The Business Travel market accounted for US$ 1.37 Tr in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019–2027, to account for US$ 2.09 Tr by 2027.
Business travel is a broad term that consists of all the activities executed to achieve a business goal or objective. This objective could be increasing sales, building business relationships, client support, business operations, training, and learning & development among many others. Business Travel is a critical function in any organization and travel managers sees it as an opportunity for revenue generation. For governments also, business travel generates jobs, increases income and tax revenues. Business Travel is affected by factors such as size of the economy, GDP growth, travel infrastructure development, population, industry mix, business dispersion, technology adoption, exports, oil prices, tax, security, and regulatory policies.
Among the various geographic regions, Asia Pacific held the leading position in the global business travel market and it is anticipated to be the highest spending contributor throughout the forecast period. The market growth in Asia Pacific is primarily driven by development of travel infrastructure and presence of a large number of Small and Medium Enterprises (SMEs).
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Business Travel Market: Strategic Insights
Market Size Value in US$ 1.37 Tr in 2018 Market Size Value by US$ 2.09 Tr by 2027 Growth rate CAGR of 4.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Business Travel Market: Strategic Insights
| Market Size Value in | US$ 1.37 Tr in 2018 |
| Market Size Value by | US$ 2.09 Tr by 2027 |
| Growth rate | CAGR of 4.9% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Market Insights
Bleisure - A Fast Growing Trend Among Business Travelers
Bleisure is defined as a practice of combining both business and leisure on a business trip. The popularity of bleisure travel is growing among corporate travelers worldwide, as it allows frequent travelers to take some time off from the hectic schedule of travelling and business meetings during a trip.More than half of of Business Travelers prefers to take bleisure trips. These trips help travelers in increasing their work productivity by reducing the stress associated with business trips. With increasing connected generation and young millennial business professionals, the demand for bleisure services is anticipated to grow at a fast pace during the forecast period. According to the latest survey conducted by Expedia Group Media Solutions on ‘Unpacking Bleisure Traveler Trends’, more than 60% of business trips converted into bleisure trips across five countries in the year 2017. This survey was conducted with more than 2500 business travelers from China, Germany, India, the UK and the U.S. There was a 40% increase since last years’ study when only 43% business trips were bleisure in the U.S. With this growing trend of mixing leisure with business and each traveler taking an average of more than 6 trips in one year, bleisure travel present a huge opportunity for market players operating in the global business travel market during the forecast period of 2019 to 2027.
Growing Adoption of Technologies such as AI and IoT in Global Travel Ecosystem
Increasing innovations in advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), could result in multiple benefits for both business travelers and companies operating in the global Business Travel market. Companies can offer personalized services tailored to the needs of today’s tech-savvy business travelers with the integration of AI in their applications. A typical mobile assistant is a perfect example of AI in the business travel market, that helps travelers during their journey by delivering required information instantly. Saved customer profiles with important information such as passport numbers, payment cards, flight details, business itinerary, and frequent flyer details are just some parts of this process that led to contextual and custom customer experience. There are various areas in a business travel ecosystem which are integrating technology innovations into their services, for instance, ‘smart’ airline seats, luggage mapping & tracking, temperature controls in hotels.
Global Business Travel Market- Industry Segment Insights
Based on industry, the Business Travel market is segmented into government and corporate. The global business travel market by industry was led by corporate segment and it is expected to continue its dominance during the forecast period of 2019 to 2027.
Global Business Travel Market- Service Segment Insights
On the basis of service type, the Business Travel market is segmented into transportation, food & accommodation, and recreation activity. In 2018, the global business travel market is dominated by food & accommodation segment with more than half of the global market share.
Global Business Travel Market- Traveler Segment Insights
Based on traveler type, the market is bifurcated into group and solo traveler. Group traveler segment held the largest market share of global business travel spending in 2018 and it is expected to continue its dominance during the forecast period with a CAGR of 5.8%.
