Authored By: Sarah
28 Jul 2021

Business Travel Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

The business travel market and it is expected to grow by $ 1040.59 bn, accelerating at a CAGR of almost 23.06% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to enable growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects. 


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Business Travel Market: Market Segments and Key Trends

This report provides a detailed analysis of the market by Market Landscape (Travel fare, Lodging, Dining, and Others), Application (Marketing, Internal meeting, Trade show, and Product launch), and Geography (APAC, Europe, North America, South America, and MEA). 42% of the market growth will originate from APAC during the forecast period. This research report provides a detailed analysis of all the segments, key trends, and challenges that are likely to influence growth.

Business Travel Market: Top Drivers to Boost Demand

The Growing technological advances is one of the primary factors driving the growth of the business travel market. The report provides a detailed study of all the factors that are likely to boost the market. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals. 

Business Travel Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Vendor Analysis: ADTRAV Corp., Airbnb Inc. and BCD Travel Services BV are key growth contributors

The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ADTRAV Corp., Airbnb Inc., BCD Travel Services BV, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC are some of the major market participants.

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Business Travel Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive business travel market growth during the next five years
  • Precise estimation of the business travel market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the business travel market industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of business travel market vendors

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of over 23.06%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 1040.59 bn through 2021-2025.

     
  3. What is a key factor driving this market?
    Growing technological advances will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    APAC, Europe, North America, South America, and MEA are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market:
    42% growth will originate from APAC

     
  6. Who are the leading market vendors?
    The leading vendors in this market are ADTRAV Corp., Airbnb Inc., BCD Travel Services BV, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC

     
  7. What are the market segments covered in this report?
    The market is segmented by Market Landscape (Travel fare, Lodging, Dining, and Others), Application (Marketing, Internal meeting, Trade show, and Product launch), and Geography (APAC, Europe, North America, South America, and MEA)

Business Travel Market Size to Grow by $ 268.83 bn During 2020-2024

Technavio has been monitoring the business travel market and it is expected to grow by $ 268.83 bn, accelerating at a CAGR of almost 3% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking


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Business Travel Market: APAC to lead market growth during the forecast period

  • 53% of the market growth will originate from APAC during the forecast period.
  • Digitalization of travel payments will be a key trend that will influence market growth significantly.
  • The The growing technological advances will be a significant factor in driving the growth of the business travel market.

Business Travel Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Business Travel Market: Key Competitors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ADTRAV Corp., Airbnb Inc., BCD Group, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

For more insights on this market: Download a Free Sample Report

Business Travel Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive business travel market growth during the next five years
  • Precise estimation of the business travel market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the business travel market industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of business travel market vendors

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of over 3%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 268.83 bn through 2020-2024.

     
  3. What is a key factor driving this market?
    the Growing technological advances will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    APAC, Europe, North America, South America, and MEA are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market:
    53% growth will originate from APAC

     
  6. Who are the leading market vendors?
    The leading vendors in this market are ADTRAV Corp., Airbnb Inc., BCD Group, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC

     
  7. What are the market segments covered in this report?
    The market is segmented by Geography (APAC, Europe, North America, South America, and MEA)
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