Global corporate travel market was evaluated at $711.1 billion in 2021 and is slated to hit $2,997.2 billion by the end of 2030 with a CAGR of nearly 13.3%
Corporate Travel Market
The global corporate travel market size was evaluated at $711.1 Billion in 2021 and is slated to hit $2,997.2 Billion by the end of 2030 with a CAGR of nearly 13.3% between 2022 and 2030. The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investors and stakeholder space to help companies make data-driven decisions.
Corporate travel is a kind of tourism in which people travel for purpose of doing business in other regions. Furthermore, it includes business work, transportation, accommodation, and entertainment activities. Thriving tourism & travel sector will contribute lucratively towards the expansion of the corporate travel industry. According to World Travel & Tourism Council, nearly 75% of travelers are seeing traveling as more sustainable in the near future. Moreover, about 60% of travelers have selected more sustainable travel alternatives in the next couple of years. Furthermore, Emburse, a key industry player in spend optimization, revealed that there was an increase in corporate travel activities in spite of winter storms & economic uncertainty.
Large-scale penetration of robotic technology in travel & tourism sector to foster global corporate travel industry expansion
Massive use of robotic technology in minimizing human-to-human interaction along with its use in the travel & tourism sector can bolster the expansion of the global corporate travel market across the globe. Apart from this, a large number of players in the corporate travel industry are trying to offer well-managed and cost-efficient programs to customers. This, in turn, will boost global market trends. Establishing smart hotels & restaurants and the use of new technologies such as virtual reality & machine learning algorithms as well as AI for hotel booking will expand the scope of growth of the global corporate travel industry. With the rapid penetration of connected things in various sectors including travel sector, the market for corporate travel is predicted to gain traction in the years ahead.
Increase in use of advanced techniques such as videoconferencing to impede the global market expansion
A prominent rise in acceptance of advanced technologies will put brakes on the expansion of the global corporate travel industry. Moreover, the easy availability of cost-effective and less time-consuming technologies such as videoconferencing will hinder the growth of the global corporate travel market.
Thriving travel retail sector to create new growth opportunities for the global market
Swift growth of the travel retail sector will generate new avenues of growth for the global corporate travel industry. Rise in the allocation of funds for infrastructural growth will open new dimensions of growth for the global market.
Large-scale utilization of online technologies to pose a challenge to the growth of the global industry
Massive use of digital technologies has posed a huge challenge to the growth of the global corporate travel industry. Furthermore, the rise in penetration of the internet and VR & AR tools as well as AI will pose a humungous challenge to the expansion of the global market.
The global corporate travel market is divided into service, end-user industry, traveler, and region.
In terms of service, the global corporate travel industry is segmented into food & lodging, transportation, and recreation segments. Moreover, the food & lodging segment, which contributed majorly towards the global industry share in 2021, is slated to register massive growth over the forecast timeframe. The growth of this segment over 2022-2030 can be attributed to the escalating demand for hotel booking agents such as Oravel Stays and Airbnb in the food & lodging sector.
On the basis of end-user industry, the global corporate travel market is divided into government and corporate segments. Moreover, the corporate segment, which dominated the global corporate travel industry share in 2021, will continue its domination status even during the foreseeable future. In addition, this segment is set to record the fastest CAGR of 14.2% over 2022-2030. The segmental surge can be attributed to rising demand for business leisure travel in the corporate sector.
In the first half of 2021, Flight Centre Travel Group Company, a key travel agency based in Australia, and Gimmonix, a software firm based in Israel, announced that their current alliance will continue as there is a need for renovating the Flight Centre’s online connectivity infrastructure. Moreover, the new infrastructure is predicted to make use of Gimmonix’s cutting-edge technology and empower Flight Centre Travel Group’s tour operator. The move will reinforce the firm’s competitiveness and help the firm gain a competitive edge across the global corporate travel market.
|Report Attributes||Report Details|
|Report Name||Corporate Travel Market Research Report|
|Market Size in 2021||USD 711.1 Billion|
|Market Forecast in 2030||USD 2,997.2 Billion|
|Compound Annual Growth Rate||CAGR of 13.3%|
|Number of Pages||190|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Airbnb, Inc., Corporate Travel Management, Expedia, Inc., American Express, Flight Centre Travel Group Limited, BCD Group, Fareportal, Booking Holdings, Inc., Carlson Wagonlit Travel, and Wexas Limited.|
|Segments Covered||By Service, By End-User Industry, By Traveler, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia-Pacific to lead the global market in terms of volume and revenue over forecast timespan
In terms of region, the global corporate travel market is sectored into Europe, the Middle East & Africa, Asia-Pacific, Latin America, and North America. The Asia-Pacific corporate travel market is anticipated to retain its domination during the forecast timespan owing to the presence of strong infrastructure in countries such as Japan, India, and China. Moreover, the Asia-Pacific region accounted for about 44% of the global market share in 2021 due to governments in the region providing impetus and soaps to the travel & tourism industry.
The global corporate travel market profiles market participants such as:
The global corporate travel market is anticipated to expand over 2022-2030 owing to establishment of smart hotels & restaurants and the use of new technologies such as virtual reality & machine learning algorithms as well as AI for hotel booking in the travel sector.
According to study, the global corporate travel market size was $711.1 billion in 2021 and is projected to reach $2,997.2 billion by the end of 2030 with a compound annual growth rate (CAGR) of roughly 13.3% between 2022 and 2030.
The Asia-Pacific corporate travel market is anticipated to record the highest growth in the forthcoming years due to the presence of strong infrastructure in countries such as Japan, India, and China. Moreover, the Asia-Pacific region accounted for about 44% of the global market share in 2021 due to governments in the region providing impetus and soaps to the travel & tourism industry.
The global corporate travel market is led by players like Airbnb, Inc., Corporate Travel Management, Expedia, Inc., American Express, Flight Centre Travel Group Limited, BCD Group, Fareportal, Booking Holdings, Inc., Carlson Wagonlit Travel, and Wexas Limited.