The market players present in Business Travel market are mainly focusing on service enhancements through the integration of technology in their existing offerings and as well as on new product innovations. The companies are also adopting acquisition and collaboration strategy to enhance their capabilities and expand their footprint in different geographies. This type of strategy allows companies to strengthen their footprint in the market. Few of the recent merger and acquisition activities in the global Business Travel market are listed below:
2019:Travel Leaders Group acquired UK-Based Your Event Solutions, which is an event management company with offices in Europe, US and UAE.
2019:Booking Holding, Inc. entered in to an agreement to acquire Venga, which is a guest management platform for restaurants and other businesses. With this acquisition OpenTable and Venga would work together to improve the restaurant hospitality.
2019:American Express Global Business Travel completed the acquisition of Hogg Robinson Group, which is a B2B company with expertise in travel management. This acquisition is expected to help the company in offering its clients a wider range of products and services.
Business Travel Market Report Scope
GLOBAL BUSINESS TRAVEL MARKET SEGMENTATION
By Industry
- Government
- Corporate
By Service
- Transportation
- Food & Accommodation
- Recreation Activity
By Traveler
- Group
- Solo
By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Turkey
- Rest of Europe
Asia Pacific (APAC)
- South Korea
- China
- India
- Australia
- Japan
- Rest of Asia Pacific
Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America
- Brazil
- Argentina
- Rest of South America (SAM)
Company Profiles
- American Express Global Business Travel
- BCD Group
- Booking Holdings, Inc.
- Corporate Travel Management
- CWT
- Direct Travel, Inc.
- Expedia Group
- Fareportal
- Flight Centre Travel Group Limited
- Travel Leaders Group
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Industry , Service ; Traveler
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Business Travel Market – By Industry
1.3.2 Global Business Travel Market – By Service
1.3.3 Global Business Travel Market – By Traveler
1.3.4 Global Business Travel Market – By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Business Travel- Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 Porter’s Five Forces Analysis
4.3.1 Bargaining Power of Buyers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of Substitutes
4.3.4 Threat of New Entrants
4.3.5 Industry Rivalry
5. Business Travel Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Rising Globalization, Increasing Trade Volumes and Positive Economic Outlook
5.1.2 Growing Digitalization of Payments and Travel Bookings is Driving Market Demand
5.2 Key Market Restraints
5.2.1 Data Saftey and Cyber Security Concerns
5.2.2 Dynamic International Privacy Regulations and Compliance Requirements
5.3 Key Market Opportunities
5.3.1 Small and Medium Enterprises are Expected to Fuel the Future Demand
5.4 Future Trends
5.4.1 Bleisure- A Fast Growing Trend among Business Travelers
5.4.2 Growing Adoption of Technologies such as AI and IoT in Global Travel Ecosystem
5.5 Impact Analysis of Drivers and Restraints
6. Business Travel Market– Global Analysis
6.1 Global Business Travel Market Overview
6.2 Global Business Travel Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Business Travel Market – By Service
7.1 Overview
7.2 Business Travel Market Breakdown, By Service, 2018 & 2027
7.3 Transportation
7.3.1 Overview
7.3.2 Transportation Market Revenue and Forecasts to 2027 (US$ Bn)
7.4 Food & Accommodation
7.4.1 Overview
7.4.2 Food & Accommodation Market Revenue and Forecasts to 2027 (US$ Bn)
7.5 Recreation Activity
7.5.1 Overview
7.5.2 Recreation Activity Market Revenue and Forecasts to 2027 (US$ Bn)
8. Business Travel Market – By Industry
8.1 Overview
8.2 Business Travel Market Breakdown, By Industry, 2018 & 2027
8.3 Government
8.3.1 Overview
8.3.2 Government Market Revenue and Forecasts to 2027 (US$ Bn)
8.4 Corporate
8.4.1 Overview
8.4.2 Corporate Market Revenue and Forecasts to 2027 (US$ Bn)
9. Business Travel Market – By Traveler
9.1 Overview
9.2 Business Travel Market Breakdown, By Traveler, 2018 & 2027
9.3 Group
9.3.1 Overview
9.3.2 Group Market Revenue and Forecasts to 2027 (US$ Bn)
9.4 Solo
9.4.1 Overview
9.4.2 Solo Market Revenue and Forecasts to 2027 (US$ Bn)
10. Business Travel Market – Geographical Analysis
10.1 Overview
10.2 North America Business Travel Market Revenue and Forecasts to 2027
10.2.1 North America Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.2.2 North America Business Travel Market Breakdown By Service
10.2.3 North America Business Travel Market Breakdown By Industry
10.2.4 North America Business Travel Market Breakdown By Traveler
10.2.5 North America Business travel market Breakdown, By Key Countries
