Business Travel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Traveler (Solo, Group), By Purpose (Marketing, Meetings, Trade Shows, Product Launch, Others), By Industry (Corporate, Government), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 1.57 Million
CAGR (2026-2031)	9.05%
Fastest Growing Segment	Group
Largest Market	North America
Market Size (2031)	USD 2.64 Million

Market Overview

The Global Business Travel Market will grow from USD 1.57 Million in 2025 to USD 2.64 Million by 2031 at a 9.05% CAGR. The Global Business Travel Market encompasses the movement of individuals for work-related purposes, including client meetings, corporate events, trade fairs, and exhibitions. This sector is fundamentally driven by the globalization of commerce, which necessitates cross-border collaboration, and the intrinsic value of face-to-face interactions for building professional relationships and closing deals. Additionally, the continuous development of transportation infrastructure and the expansion of multinational corporations into emerging economies further substantiate the demand for corporate mobility services.

However, the market faces significant headwinds from geopolitical volatility and trade policy uncertainties, which can disrupt travel itineraries and inflate costs. These macroeconomic factors pose a substantial risk to sustained recovery by creating unpredictability in corporate travel budgets and impacting volume growth. According to the Global Business Travel Association, in 2025, global business travel spending is projected to reach a record $1.57 trillion. Despite this nominal growth, the sector must navigate these complex economic pressures to maintain long-term stability.

Key Market Drivers

The mainstream adoption of bleisure and blended travel practices is fundamentally reshaping corporate mobility as employees increasingly demand the flexibility to extend work trips for personal rejuvenation. This hybrid model enhances traveler satisfaction while allowing companies to maximize ROI by amortizing flight costs over longer stays. Consequently, organizations are updating travel policies to accommodate these extended itineraries, viewing them as essential tools for talent acquisition in a competitive labor market. According to Hilton, October 2024, in the '2025 Trends Report', 25% of global travelers plan to travel more for combined business and leisure trips in the coming year, highlighting the strategic integration of this segment into standard booking behaviors.

Simultaneously, the resurgence of the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector is driving momentum, particularly through internal offsites designed to foster cohesion among distributed teams. As hybrid work persists, corporations are redirecting real estate savings into in-person gatherings to strengthen culture and facilitate complex problem-solving. This commitment to face-to-face interaction is evident in budgets; according to American Express Global Business Travel, October 2024, in the '2025 Global Meetings and Events Forecast', 66% of meeting professionals expect their overall meeting spend to increase in 2025. Furthermore, the broader market trajectory remains robust, as noted by Deloitte, in 2024, where 58% of travel managers surveyed projected an increase in their company's travel spend for the subsequent year.

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Key Market Challenges

Geopolitical volatility and trade policy uncertainties present a substantial barrier to the consistent growth of the Global Business Travel Market. These macroeconomic factors introduce unpredictability that complicates corporate budgeting and strategic planning. When international trade relations are strained or regional conflicts arise, organizations face immediate risks related to employee safety and operational continuity. Consequently, businesses often adopt conservative approaches, postponing or cancelling planned itineraries to mitigate financial exposure. This reaction directly reduces the volume of cross-border interactions required for market expansion and client acquisition.

Furthermore, these instabilities frequently trigger inflationary pressures on travel components such as airfare and accommodation. According to the Global Business Travel Association, in 2024, global business travel expenditures reached $1.48 trillion. While this figure indicates significant market activity, the reliability of future spending is compromised by the potential for sudden policy shifts or diplomatic disputes. Such disruptions force companies to allocate funds toward contingency management rather than travel volume, thereby stalling the momentum necessary for the sector to achieve its full economic potential.

Key Market Trends

The prioritization of sustainable and carbon-conscious travel programs is fundamentally altering procurement strategies as organizations face increasing pressure to report and reduce Scope 3 emissions. Corporate travel policies are shifting from purely cost-based decision-making to a value-based model that heavily weighs environmental impact, leading to a preference for rail over short-haul flights and vendors utilizing Sustainable Aviation Fuel (SAF). This structural change is driving companies to implement rigorous tracking mechanisms to ensure compliance with net-zero targets. According to the Global Business Travel Association, November 2024, in the 'Sustainability Acceleration Global Benchmark' report, 62% of companies are now tracking their business travel emissions, signaling a decisive move toward accountability in corporate mobility supply chains.

