The global business travel market was valued at $689.7 billion in 2021 and is projected to grow to $2.1 trillion by 2031, with a compound annual growth rate (CAGR) of 9.5% from 2022 to 2031.
Business travel refers to trips taken for professional purposes, such as attending meetings, negotiating deals, networking, and participating in trade shows or exhibitions. Companies rely on business travel to build partnerships, strengthen relationships with suppliers and clients, and promote products or services.
One major factor driving this market is the rising trend of combining business with leisure, helping professionals reduce stress and improve productivity. The expansion of online travel agencies (OTAs) like Booking.com, KAYAK, and Expedia has also contributed to industry growth by making travel planning more accessible.
Additionally, the business travel sector is benefiting from the overall growth of the travel and tourism industry, increased government initiatives supporting MICE (meetings, incentives, conferences, and events), and the expansion of small and medium-sized enterprises (SMEs). Globalization has further fueled demand, as businesses seek to expand their reach and strengthen international ties.
With these factors in play, the business travel market is expected to see steady growth in the coming years.