10.2.5.1 U.S. Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.2.5.1.1 U.S Business Travel Market Breakdown By Service
10.2.5.1.2 U.S. Business Travel Market Breakdown By Industry
10.2.5.1.3 U.S. Business Travel Market Breakdown By Traveler
10.2.5.2 Canada Business travel market Revenue and Forecasts to 2027 (US$ Bn)
10.2.5.2.1 Canada Business Travel Market Breakdown By Service
10.2.5.2.2 Canada Business Travel Market Breakdown By Industry
10.2.5.2.3 Canada Business Travel Market Breakdown By Traveler
10.2.5.3 Mexico Business travel market Revenue and Forecasts to 2027 (US$ Bn)
10.2.5.3.1 Mexico Business Travel Market Breakdown By Service
10.2.5.3.2 Mexico Business Travel Market Breakdown By Industry
10.2.5.3.3 Mexico Business Travel Market Breakdown By Traveler
10.3 Europe Business Travel Market Revenue and Forecasts to 2027
10.3.1 Europe Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.3.2 Europe Business Travel Market Breakdown By Service
10.3.3 Europe Business Travel Market Breakdown By Industry
10.3.4 Europe Business Travel Market Breakdown By Traveler
10.3.5 Europe Business Travel Market Breakdown, By Key Countries
10.3.5.1 France Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.3.5.1.1 France Business Travel Market Breakdown By Service
10.3.5.1.2 France Business Travel Market Breakdown By Industry
10.3.5.1.3 France Business Travel Market Breakdown By Traveler
10.3.5.2 Germany Business travel market Revenue and Forecasts to 2027 (US$ Bn)
10.3.5.2.1 Germany Business Travel Market Breakdown By Service
10.3.5.2.2 Germany Business Travel Market Breakdown By Industry
10.3.5.2.3 Germany Business Travel Market Breakdown By Traveler
10.3.5.3 Italy Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.3.5.3.1 Italy Business Travel Market Breakdown By Service
10.3.5.3.2 Italy Business Travel Market Breakdown By Industry
10.3.5.3.3 Italy Business Travel Market Breakdown By Traveler
10.3.5.4 Spain Business travel market Revenue and Forecasts to 2027 (US$ Bn)
10.3.5.4.1 Spain Business Travel Market Breakdown By Service
10.3.5.4.2 Spain Business Travel Market Breakdown By Industry
10.3.5.4.3 Spain Business Travel Market Breakdown By Traveler
10.3.5.5 UK Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.3.5.5.1 UK Business Travel Market Breakdown By Service
10.3.5.5.2 UK Business Travel Market Breakdown By Industry
10.3.5.5.3 UK Business Travel Market Breakdown By Traveler
10.3.5.6 Turkey Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.3.5.6.1 Turkey Business Travel Market Breakdown By Service
10.3.5.6.2 Turkey Business Travel Market Breakdown By Industry
10.3.5.6.3 Turkey Business Travel Market Breakdown By Traveler
10.3.5.7 Rest of Europe Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.3.5.7.1 Rest of Europe Business Travel Market Breakdown By Service
10.3.5.7.2 Rest of Europe Business Travel Market Breakdown By Industry
10.3.5.7.3 Rest of Europe Business Travel Market Breakdown By Traveler
10.4 APAC Business Travel Market Revenue and Forecasts to 2027
10.4.1 APAC Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.4.2 APAC Business Travel Market Breakdown By Service
10.4.3 APAC Business Travel Market Breakdown By Industry
10.4.4 APAC Business Travel Market Breakdown By Traveler
10.4.5 APAC Business Travel Market Breakdown, By Key Countries
10.4.5.1 South Korea Business travel market Revenue and Forecasts to 2027 (US$ Bn)
10.4.5.1.1 South Korea Business Travel Market Breakdown By Service
10.4.5.1.2 South Korea Business Travel Market Breakdown By Industry
10.4.5.1.3 South Korea Business Travel Market Breakdown By Traveler
10.4.5.2 China Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.4.5.2.1 China Business Travel Market Breakdown By Service
10.4.5.2.2 China Business Travel Market Breakdown By Industry
10.4.5.2.3 China Business Travel Market Breakdown By Traveler
10.4.5.3 India Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.4.5.3.1 India Business Travel Market Breakdown By Service
10.4.5.3.2 India Business Travel Market Breakdown By Industry
10.4.5.3.3 India Business Travel Market Breakdown By Traveler
10.4.5.4 Japan Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.4.5.4.1 Japan Business Travel Market Breakdown By Service
10.4.5.4.2 Japan Business Travel Market Breakdown By Industry
10.4.5.4.3 Japan Business Travel Market Breakdown By Traveler
10.4.5.5 Australia Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.4.5.5.1 Australia Business Travel Market Breakdown By Service
10.4.5.5.2 Australia Business Travel Market Breakdown By Industry
10.4.5.5.3 Australia Business Travel Market Breakdown By Traveler
10.4.5.6 Rest of APAC Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.4.5.6.1 Rest of APAC Business Travel Market Breakdown By Service
10.4.5.6.2 Rest of APAC Business Travel Market Breakdown By Industry
10.4.5.6.3 Rest of APAC Business Travel Market Breakdown By Traveler
10.5 Middle East and Africa Business Travel Market Revenue and Forecasts to 2027
