Global Corporate Travel Market Size, Share, Growth Analysis Report - Forecast 2034

Corporate Travel Market: Industry Perspective

The global corporate travel market size was worth around USD 1040.27 Billion in 2024 and is predicted to grow to around USD 3697.19 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 13.52% between 2025 and 2034. The report analyzes the global corporate travel market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the corporate travel industry.

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Corporate Travel Market: Overview

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.

Key Insights

• As per the analysis shared by our research analyst, the global corporate travel market is estimated to grow annually at a CAGR of around 13.52% over the forecast period (2025-2034).
• Regarding revenue, the global corporate travel market size was valued at around USD 1040.27 Billion in 2024 and is projected to reach USD 3697.19 Billion by 2034.
• The corporate travel market is projected to grow at a significant rate due to increasing international trade, and demand for travel management solutions; recovering post-pandemic travel boosting market rebound.
• Based on Service Type, the Transportation (Air segment is expected to lead the global market.
• On the basis of Industry, the Government segment is growing at a high rate and will continue to dominate the global market.
• Based on the Traveler Type, the Executive segment is projected to swipe the largest market share.
• By Booking Channel, the Online segment is expected to dominate the global market.
• In terms of Organization Size, the Small Enterprises segment is anticipated to command the largest market share.
• Based on region, North America is predicted to dominate the global market during the forecast period.

Corporate Travel Industry: Growth Drivers

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.

Corporate Travel Market: Hindrances

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.

Corporate Travel Market: Opportunities

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.

Corporate Travel Market: Challenges

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.

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Corporate Travel Market: Segmentation Analysis

The global corporate travel market is segmented based on Service Type, Industry, Traveler Type, Booking Channel, Organization Size, and region.

Based on Service Type, the global corporate travel market is divided into Transportation (Air, Rail, Car Rental), Accommodation, Food & Beverage, MICE (Meetings, Incentives, Conferences, Exhibitions), Others.

On the basis of Industry, the global corporate travel market is bifurcated into Government, Healthcare, Manufacturing, Energy, IT & Telecom, Others.

By Traveler Type, the global corporate travel market is split into Executive, Middle Management, Operational Staff.

In terms of Booking Channel, the global corporate travel market is categorized into Online, Offline.

By Organization Size, the global Corporate Travel market is divided into Small Enterprises, Medium Enterprises, Large Enterprises.

Corporate Travel Market: Report Scope

Corporate Travel Market: Regional Analysis

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.

Recent Developments

• 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.

• In February 2022, the Finance Minister of India made a special loan allocation for small travel agents and other participants across the hospitality sector. Reportedly, the new loan allocation is a part of the emergency credit scheme which is increased by INR 50,000 crore. The move has benefitted the travel industry in India and is likely to do so even in the years to come.

Corporate Travel Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the corporate travel market on a global and regional basis.

The global corporate travel market is dominated 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.

The global corporate travel market is segmented as follows;

By Service Type

• Transportation (Air
• Rail
• Car Rental)
• Accommodation
• Food & Beverage
• MICE (Meetings
• Incentives
• Conferences
• Exhibitions)
• Others

By Industry

• Government
• Healthcare
• Manufacturing
• Energy
• IT & Telecom
• Others

By Traveler Type

• Executive
• Middle Management
• Operational Staff

By Booking Channel

• Online
• Offline

By Organization Size

• Small Enterprises
• Medium Enterprises
• Large Enterprises

By Region

• North America

  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa