Business Travel Market to Reach $2,095.4 Billion, Globally, by 2031 at 9.5% CAGR: Allied Market Research

The significant factors that promote the growth of the market are changes in the lifestyle of business travelers to seek bleisure trips, rapid urbanization, and industrial growth. The current trend of online booking options for transportation & accommodation services has increased the convenience of business travelers, which is further anticipated to boost market growth. Moreover, infrastructural development and expansion of the travel retail business fuel the growth of the industry.

WILMINGTON, Del., Nov. 11, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, 'Business Travel Market by Service (Transportation, Food & Lodging, and Recreation), Industry (Government and Corporate), Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast 2022-2031'. According to the report, the global business travel industry was estimated at $689.7 billion in 2021, and is anticipated to hit $2,095.4 billion by 2031, registering a CAGR of 9.5% from 2022 to 2031.

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Drivers, restraints and opportunities-

The globalization of businesses, the rise in the number of SMEs, and growing investments in infrastructural developments are the major factors that are expected to drive the growth of the global business travel market during the forecast period. However, the growing adoption of ICT technologies such as online banking, phone calls, and video conferencing may hamper the market growth as business travel is a costly affair and the adoption of digital technologies may help businesses to minimize their costs. There are various technological advancements that emerged in recent years and are being adopted by business travel stakeholders. Popular technologies such as virtual reality, augmented reality, artificial intelligence, chatbots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the business travel market. These advanced technologies are expected to offer lucrative growth opportunities to the market players operating in the business travel industry.

Covid-19 scenario-

• The MICE events were either cancelled or postponed for an indefinite period of time during 2020. According to the Center for Exhibition Industry Research (CEIR), around 72.6% of the scheduled events were cancelled during the first quarter of 2020. It accounted for 15.1% loss in the exhibition industry. As per a report of UFI-Global Association of the Exhibition Industry, there was a loss of around $144.9 billion recorded in the second quarter of 2020.
• When COVID-19 resulted in the worldwide lockdown, the business travel that were made by the business executives to suppliers, customers, trade shows, conventions, and exhibitions also came to a halt for an unknown time period. In such situation, various online video conferencing platforms such as Zoom, Skype, and Google Meet, gained rapid traction among the global population including business firms.

The corporate segment to retain its dominance by 2031-

By industry, the corporate segment dominated the market in 2021 holding around two-thirds of the global business travel market revenue. The same segment would also portray the fastest CAGR of 9.8% 2022 to 2031. This is because business travel is an integral part of the corporate sector. The activities in the corporate sector are driven by profit maximization motives. Client meetings, brand & product promotions, business expansion, employee training, and incentives are some of the activities involved in business travel. The rapid growth of SMEs is one of the vital factors propelling the growth of the corporate business travel segment.

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The food & lodging segment to rule the roost-

By service, the food & lodging segment held the highest share in 2021, holding around half of the global business travel market revenue. The same segment would also portray the fastest CAGR of 9.8% 2022 to 2031. This is because, on an average, a business travel can extend maximum up to three to four days. Direct marketing with big corporate companies and involvement of hotel booking agents such as Airbnb, Inc., Oravel Stays Private Limited, and others offer lower hotel booking prices. 

Asia-Pacific garnered the major share in 2021 –

By region, Asia-Pacific garnered the major share in 2021, accounting for nearly two-fifths of the global business travel market revenue. The same segment would also portray the fastest CAGR of 9.9% 2022 to 2031. This is because the penetration of IoT is supporting both travelers and travel operators in managing different operations related to business travel such as planning, booking, and being updated with the current status of their travel program.

Key players in the industry-

• BCD GROUP
• CWT GLOBAL B.V.
• AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL
• CHASE
• CORPORATE TRAVEL MANAGEMENT LIMITED
• FLIGHT CENTRE TRAVEL GROUP LIMITED
• NAVAN, INC.
• TRAVELPERK S.L.U
• CITIBANK, N.A.
• AMERICAN EXPRESS COMPANY

The report analyzes these key players in the global business travel market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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