10.5.1 Middle East and Africa Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.5.2 MEA Business Travel Market Breakdown By Service
10.5.3 MEA Business Travel Market Breakdown By Industry
10.5.4 MEA Business Travel Market Breakdown By Traveler
10.5.5 MEA Business travel market Breakdown, By Key Countries
10.5.5.1 South Africa Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.5.5.1.1 South Africa Business Travel Market Breakdown By Service
10.5.5.1.2 South Africa Business Travel Market Breakdown By Industry
10.5.5.1.3 South Africa Business Travel Market Breakdown By Traveler
10.5.5.2 Saudi Arabia Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.5.5.2.1 Saudi Arabia Business Travel Market Breakdown By Service
10.5.5.2.2 Saudi Arabia Business Travel Market Breakdown By Industry
10.5.5.2.3 Saudi Arabia Business Travel Market Breakdown By Traveler
10.5.5.3 UAE Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.5.5.3.1 UAE Business Travel Market Breakdown By Service
10.5.5.3.2 UAE Business Travel Market Breakdown By Industry
10.5.5.3.3 UAE Business Travel Market Breakdown By Traveler
10.5.5.4 Rest of MEA Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.5.5.4.1 Rest of MEA Business Travel Market Breakdown By Service
10.5.5.4.2 Rest of MEA Business Travel Market Breakdown By Industry
10.5.5.4.3 Rest of MEA Business Travel Market Breakdown By Traveler
10.6 South America Business Travel Market Revenue and Forecasts to 2027
10.6.1 South America Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.6.2 South America Business Travel Market Breakdown By Service
10.6.3 South America Business Travel Market Breakdown By Industry
10.6.4 South America Business Travel Market Breakdown By Traveler
10.6.5 South America Business Travel Market Breakdown, By Key Countries
10.6.5.1 Brazil Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.6.5.1.1 Brazil Business Travel Market Breakdown By Service
10.6.5.1.2 Brazil Business Travel Market Breakdown By Industry
10.6.5.1.3 Brazil Business Travel Market Breakdown By Traveler
10.6.5.2 Argentina Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.6.5.2.1 Argentina Business Travel Market Breakdown By Service
10.6.5.2.2 Argentina Business Travel Market Breakdown By Industry
10.6.5.2.3 Argentina Business Travel Market Breakdown By Traveler
10.6.5.3 Rest of SAM Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
10.6.5.3.1 Rest of SAM Business Travel Market Breakdown By Service
10.6.5.3.2 Rest of SAM Business Travel Market Breakdown By Industry
10.6.5.3.3 Rest of SAM Business Travel Market Breakdown By Traveler
11. Industry Landscape
11.1 Market Initiatives
11.2 Mergers and Acquisitions
11.3 New Developments
12. Company Profiles
12.1 American Express Global Business Travel
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 BCD Group (BCD Travel)
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Booking Holdings Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Corporate Travel Management
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 CWT
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Direct Travel, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Expedia Group
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Fareportal
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Flight Centre Travel Group
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Travel Leaders Group
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary
LIST OF TABLES
Table 1. Real GDP Growth- Annual Percent Change (%)
Table 2. Global Business Travel Spending, By Industry Vertical
Table 3. Global Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Table 4. North America Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 5. North America Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 6. North America Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 7. U.S. Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 8. U.S. Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 9. U.S. Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 10. Canada Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 11. Canada Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 12. Canada Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 13. Mexico Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 14. Mexico Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 15. Mexico Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 16. Europe Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 17. Europe Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 18. Europe Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 19. France Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 20. France Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 21. France Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 22. Germany Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 23. Germany Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 