NEW YORK, Jan. 27, 2023 /PRNewswire/ -- As per Zion Market Research study, The global corporate travel industry size was nearly $711.1 Billion in 2021 and is set to increase to about $2,997.2 Billion by 2030 with a CAGR of nearly 13.3% between 2022 and 2030.

Corporate Travel Market: Overview

Corporate travel is a kind of tourism in which people travel for purpose of doing business in other regions. Furthermore, it includes business work, transportation, accommodation, and entertainment activities. Thriving tourism & travel sector will contribute lucratively towards the expansion of the corporate travel industry. According to World Travel & Tourism Council, nearly 75% of travelers are seeing traveling as more sustainable in the near future. Moreover, about 60% of travelers have selected more sustainable travel alternatives in the next couple of years. Furthermore, Emburse, a key industry player in spend optimization, revealed that there was an increase in corporate travel activities in spite of winter storms & economic uncertainty.

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Key Industry Insights & Findings of the Corporate Travel Market Reports:

• As per the analysis shared by our research analyst, the global corporate travel market is projected to expand annually at the annual growth rate of around 13.3% over the forecast timespan (2022-2030)
• In terms of revenue, the global corporate travel market was evaluated at nearly $711.1 billion in 2021 and is anticipated to hit $2,997.2 billion by 2030
• The global market is anticipated to surge at a remarkable rate over the forecast period due to the massive use of robotic technology in minimizing human-to-human interaction along with its use in the travel & tourism sector.
• Based on service, the food & lodging segment accounted for the major market share in 2021
• On basis of end-user industry, the corporate segment accounted for the highest market share in 2021
• On the basis of region, the Asia-Pacific region is predicted to be a key regional revenue pocket of the global market over the assessment period.

Zion Market Research published the latest report titled "Corporate Travel Market By Service (Transportation, Food & Lodging, and Recreation), By End-User Industry (Government and Corporate), By Traveler (Group and Solo), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030" into their research database.

Industry Dynamics:

Corporate Travel Market: Growth Drivers

• Large-scale penetration of robotic technology in travel & tourism sector to foster global corporate travel industry expansion.

Massive use of robotic technology in minimizing human-to-human interaction along with its use in the travel & tourism sector can bolster the expansion of the global corporate travel market across the globe. Apart from this, a large number of players in the corporate travel industry are trying to offer well-managed and cost-efficient programs to customers. This, in turn, will boost global market trends. Establishing smart hotels & restaurants and the use of new technologies such as virtual reality & machine learning algorithms as well as AI for hotel booking will expand the scope of growth of the global corporate travel industry. With the rapid penetration of connected things in various sectors including travel sector, the market for corporate travel is predicted to gain traction in the years ahead. 

Corporate Travel Market: Restraints

• Increase in use of advanced techniques such as videoconferencing to impede the global market expansion.

A prominent rise in acceptance of advanced technologies will put brakes on the expansion of the global corporate travel industry. Moreover, the easy availability of cost-effective and less time-consuming technologies such as videoconferencing will hinder the growth of the global corporate travel market.

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Corporate Travel Market: Opportunities

• Thriving travel retail sector to create new growth opportunities for the global market.

Swift growth of the travel retail sector will generate new avenues of growth for the global corporate travel industry. Rise in the allocation of funds for infrastructural growth will open new dimensions of growth for the global market.

Corporate Travel Market: Challenges

• Large-scale utilization of online technologies to pose a challenge to the growth of the global industry.

Massive use of digital technologies has posed a huge challenge to the growth of the global corporate travel industry. Furthermore, the rise in penetration of the internet and VR & AR tools as well as AI will pose a humungous challenge to the expansion of the global market.

Global Corporate Travel Market: Segmentation

• The global corporate travel market is divided into service, end-user industry, traveler, and region.

In terms of service, the global corporate travel industry is segmented into food & lodging, transportation, and recreation segments. Moreover, the food & lodging segment, which contributed majorly towards the global industry share in 2021, is slated to register massive growth over the forecast timeframe. The growth of this segment over 2022-2030 can be attributed to the escalating demand for hotel booking agents such as Oravel Stays and Airbnb in the food & lodging sector.

On the basis of end-user industry, the global corporate travel market is divided into government and corporate segments. Moreover, the corporate segment, which dominated the global corporate travel industry share in 2021, will continue its domination status even during the foreseeable future. In addition, this segment is set to record the fastest CAGR of 14.2% over 2022-2030. The segmental surge can be attributed to rising demand for business leisure travel in the corporate sector.

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List of Key Players in Corporate Travel Market:

• Airbnb Inc.
• Corporate Travel Management
• Expedia Inc.
• American Express
• Flight Centre Travel Group Limited
• BCD Group
• Fareportal
• Booking Holdings Inc.
• Carlson Wagonlit Travel
• Wexas Limited.

Key questions answered in this report:

• What are the growth rate forecast and market size for Corporate Travel Market?
• What are the key driving factors propelling the Corporate Travel Market forward?
• What are the most important companies in the Corporate Travel Market Industry?
• What segments does the Corporate Travel Market cover?
• How can I receive a free copy of the Corporate Travel Market sample report and company profiles?

Report Scope:

 

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Recent Developments

• In the first half of 2021, Flight Centre Travel Group Company, a key travel agency based in Australia, and Gimmonix, a software firm based in Israel, announced that their current alliance will continue as there is a need for renovating the Flight Centre's online connectivity infrastructure. Moreover, the new infrastructure is predicted to make use of Gimmonix's cutting-edge technology and empower Flight Centre Travel Group's tour operator. The move will reinforce the firm's competitiveness and help the firm gain a competitive edge across the global corporate travel market.
• In February 2022, the Finance Minister of India made a special loan allocation for small travel agents and other participants across the hospitality sector. Reportedly, the new loan allocation is a part of the emergency credit scheme which is increased by INR 50,000 crore. The move has benefitted the travel industry in India and is likely to do so even in the years to come.

Regional Dominance:

• Asia-Pacific to lead the global market in terms of volume and revenue over forecast timespan.

In terms of region, the global corporate travel market is sectored into Europe, the Middle East & Africa, Asia-Pacific, Latin America, and North America. The Asia-Pacific corporate travel market is anticipated to retain its domination during the forecast timespan owing to the presence of strong infrastructure in countries such as Japan, India, and China. Moreover, the Asia-Pacific region accounted for about 44% of the global market share in 2021 due to governments in the region providing impetus and soaps to the travel & tourism industry.  

Global Corporate Travel Market is segmented as follows:

Corporate Travel Market: By Service Outlook (2022-2030)

• Transportation
• Food & Lodging
• Recreation

Corporate Travel Market: By End-User Industry Outlook (2022-2030)

• Government
• Corporate

Corporate Travel Market: By Traveler Outlook (2022-2030)

• Group
• Solo

Corporate Travel Market: By Region Outlook (2022-2030)

• North America
• The U.S.
• Canada
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa

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