Business Travel Market to Reach $2,095.4 Billion, Globally, by 2031: Allied Market Research

Here’s a structured overview of the Allied Market Research report on the global business travel market: Business Travel Market Outlook (2022–2031)

Market Size & Growth - Valued at $689.7 billion in 2021
- Projected to reach $2,095.4 billion by 2031
- Expected CAGR: 9.5% (2022–2031)

Key Growth Drivers
- Lifestyle shifts: Rise of bleisure (business + leisure) trips
- Urbanization & industrial growth fueling demand
- Convenience: Online booking platforms for transport & accommodation
- Travel retail expansion boosting ancillary revenues
- Globalization of SMEs increasing cross-border travel

Restraints
- ICT adoption: Online banking, video conferencing, and digital collaboration reduce need for physical travel
- High costs of corporate travel compared to virtual alternatives

Opportunities
- Integration of advanced technologies:
- Virtual & augmented reality
- Artificial intelligence & chatbots
- Voice search & IoT-enabled travel management
- These innovations enhance traveler experience and operational efficiency

Segment Insights
- Industry:
- Corporate travel dominates (≈ two-thirds of revenue in 2021)
- Fastest-growing segment with 9.8% CAGR
- Service:
- Food & lodging holds ~50% share (2021)
- Expected to grow at 9.8% CAGR
- Traveler Type:
- Both group and solo segments expanding, with group travel often tied to MICE (Meetings, Incentives, Conferences, Exhibitions)

Regional Highlights
- Asia-Pacific: Largest market share (~40% in 2021)
- Fastest growth at 9.9% CAGR
- Strong IoT adoption for travel planning & management

Key Players
- BCD Group
- CWT Global B.V.
- American Express Global Business Travel
- Chase Corporate Travel Management
- Flight Centre Travel Group
- Navan, Inc.
- TravelPerk S.L.U
- Citibank, N.A.
- American Express Company

✨ The report underscores how corporate expansion, SME growth, and tech adoption are reshaping business travel, making it a trillion-dollar industry by 2031.