24. Germany Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 25. Italy Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 26. Italy Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 27. Italy Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 28. Spain Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 29. Spain Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 30. Spain Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 31. UK Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 32. UK Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 33. UK Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 34. Turkey Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 35. Turkey Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 36. Turkey Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 37. Rest of Europe Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 38. Rest of Europe Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 39. Rest of Europe Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 40. APAC Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 41. APAC Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 42. APAC Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 43. South Korea Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 44. South Korea Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 45. South Korea Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 46. China Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 47. China Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 48. China Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 49. India Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 50. India Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 51. India Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 52. Japan Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 53. Japan Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 54. Japan Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 55. Australia Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 56. Australia Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 57. Australia Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 58. Rest of APAC Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 59. Rest of APAC Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 60. Rest of APAC Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 61. MEA Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 62. MEA Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 63. MEA Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 64. South Africa Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 65. South Africa Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 66. South Africa Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 67. Saudi Arabia Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 68. Saudi Arabia Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 69. Saudi Arabia Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 70. UAE Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 71. UAE Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 72. UAE Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 73. Rest of MEA Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 74. Rest of MEA Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 75. Rest of MEA Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 76. South America Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 77. South America Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 78. South America Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 79. Brazil Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 80. Brazil Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 81. Brazil Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 82. Argentina Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 83. Argentina Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 84. Argentina Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 85. Rest of SAM Business Travel Market Revenue and Forecasts to 2027 – By Service (US$ Bn)
Table 86. Rest of SAM Business Travel Market Revenue and Forecasts to 2027 – By Industry (US$ Bn)
Table 87. Rest of SAM Business Travel Market Revenue and Forecasts to 2027 – By Traveler (US$ Bn)
Table 88. Glossary of Terms, Business Travel Market
LIST OF FIGURES
Figure 1. Global Business Travel Market Segmentation
Figure 2. Global Business Travel Market Segmentation – By Region
Figure 3. Global Business Travel Market Overview
Figure 4. Global Business Travel Market, By Industry ($Bn)
Figure 5. Global Business Travel Market, By Service ($Bn)
Figure 6. Global Business Travel Market, By Traveler ($Bn)
Figure 7. Global Business Travel Market, By Geography ($Bn)
Figure 8. Global Business Travel Market, Industry Landscape
Figure 9. Global Business Travel Market Ecosystem Analysis
Figure 10. Global Business Travel Market Porter’s Five Forces Analysis
