The global business travel market size was valued at USD 1,380.00 billion in 2023. The market is expected to expand from USD 1,483.09 billion in 2024 to USD 2,765.34 billion by 2032, exhibiting a CAGR of 8.10% over the study period.
Business travel refers to touring individuals who belong to a business or organization for reasons pertaining to work, such as industry conferences, industry networking sessions, sealing business deals, training sessions, workshops, client meetings, and others. The increasing number of corporate events across the world is boosting market expansion. Corporate events are carried out to boost company morale, enhance team cohesion, boost staff motivation, celebrate team success, and establish brand awareness and external and internal relationships.
There was an adverse impact of the COVID-19 pandemic on the market. The implementation of travel restrictions, quarantine & gathering restrictions, and lockdown practices and shutdown of food & lodging services were observed by the market. The services of international and national traveling agencies were also discontinued.
Fortune Business Insights™ provides this information in its research report, titled “Business Travel Market”.
Browse Summary Link for Details Information: https://www.fortunebusinessinsights.com/business-travel-market-110564
Top Key Companies in the Business Travel Market:
Segmentation:
Surging Trend of Online Hotel Booking to Escalate Food & Lodging Segment Growth
By service, the market is classified into food & lodging, recreation, and transportation. The food & lodging segment accounts for the largest share, driven by the surging trend of online hotel booking through apps such as Agoda, goibibo, and others and corporate events at international and domestic levels.
Growth in Networking Opportunities to Propel Group Segment Expansion