Business Travel Market to Grow by USD 4.87 Trillion from 2025-2029, Driven by Technological Advances, Report on AI Impact on Market Trends - Technavio
NEW YORK, Feb. 12, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The business travel market and it is set to grow by USD 4.87 trillion from 2025 to 2029. However, the growth momentum will progressing at a CAGR of over 38.3% during the forecast period, according to Technavio. The business travel market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart Inc., and WexasA Ltd. Are some of the major market participants -. To know about the vendor offerings - Request a sample report
Business Travel Market 2025-2029: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The business travel market report covers the following areas:
-- Business Travel Market Size
-- Business Travel Market Trends
-- Business Travel Market Industry Analysis
-- Porter's Five Forces Analysis
-- Customer Landscape
The business travel market is fragmented, and the degree of fragmentation will accelerate. The growing technological advances will offer immense growth opportunities. However, the Rising penetration of online video conferencing platforms will hamper the market growth
Business Travel Market 2025-2029: Drivers & Challenges
The business travel market relies heavily on technological advancements and solutions that streamline the process for travel agents and their clients. These innovations enable easy access to travel data, efficient comparison of reservation options, and the selection of the most cost-effective, comfortable choices. Artificial intelligence (AI) is a significant game-changer, automating the booking process and eliminating the need to re-enter employee travel preferences, saving valuable time and resources. For instance, Hilton Hotels, a leading hotel chain, has introduced robotic concierges to answer queries. Companies like Mezi utilize advanced technologies, such as personal travel assistants, to deliver a customized business travel booking experience.
The global business travel market is facing significant competition from the increasing popularity of online video conferencing platforms like Zoom, Google Meet, and others. Due to the pandemic, these platforms have gained widespread adoption among corporate companies for meetings and conferences. By using video conferencing, businesses can save on travel expenses and communicate effectively in real-time. Advancements in online banking, phone calls, emails, and video conferencing provide cost-effective communication and transaction solutions. Companies are embracing various communication technologies, such as Skype, FaceTime, Google Meet, and Zoom, to reduce travel costs and enhance productivity.
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Segment Overview
This business travel market report extensively covers market segmentation by
-- Application
-- Marketing
-- Internal Meeting
-- Trade Show
-- Product Launch
-- Type
-- Travel Fare
-- Lodging
-- Dining
-- Others
-- Geography
-- APAC
-- Europe
-- North America
-- South America
-- Middle East And Africa
1.1 Marketing- Business travel plays a vital role in the marketing strategies of both small and large enterprises operating internationally. Known as global marketing, this involves promoting a company's products and services in foreign markets. Business travel enables companies to expand their customer base and enhance their brand reputation. By sending employees to international markets, businesses gain valuable insights into sales strategies and target customer bases. Additionally, business travel facilitates global networking, allowing companies to explore opportunities in different markets, such as seeking out cheaper labor, cost-effective advertising, and favorable tax laws. These advantages will fuel the growth of the marketing segment in the global business travel market throughout the forecast period.
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Business Travel Market 2025-2029: Key Highlights
-- CAGR of the market during the forecast period 2025-2029
-- Detailed information on factors that will assist business travel market
growth during the next five years
-- Estimation of the business travel market size and its contribution to
the parent market
-- Predictions on upcoming trends and changes in consumer behavior
-- The growth of the business travel market across APAC, Europe, North
America, South America, and Middle East and Africa
-- Analysis of the market's competitive landscape and detailed information
on vendors
-- Comprehensive details of factors that will challenge the growth of
business travel market vendors
Business Travel Market Scope
Report Coverage
Details
Base year 2024
Historic period
2017-2021
Forecast period
2025-2029
Growth momentum & CAGR Accelerate at a CAGR of 38.3%
Market growth 2025-2029
USD 4867.6 billion
Market structure
Fragmented
YoY growth 2022-2023 (%) 28.6
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution APAC at 37%
Key countries
US, China, Japan, Germany, India, UK, Canada, France, Italy, and Brazil
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
ADTRAV Corp., Airbnb Inc., American Express Global Business Travel GBT, ATG Travel Worldwide BV, BCD Travel Services
BV, Booking Holdings Inc., Christopherson Business Travel, CWT Global BV, Direct Travel Inc., Fareportal Inc., FCM
Travel Solutions, Flight Centre Travel Group Ltd., JPMorgan Chase and Co., JTBUSA Inc., MakeMyTrip Ltd., Omega
World Travel Inc., Travel Leaders Group Holdings LLC, UNIGLOBE Travel International Limited Partnership, Walmart
Key companies profiled Inc., and WexasA Ltd.
Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis,
COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments
customized.
Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments
customized.
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Email: media@technavio.com
Website: www.technavio.com/
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