The deployment of agentic AI for autonomous booking and support is revolutionizing the traveler experience by moving beyond simple chatbots to sophisticated systems capable of executing complex itinerary changes without human intervention. These AI agents are being integrated directly into travel management platforms to provide 24/7 personalized assistance, proactively resolving disruptions such as flight cancellations by instantly rebooking alternatives based on traveler preferences and company policy. This technological leap addresses the demand for efficiency and friction-free travel management. According to SAP Concur, June 2024, in the '2024 Global Business Travel Survey', 95% of business travelers are open to using AI-enabled options to arrange their travel, reflecting a massive shift in user readiness for automated solutions.

Segmental Insights

The Group segment currently represents the fastest-growing category within the Global Business Travel Market due to a renewed corporate emphasis on in-person collaboration and networking. Organizations are increasingly prioritizing meetings, incentives, conferences, and exhibitions to foster team unity and strategic alignment following periods of remote operations. Insights from the Global Business Travel Association suggest that the restoration of major professional events significantly contributes to this upward trend. Furthermore, companies are utilizing collective travel to enhance employee morale and client engagement, thereby fueling the substantial expansion of group bookings within the sector.

Regional Insights

North America maintains a dominant position in the global business travel market driven by high corporate expenditure and the presence of numerous multinational headquarters. This leadership is supported by the widespread adoption of digital travel management solutions that improve compliance and efficiency. Furthermore, a strong economic framework encourages frequent domestic and international trips for client acquisition and networking. Observations from industry entities like the Global Business Travel Association indicate that substantial demand from United States enterprises fuels this regional expansion, establishing North America as the central hub for corporate mobility.

Recent Developments

• In June 2024, Navan launched significant updates to its expense management offerings, introducing a feature known as "Navan Connect: Flexible Rollouts." This new capability allowed enterprise customers to implement corporate card programs in controlled stages rather than a single company-wide launch, thereby minimizing operational disruption. The release was developed in direct response to client feedback, aiming to give administrators more control over the transition process and ensuring smoother adoption of automated expense tools. Additionally, the company expanded its platform's language support to include several new European languages, further catering to its growing international user base.
• In April 2024, Direct Travel, a leading provider of corporate travel management services, was acquired by a group of investors led by the Managing Director of Madrona Venture Group. The acquisition aimed to modernize the travel technology stack by integrating proprietary artificial intelligence innovations with established service models to improve the client experience. As part of this leadership transition, the former Chief Revenue Officer of SAP Concur was appointed as the new Chief Executive Officer of Direct Travel. The investment group expressed a commitment to scaling the company's operations and delivering a "perfect trip" experience for business travelers through advanced technology partnerships.
• In March 2024, American Express Global Business Travel announced a definitive agreement to acquire CWT, a rival corporate travel and meetings solutions provider, in a transaction valued at approximately $570 million. This strategic consolidation was designed to combine the strengths of two major industry players, thereby offering customers a broader range of software and services. The acquisition was expected to deliver significant synergies and efficiency gains, creating greater capacity for investment in the combined entity's proprietary technology platforms. Management highlighted that integrating CWT’s global portfolio would provide clients with unrivaled choice and value in the evolving business travel landscape.
• In January 2024, TravelPerk, a rapidly growing business travel management platform, secured a significant capital injection of $104 million to accelerate its global expansion and product innovation. The investment round was led by the SoftBank Vision Fund 2, with participation from existing investors who reaffirmed their support for the company’s strategic direction. This new funding was designated to enhance the platform’s artificial intelligence capabilities and to support the automation of travel and expense management processes for small and medium-sized enterprises. The company aimed to utilize these resources to further develop its inventory and strengthen its presence in key international markets.

Key Market Players

• American Express Company
• BCD Group
• Booking Holdings Inc.
• Corporate Travel Management Limited
• Expedia, Inc.
• Tumodo, Inc.
• CWT Global B.V.
• Wexas Limited
• Frosch International Travel LLC
• Travel Leaders Group Holdings, LLC

By Traveler	By Purpose	By Industry	By Region
Solo Group	Marketing Meetings Trade Shows Product Launch Others	Corporate Government	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Business Travel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Business Travel Market, By Traveler:

• Solo
• Group

• Business Travel Market, By Purpose:

• Marketing
• Meetings
• Trade Shows
• Product Launch
• Others

• Business Travel Market, By Industry:

• Corporate
• Government

• Business Travel Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE