Global Business Travel Management Service Market 2024 - By Size, Drivers, Trends, Competitors
Global business travel management service market size is expected to reach $10.27 billion by 2028 at a rate of 6.3%, segmented as by type, consulting services, transportation and accommodation, meetings and events management, other types
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Overview and Scope
Business travel management services refer to the professional services provided to manage and optimize a company's corporate travel needs. These services can include booking flights, accommodations, transportation, and other travel-related arrangements for employees traveling for work. The purpose of these services is to ensure cost-effectiveness, compliance with company travel policies, and the convenience and safety of employees during their business trips.
Sizing and Forecast
The business travel management service market size has grown strongly in recent years. It will grow from $7.60 billion in 2023 to $8.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased global compliance and regulatory requirements around business travel, the rise of leisure travel, increasing focus on employee well-being and safety, increasing corporate travel budgets, and increasing globalization.
The business travel management service market size is expected to see strong growth in the next few years. It will grow to $10.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising demand for top-notch travel services and cost-saving solutions, the surge in business trips, growing government initiatives for the development of mice, increasing cost-effective and efficient business travels, increasing number of corporate travelers and frequent business flyers. Major trends in the forecast period include technological advancements, personalization, mobile applications, hybrid meetings, and leisure travel.
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Segmentation & Regional Insights
The business travel management service market covered in this report is segmented –
1) By Type: Consulting Services, Transportation And Accommodation, Meetings And Events Management, Other Types
2) By Service: Transportation, Food And Lodging, Recreation
3) By Application: Large Enterprises, Small And Medium-Sized Enterprise (SMEs), Governments And Non-Profits
North America was the largest region in the business travel management service market in 2023. The regions covered in the business travel management service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expansion of the travel and tourism industry is expected to propel the growth of the business travel management services market going forward. The travel and tourism industry refers to a wide range of businesses, services, and endeavors related to travel, tourism, and hospitality, as well as people who travel domestically or internationally. The travel and tourism is on rise due to enhance accessibility, affordability, and desirability of travel. Business travel management services are integral to the travel and tourism industry, providing specialized services that enhance corporate travel's efficiency, cost-effectiveness, and overall experience. For instance, in 2023, according to Condor Ferries Limited, a US-based travel services company, 59% of US visitors went to aquariums, 56% to scientific museums, 49% to historical and cultural sites, and 46% to sightseeing excursions. Furthermore, in July 2022, according to the International Trade Administration, a US-based intergovernmental organization, the overall number of foreign visitors to the US was 5.21 million, up 160.8% from July 2021. Therefore, the expansion of the travel and tourism industry is driving the growth of the business travel management services market.
Key Industry Players
Major companies operating in the business travel management service market are American Express Company, Booking Holdings Inc., Expedia Group Inc., Carlson Wagonlit Travel, BCD Travel, GBT Travel Services UK Limited, Christopherson Business Travel, Flight Centre Travel Group Limited, Fareportal Inc., Direct Travel Inc., Travel Leaders Group LLC, Corporate Travel Management Limited, FCM Travel Solutions, Adelman Travel Group, Safe Harbors Business Travel Inc., JTB Business Travel, Corporate Travel Planners Inc., Cain Travel & Events, ARTA Travel, Radius Travel, GTI Travel, Egencia
The business travel management service market report table of contents includes:
1. Executive Summary
2. Business Travel Management Service Market Characteristics
3. Business Travel Management Service Market Trends And Strategies
4. Business Travel Management Service Market - Macro Economic Scenario
5. Global Business Travel Management Service Market Size and Growth
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32. Global Business Travel Management Service Market Competitive Benchmarking
33. Global Business Travel Management Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Business Travel Management Service Market
35. Business Travel Management Service Market Future Outlook and Potential Analysis
36. Appendix
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