The global business travel market, valued at approximately $1.304 billion in 2017, is on a steady rise and is projected to reach $1.657 billion by 2023.
This forecast from Allied Market Research attributes the increase to broader growth in travel and tourism, greater globalization of business activities, and infrastructure investments by local governments that are expected to create attractive opportunities for industry participants.
In 2017, food and lodging accounted for about half of the total business travel market, reflecting the significant share of basic travel expenses in corporate travel budgets.
Corporate travel made up more than 64 percent of all business travel activity, underlining the dominant role of company-sponsored trips in the segment.
While government and individual solo travel are expected to expand more slowly, group travel is forecast to be the fastest-growing segment, driven by events, meetings and incentive travel programs.
Regionally, the Asia-Pacific market is expected to see the highest growth through 2023. The region already represents roughly 42 percent of global business travel, and its share is anticipated to increase as business activity and connectivity in the area expand.
The report analyzed a range of industry players, including Airbnb, Expedia, American Express Travel, Carlson Wagonlit Travel, Hogg Robinson Group, Fareportal, BCD Travel, Flight Centre Travel Group, the Priceline Group and Wexas Travel, to assess competitive dynamics and market opportunities.