosting business travel. Many multinational corporations and major industry players have their headquarters in North America. The need for executives, key personnel, and decision-makers to conduct business meetings and attend events contributes to substantial business travel. In addition, North America has a well-developed transportation infrastructure, including airports, highways, and public transportation systems. This factor facilitates easy connectivity and accessibility, making business travel more efficient.

Service Segment Analysis

The service segment is classified into business activity, food & lodging and transportation. The food & lodging segment dominated the market, with a share of around 56.13% in 2023. Food and lodging are essential components of any business travel experience. Professionals travelling for business require accommodation for overnight stays and access to meals during their trips. The demand for these services is inherent to the nature of business travel. Business travellers often have specific expectations for comfort and convenience during their trips. Lodging services, including hotels and serviced apartments, offer a comfortable and secure environment, while food services ensure that travellers have convenient access to meals that suit their schedules. Additionally, business trips often involve networking, client meetings, and negotiations. Lodging services provide a central and professional meeting place; dining options are crucial for client entertainment. Hotels with conference facilities and on-site restaurants are preferred for such occasions.

Industry Segment Analysis

The industry segment includes corporate and government. The corporate segment dominated the market, with a share of around 66.65% in 2023. Corporations engage in business travel to conduct essential operations, including meetings, negotiations, and collaborations. As companies expand globally or operate in multiple locations, the need for executives and employees to travel becomes integral to sustaining and growing the business. Furthermore, face-to-face interactions are crucial in building and maintaining client relationships. The corporate sector heavily relies on personal meetings to discuss projects, address client needs, and foster long-term partnerships, necessitating frequent business travel. Also, high-level decision-making often requires executives to come together for strategy formulation, planning, and critical discussions. Corporate leaders frequently engage in business travel to ensure effective communication and alignment on key business initiatives.

Traveller Segment Analysis

The traveller segment is divided into group and solo. The group segment dominated the market, with a share of around 60.03% in 2023. Group travellers often consist of teams working on collaborative projects. Face-to-face interactions during project meetings and brainstorming sessions are vital for effective communication, fostering teamwork, achieving project milestones, and driving the demand for group business travel. Moreover, group travel is prevalent when companies attend conferences, seminars, and industry events. These gatherings provide opportunities for professional development, networking, and staying updated on industry trends. The collective attendance of teams amplifies the demand for business travel services. Besides, sales teams frequently travel in group business to meet clients, present pitches, and conduct negotiations. Group travel allows for cohesive client presentations and facilitates relationship-building efforts, particularly when multiple team members are involved in the sales process.

Some of the Key Market Players:
  • ADEKA Corporation
  • Airbnb, Inc.
  • American Express Company
  • BCD Group
  • Booking Holdings
  • Carlson Holdings, Inc.
  • CWT Solutions
  • Corporate Travel Management
  • Citi Group
  • Chase 
  • Direct Travel, Inc.
  • Egencia LLC
  • Expedia, Inc.
  • Frosch International Travel
  • Fareportal
  • Flight Centre Travel Group Limited
  • Hogg Robinson Ltd.
  • Navan, Inc.
  • Ovation Travel Group
  • Priceline
  • Travel Leaders Group
  • TravelPerk S.L.U
  • Wexas Travel

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 999.08 Billion
Market size value in 2033 USD 2,791.13 Billion
CAGR (2024 to 2033) 10.82%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Service, Industry, and Traveller

Frequesntly Asked Questions

As per The Brainy Insights, the size of the business travel market was valued at USD 999.08 billion in 2023 to USD 2,791.13 billion by 2033.

The global business travel market is growing at a CAGR of 10.82% during the forecast period 2024-2033.

Asia Pacific became the largest market for business travel.

Globalization and international business expansion are driving the market's growth.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Service
          4.3.2. Market Attractiveness Analysis by Industry
          4.3.3. Market Attractiveness Analysis by Traveller
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Economic Growth and Corporate Profitability
          5.2.2. Industry-Specific Demands
    5.3. Restraints
          5.3.1. Rising Costs
    5.4. Opportunities
          5.4.1. Technology Integration
          5.4.2. Personalization and Customization
    5.5. Challenges
          5.5.1. Security and Safety Concerns

6. Global Business Travel Market Analysis and Forecast, By Service
    6.1. Segment Overview
    6.2. Business Activity
    6.3. Food & Lodging
    6.4. Transportation