Figure 11. Global Business Travel Market Impact Analysis of Drivers and Restraints
Figure 12. Global Business Travel Market- Geographical Analysis
Figure 13. Global Business Travel Market Forecast and Analysis, (US$ Bn)
Figure 14. Global Business Travel Market Breakdown, By Service, 2018 & 2027 (%)
Figure 15. Global Transportation Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 16. Global Food & Accommodation Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 17. Global Recreation Activity Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 18. Global Business Travel Market Breakdown, By Industry, 2018 & 2027 (%)
Figure 19. Global Government Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 20. Global Corporate Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 21. Global Business Travel Market Breakdown, By Traveler, 2018 & 2027 (%)
Figure 22. Global Group Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 23. Global Solo Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 24. Global Business Travel Market, Breakdown By Regions, 2018 & 2027 (%)
Figure 25. North America Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 26. North America Business Travel Market Breakdown By Service, 2018 & 2027 (%)
Figure 27. North America Business Travel Market Breakdown By Industry, 2018 & 2027 (%)
Figure 28. North America Business Travel Market Breakdown By Traveler, 2018 & 2027 (%)
Figure 29. North America Business Travel Market Breakdown By Key Countries, 2018 & 2027(%)
Figure 30. U.S. Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 31. Canada Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 32. Mexico Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 33. Europe Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 34. Europe Business Travel Market Breakdown By Service, 2018 & 2027 (%)
Figure 35. Europe Business Travel Market Breakdown By Industry, 2018 & 2027 (%)
Figure 36. Europe Business Travel Market Breakdown By Traveler, 2018 & 2027 (%)
Figure 37. Europe Business Travel Market Breakdown By Key Countries, 2018 & 2027(%)
Figure 38. France Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 39. Germany Business travel market Revenue and Forecasts to 2027 (US$ Bn)
Figure 40. Italy Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 41. Spain Business travel market Revenue and Forecasts to 2027 (US$ Bn)
Figure 42. UK Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 43. Turkey Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 44. Rest of Europe Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 45. APAC Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 46. APAC Business Travel Market Breakdown By Service, 2018 & 2027 (%)
Figure 47. APAC Business Travel Market Breakdown By Industry, 2018 & 2027 (%)
Figure 48. APAC Business Travel Market Breakdown By Traveler, 2018 & 2027 (%)
Figure 49. APAC Business Travel Market Breakdown By Key Countries, 2018 & 2027(%)
Figure 50. South Korea Business travel market Revenue and Forecasts to 2027 (US$ Bn)
Figure 51. China Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 52. India Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 53. Japan Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 54. Australia Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 55. Rest of APAC Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 56. MEA Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 57. MEA Business Travel Market Breakdown By Service, 2018 & 2027 (%)
Figure 58. MEA Business Travel Market Breakdown By Industry, 2018 & 2027 (%)
Figure 59. MEA Business Travel Market Breakdown By Traveler, 2018 & 2027 (%)
Figure 60. MEA Business Travel Market Breakdown By Key Countries, 2018 & 2027(%)
Figure 61. South Africa Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 62. Saudi Arabia Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 63. UAE Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 64. Rest of MEA Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 65. South America Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 66. MEA Business Travel Market Breakdown By Service, 2018 & 2027 (%)
Figure 67. South America Business Travel Market Breakdown By Industry, 2018 & 2027 (%)
Figure 68. South America Business Travel Market Breakdown By Traveler, 2018 & 2027 (%)
Figure 69. South America Business Travel Market Breakdown By Key Countries, 2018 & 2027(%)
Figure 70. Brazil Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 71. Argentina Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
Figure 72. Rest of SAM Business Travel Market Revenue and Forecasts to 2027 (US$ Bn)
The List of Companies - Business Travel Market
- American Express Global Business Travel
- BCD Group
- Booking Holdings, Inc.
- Corporate Travel Management
- CWT
- Direct Travel, Inc.
- Expedia Group
- Fareportal
- Flight Centre Travel Group Limited
- Travel Leaders Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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