BUSINESS TOURISM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global business tourism market is estimated to be valued at USD 900.58 Bn in 2024 and is expected to reach USD 1,678.27 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031. Global business tourism market has witnessed significant growth over the past few years. Business tourism refers to travels undertaken for purposes of business interactions, conferences, exhibitions, trade shows and other business events. It contributes substantially to the GDP of many economies globally. Various factors such as rising globalization of businesses, increasing number of large scale business events, and digital transformation across industries have boosted growth of the business tourism market. Many destinations have also recognized business tourism as an opportunity to drive revenues and have taken initiatives to attract more MICE (Meetings, Incentives, Conferences and Exhibitions) travelers. However, the COVID-19 pandemic severely impacted the market in the last couple of years.

 Market Dynamics:

The key drivers fueling the business tourism market include rapid globalization of industries necessitating more business interactions, partnerships and trades across borders. Growing focus on networking, business development and marketing initiatives through large conferences, exhibitions and trade shows also supports the market growth. However, factors such as economic slowdowns negatively impacting corporate budgets for travel and events coupled with risk of global health pandemics pose challenges. The market witness opportunities in resumption of business activities post gradual normalization from COVID-19, destinations promoting their MICE potential through various initiatives and growing preference for digital or hybrid business events.

 Key Features of the Study:

• This report provides in-depth analysis of the global business tourism market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global business tourism market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Adelman Travel Group, Wexas Travel, American Express Global Business Travel, BCD Travel, Carlson Wagonlit Travel (CWT), Expedia Group, Flight Centre Travel Group, Hogg Robinson Group (HRG), HRG North America, Corporate Travel Management (CTM), Egencia, FCM Travel Solutions, HRG Nordic, Omega World Travel, Sabre Corporation, Thomas Cook Group, Travel Leaders Group, Travel and Transport, TUI Group, World Travel, Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global business tourism market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global business tourism market.

Detailed Segmentation-

• Service:
  • Transport
  • Food & Lodging
  • Recreation activity
  • Others
• Industry:
  • Corporate
  • Government
• Traveler Type:
  • Solo
  • Groups
• Regional:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Adelman Travel Group
  • Wexas Travel
  • American Express Global Business Travel
  • BCD Travel
  • Carlson Wagonlit Travel (CWT)
  • Expedia Group
  • Flight Centre Travel Group
  • Hogg Robinson Group (HRG)
  • HRG North America
  • Corporate Travel Management (CTM)
  • Egencia
  • FCM Travel Solutions
  • HRG Nordic
  • Omega World Travel
  • Sabre Corporation
  • Thomas Cook Group
  • Travel Leaders Group
  • Travel and Transport
  • TUI Group
  • World Travel, Inc.