Rapidly evolving technologies such as mobile payments, artificial intelligence, and virtual reality are boosting the overall growth of the business travel market ecosystem. The current generation has grown up with technologies and is comfortable with rapidly evolving technology applications. Millennials are playing an important role in the rapidly growing business travel Industry, which is becoming tech-savvy and value-driven and is seen as an important factor for global business travel market ecosystem growth. The shifting preference of millennials flexible working hours and remote working opportunities is seen as an indicator of growth.
Increasing business across the world and thus, the rising requirement for corporate travel are fuelling the market growth. Employers are supporting their employees for Bleisure, where the trip includes business travel as well as leisure travel to keep employees productive and retain them longer in their jobs. Travel companies and technology solution providers are collaborating with corporates to offer multiple benefits to their employees and earn profits for the business. These factors have been causing a rise in the business travel market ecosystem.
The outbreak of COVID-19 has bought along with a global recession, which has impacted several industries. Along with this impact, COVID Pandemic has also generated a few new business opportunities for the Business Travel market ecosystem. The overall competitive landscape and market dynamics of Business Travel has been disrupted due to this pandemic. All these disruptions and impacts have been analyzed quantifiably in this report, which is backed by market trends, events, and revenue shift analysis. COVID impact analysis also covers strategic adjustments for Tier 1, 2, and 3 players of the Business Travel Market.
.png)
Domestic travel frequency is increasing rapidly due to the low to the medium cost of domestic travel as compared to international travel. Companies usually prefer rail or car rentals for domestic business travels. Small and medium-sized companies use domestic business travel trips to expand their business across the nation is offering a positive outlook for the business travel market ecosystem. Business organizations in the US spend an average of US$ 949 per employee for a domestic business trip. Approximately, 23% of domestic business travelers wait for booking trips until the week before departure. This decreases policy compliance, as rates of booking trips drastically increase with travel dates coming closer.
Business travel mostly occurs in client meetings. A face-to-face meeting is an important part of business travel. Despite the continued evolution of digital platforms such as video chats that allow virtual communication, major authorities of business prefer face-to-face meetings with their clients for better business communication. As a result, various business travel organizations, hotels, and resorts are improving their infrastructure and websites to meet the rising demand from business clients, which is further driving the business travel market ecosystem.
Flight bookings are increasing along with a growing number of corporate meetings is further propelling the business travel market ecosystem. Corporate people use air travel to save travel time and focus more on business activities. Employers are providing Bleisure trips to their employees to increase work satisfaction. Also, airlines are providing various discounts and offer to attract frequent business travelers, which is propelling the global business market growth.
The growing penetration of smartphones and the easy availability of the internet across the globe are supporting the growth of the business travel market ecosystem. Mobile phones are widely being used for booking business travel trips owing to the convenience of use. There were 4.39 billion internet users in 2019 across the globe, with an increase of 366 million from 2018. Travel businesses have developed their own mobile applications for customer convenience that provide information about the whole trip, including travel, lodging, etc. Thus, increasing digitalization across the globe is boosting the growth of the business travel market ecosystem
IT and BPO industries are expanding their footprints in various countries which increases the demand of business travel market ecosystem. IT accounted for a considerable market share owing to rising technological developments in various verticals. Most IT companies are located in countries such as the US, the UK, India, and Israel. In India, business travel spending by the IT sector accounted for a major share in 2019.
Very few markets have interconnectivity with other markets like Business Travel. Our Interconnectivity module focuses on the key nodes of heterogenous markets in detail. IoT, Business Travel Insurance, VR, Hospitality, Online Air Travel Booking Recognition, Corporate Travel Management Software are some of our key researched markets.
.png)
| Trends | Traveler Type | Type | Purpose | Spending | Distribution Channel | End-use | Impact on Market |
| Corona Virus impact on global business travel market | Veterans, Passionate High-tech | International | Client meetings | Flight | Offline | BPO, IT, Finance, Automobile | 1.50% |
| Increasing demand from the APAC region | Passionate high-tech, Road Weary Travelers | Domestic, International | Client meetings, Marketing & Sales | Flight, Lodging | Online | IT, Automobile, BPO, Finance, Entergy | 1.00% |
Travel companies are adopting enhanced travel tools that provide work efficiency, cost-reduction, and travelers’ safety. Previously, travel booking tools were addressing the issues of multiple bookings from various customers and refunds. Digitalization in various countries has resulted in the growing use of mobile payments in business travel, which improves efficiency by reducing the number of time employees spend in travel management.
When it comes to business travel, it is important to make travelers arrive at their destinations feeling rested, focused, and ready to connect. Poorly managed corporate travel programs may frustrate employees and impact business operations. Travel companies are concentrating on continuously improving their services offered to travelers and provide a better travel experience.
There are many trends that are having an impact on the market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.
| Company | Market Positioning | Total Revenue (2018) | Region |
| Expedia Group, Inc. | Leader | US$ 11,223 Million | Global |
| Booking Holdings, Inc. | Leader | US$ 14,527 Million | Global |
| American Express Global Business Travel | Leader | NA | Global |
| BCD Travel N.V. | Established | US$ 1,099.6 Million | Global |
| Carlson Wagonlit Travel | Established | US$ 1.5 Billion | Global |
| Trends | Traveler Type | Type | Purpose | Spending | Distribution Channel | End-use | Impact on Market |
| Corona Virus impact on global business travel market | Veterans, Passionate High-tech | International | Client meetings | Flight | Offline | BPO, IT, Finance, Automobile | 1.50% |
| Increasing demand from the APAC region | Passionate high-tech, Road Weary Travelers | Domestic, International | Client meetings, Marketing & Sales | Flight, Lodging | Online | IT, Automobile, BPO, Finance, Entergy | 1.00% |
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports
Global Business Travel Market Trends
Regulatory Analysis
Global Business Travel Market Events & Rationale
Global Business Travel Market Sizing & Volume
Log in / Register