7. Global Business Travel Market Analysis and Forecast, By Industry
    7.1. Segment Overview
    7.2. Corporate
    7.3. Government

8. Global Business Travel Market Analysis and Forecast, By Traveller
    8.1. Segment Overview
    8.2. Group
    8.3. Solo

9. Global Business Travel Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Business Travel Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Business Travel Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Industry Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Airbnb, Inc.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Industry Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. American Express Company
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Industry Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. BCD Group
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Industry Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Booking Holdings
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Industry Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Carlson Holdings, Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Industry Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. CWT Solutions
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Industry Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Corporate Travel Management
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Industry Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Citi Group
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Industry Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Chase
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Industry Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Direct Travel, Inc.
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Industry Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Egencia LLC
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Industry Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Expedia, Inc.
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Industry Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Frosch International Travel
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Industry Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis
    11.14. Fareportal
          11.14.1. Business Overview
          11.14.2. Company Snapshot
          11.14.3. Company Market Share Analysis
          11.14.4. Company Industry Portfolio
          11.14.5. Recent Developments
          11.14.6. SWOT Analysis
    11.15. Flight Centre Travel Group Limited
          11.15.1. Business Overview
          11.15.2. Company Snapshot
          11.15.3. Company Market Share Analysis
          11.15.4. Company Industry Portfolio
          11.15.5. Recent Developments
          11.15.6. SWOT Analysis
    11.16. Hogg Robinson Ltd
          11.16.1. Business Overview
          11.16.2. Company Snapshot
          11.16.3. Company Market Share Analysis
          11.16.4. Company Industry Portfolio
          11.16.5. Recent Developments
          11.16.6. SWOT Analysis
    11.17. Navan, Inc.
          11.17.1. Business Overview
          11.17.2. Company Snapshot
          11.17.3. Company Market Share Analysis
          11.17.4. Company Industry Portfolio
          11.17.5. Recent Developments
          11.17.6. SWOT Analysis
    11.18. Ovation Travel Group
          11.18.1. Business Overview
          11.18.2. Company Snapshot
          11.18.3. Company Market Share Analysis
          11.18.4. Company Industry Portfolio
          11.18.5. Recent Developments
          11.18.6. SWOT Analysis
    11.19. Priceline
          11.19.1. Business Overview
          11.19.2. Company Snapshot
          11.19.3. Company Market Share Analysis
          11.19.4. Company Industry Portfolio
          11.19.5. Recent Developments
          11.19.6. SWOT Analysis
    11.20. Travel Leaders Group
          11.20.1. Business Overview
          11.20.2. Company Snapshot
          11.20.3. Company Market Share Analysis
          11.20.4. Company Industry Portfolio
          11.20.5. Recent Developments
          11.20.6. SWOT Analysis
    11.21. TravelPerk S.L.U
          11.21.1. Business Overview
          11.21.2. Company Snapshot
          11.21.3. Company Market Share Analysis
          11.21.4. Company Industry Portfolio
          11.21.5. Recent Developments
          11.21.6. SWOT Analysis
    11.22. Wexas Travel
          11.22.1. Business Overview
          11.22.2. Company Snapshot
          11.22.3. Company Market Share Analysis
          11.22.4. Company Industry Portfolio
          11.22.5. Recent Developments
          11.22.6. SWOT Analysis

List of Table

1. Global Business Travel Market, By Service, 2020-2033 (USD Billion) 

2. Global Business Activity, Business Travel Market, By Region, 2020-2033 (USD Billion) 

3. Global Food & Lodging, Business Travel Market, By Region, 2020-2033 (USD Billion) 

4. Global Transportation, Business Travel Market, By Region, 2020-2033 (USD Billion) 

5. Global Business Travel Market, By Industry, 2020-2033 (USD Billion) 

6. Global Corporate, Business Travel Market, By Region, 2020-2033 (USD Billion) 

7. Global Government, Business Travel Market, By Region, 2020-2033 (USD Billion) 

8. Global Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

9. Global Group, Business Travel Market, By Region, 2020-2033 (USD Billion) 

10. Global Solo, Business Travel Market, By Region, 2020-2033 (USD Billion) 

11. Global Business Travel Market, By Region, 2020-2033 (USD Billion) 

12. North America Business Travel Market, By Service, 2020-2033 (USD Billion) 

13. North America Business Travel Market, By Industry, 2020-2033 (USD Billion) 

14. North America Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

15. U.S. Business Travel Market, By Service, 2020-2033 (USD Billion) 

16. U.S. Business Travel Market, By Industry, 2020-2033 (USD Billion) 

17. U.S. Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

18. Canada Business Travel Market, By Service, 2020-2033 (USD Billion) 

19. Canada Business Travel Market, By Industry, 2020-2033 (USD Billion) 

20. Canada Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

21. Mexico Business Travel Market, By Service, 2020-2033 (USD Billion) 

22. Mexico Business Travel Market, By Industry, 2020-2033 (USD Billion) 

23. Mexico Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

24. Europe Business Travel Market, By Service, 2020-2033 (USD Billion) 

25. Europe Business Travel Market, By Industry, 2020-2033 (USD Billion) 

26. Europe Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

27. Germany Business Travel Market, By Service, 2020-2033 (USD Billion) 

28. Germany Business Travel Market, By Industry, 2020-2033 (USD Billion) 

29. Germany Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

30. France Business Travel Market, By Service, 2020-2033 (USD Billion) 

31. France Business Travel Market, By Industry, 2020-2033 (USD Billion) 

32. France Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

33. U.K. Business Travel Market, By Service, 2020-2033 (USD Billion) 

34. U.K. Business Travel Market, By Industry, 2020-2033 (USD Billion) 

35. U.K. Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

36. Italy Business Travel Market, By Service, 2020-2033 (USD Billion) 

37. Italy Business Travel Market, By Industry, 2020-2033 (USD Billion) 

38. Italy Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

39. Spain Business Travel Market, By Service, 2020-2033 (USD Billion) 

40. Spain Business Travel Market, By Industry, 2020-2033 (USD Billion) 

41. Spain Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

42. Asia Pacific Business Travel Market, By Service, 2020-2033 (USD Billion) 

43. Asia Pacific Business Travel Market, By Industry, 2020-2033 (USD Billion) 

44. Asia Pacific Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

45. Japan Business Travel Market, By Service, 2020-2033 (USD Billion) 

46. Japan Business Travel Market, By Industry, 2020-2033 (USD Billion) 

47. Japan Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

48. China Business Travel Market, By Service, 2020-2033 (USD Billion) 

49. China Business Travel Market, By Industry, 2020-2033 (USD Billion) 

50. China Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

51. India Business Travel Market, By Service, 2020-2033 (USD Billion) 

52. India Business Travel Market, By Industry, 2020-2033 (USD Billion) 

53. India Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

54. South America Business Travel Market, By Service, 2020-2033 (USD Billion) 

55. South America Business Travel Market, By Industry, 2020-2033 (USD Billion) 

56. South America Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

57. Brazil Business Travel Market, By Service, 2020-2033 (USD Billion) 

58. Brazil Business Travel Market, By Industry, 2020-2033 (USD Billion) 

59. Brazil Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

60. Middle East and Africa Business Travel Market, By Service, 2020-2033 (USD Billion) 

61. Middle East and Africa Business Travel Market, By Industry, 2020-2033 (USD Billion)

62. Middle East and Africa Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

63. UAE Business Travel Market, By Service, 2020-2033 (USD Billion) 

64. UAE Business Travel Market, By Industry, 2020-2033 (USD Billion) 

65. UAE Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

66. South Africa Business Travel Market, By Service, 2020-2033 (USD Billion) 

67. South Africa Business Travel Market, By Industry, 2020-2033 (USD Billion) 

68. South Africa Business Travel Market, By Traveller, 2020-2033 (USD Billion) 

List of Figures 

1. Global Business Travel Market Segmentation

2. Business Travel Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Business Travel Market Attractiveness Analysis by Service

9. Global Business Travel Market Attractiveness Analysis by Industry

10. Global Business Travel Market Attractiveness Analysis by Traveller

11. Global Business Travel Market Attractiveness Analysis by Region

12. Global Business Travel Market: Dynamics

13. Global Business Travel Market Share by Service (2023 & 2033)

14. Global Business Travel Market Share by Industry (2023 & 2033)

15. Global Business Travel Market Share by Traveller (2023 & 2033)

16. Global Business Travel Market Share by Regions (2023 & 2033)

17. Global Business Travel Market Share by Company (2023)

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Business Travel market based on below-mentioned segments:

Global Business Travel Market by Service:

  • Business Activity
  • Food & Lodging
  • Transportation

Global Business Travel Market by Industry:

  • Corporate           
  • Government

Global Business Travel Market by Traveller:

  • Group           
  • Solo         

Global Business Travel Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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